Who wants to make more money in their business? Yeah, me too! It's no secret that businesses need to make money to stay afloat. One way to do this is through upsells and downsells. Sales funnels and increasing customer lifetime spending is the true measurement of a sustainable business. But it's not just about the sales and revenue. It's also about the customer and your student's experience.
I'm not talking about those funnels that seem to go on forever.
You've probably seen them. They have a bazillion offers, including bump offers, upsells, and downsells. They give sales funnels a bad name! But when done correctly, offering diverse offers within your funnel improves conversions, increases revenue, and makes your customers happy.
That's the true power of a sales funnel that converts and offers that fit perfectly together.
What the heck is upselling and down selling?
Upselling is when you offer a customer a product or service that is more expensive than the one they initially wanted. Down selling is when you offer a customer a product or service that is less expensive than the one they initially wanted.
This blog post will discuss how downsells and upsells can help increase your revenue and improve the student experience!
The Benefits of Offering a Downsell Offer
One of the main benefits of a downsell offer is that it can help you increase your revenue. This is because down selling allows businesses to offer a lower-priced product that might fit the person's budget.
Additionally, down selling allows businesses to create additional revenue streams by offering products and services that their customers may be interested in but weren't aware of before.
Another benefit of using down sells is that they can improve the student experience. This is because they can provide them with more flexibility and choice when purchasing.
Downsell Offer Example:
For example, suppose you have a group program about improving your mindset, and someone starts the check-out process but doesn't buy. In that case, price is usually the biggest objection. You can offer them an alternative and lower-priced product during the abandoned cart email process. For our example, let's say we have a downsell offer into a lower-priced membership or a workshop about mindset obstacles.
It improved the client experience because they now have what they need for a quick win and at a price they could afford to invest.
The Benefits of Offering an Upsell
Another key benefit of using upsell offers is that they can help you increase your revenue. This is because upselling often involves offering customers a product or service that is more expensive than the one they initially wanted, which could result in larger sales and more revenue for your business.
The truth is: it's easier to have someone buy from you who has in the past versus a new cold lead.
Additionally, upsells enable businesses to provide customers with better value for their money by giving them access to premium products and services.
Finally, offering upsells can also help improve the student experience by providing them with additional learning resources and value. For example, if you offer an advanced program on enhancing productivity, students may be excited at the prospect of taking their learning to the next level.
Upsell Offer Example:
Let's say I have a workshop on productivity for entrepreneurs. This workshop is a lower-ticket evergreen digital product at $97. After someone purchases, I offer them an upsell with a special bonus to join my group program. This group program is higher-ticket at $997 but has more content and a longer duration. This allows me to provide my students with better value for their money while also generating additional revenue for my business.
How to Map Out The Offers In Your Sales Funnel
One key strategy for effectively using downsells and upsells in your sales funnel is to map out the offers in your sales funnel. This can involve creating a detailed plan that outlines which products or services you will offer at each stage of the sales process and how much you will charge for them.
To get started, consider mapping out the different stages of your sales funnel, including:
– The initial product or service that customers see when they first enter your funnel
– The lower-priced offering that comes next
– Any additional upsells or downsells that might be appropriate at this stage
– The final product or service offered at the end of the funnel, such as a signature high-ticket coaching program, online course, or membership program
Once you have mapped out your sales funnel and created a plan for the different offers you will make at each stage, you can then work to implement these offers in your marketing and sales processes. This can involve tweaking your website copy or creating targeted email campaigns.
Ultimately, downsells and upsells are powerful tools for increasing revenue and improving the student experience. Planning out these offers carefully in your sales funnel and implementing them strategically can help your business thrive today and into the future.
Creating an Upsell or Downsell With ThriveCart
My favorite sales funnel tool, ThriveCart, makes it super easy to add an upsell or downsell offer into your funnel.
Want to see setting up a funnel in ThriveCart in action? Watch my free 15-minute training to see how it all works (and how easy it is!)
Whether you're looking to increase revenue or improve the student experience, downsells and upsells are powerful tools that you can use in your sales funnel. To get started, consider mapping out your sales funnel and creating a plan for the different offers you will make at each stage.
With tools like ThriveCart, creating an effective upsell or downsell offer within your sales funnel is easy. So what are you waiting for? Sign up today and start optimizing your sales process for even better results!