5 Ways to Increase Your Average Income Per Sale
Let’s increase the average transaction level with your products and services using these 5 methods.
Method #1: Increase Price
How do you increase the price? It’s simple. You raise the price…no other changes. You can even let your customers know the price is going up on December 3rd. If they want the product at this price, they need to order it now (I’ve found that a great way to increase sales). You increase prices by 10% to 20%. In some cases, you might even want to bump prices by 50% or more.
Obviously the best solution of all is testing the price to see where the most effective selling point is. Another option is to increase the value of what you’re offering by adding in other bonuses along with the primary product. In other words, create packages instead of just selling individuals. Check the end of this section for 20 ways you can increase the value of what you’re offering…and increase the price.
#2: Add Basic and Deluxe
You currently have a basic version of your product selling well, and you’ve determined by testing it is at it’s optimum price. You’re still not done. You can also put together basic and deluxe options on your packages.
Let’s say you’re selling a product for $27. What could you add to it to make it worth $47 or $97? Maybe add 30 days of email support and a 30 day step-by-step report. They can buy the basic version at $27, or they can buy the deluxe version with the step-by-step plan AND 30 days of email support for only $97. It’s their choice.
Method #3: Upsell on Order Form
I use http://www.netofficetoolbox.com as my shopping cart and it gives you the ability to offer upsell packages right on the order form. If they’re ordering product A, you can suggest product B also to go with their package. This is an easy way to increase your sales and I use it when I’m not using a basic and deluxe option on the product. It is possible to include too many upsells where you annoy or confuse your customers and they don’t buy. Keep that in mind (that’s why testing is the winning option).
This works best when you have multiple products in a niche and they don’t all have basic and deluxe options. You just cross sell them on the order forms (make sure they are related to the same goal). You’ll find 20% to 40% often will take you up on your upsell…immediately increasing your income per customer.
Method #4: Upsell on Thank You Page
After someone buys from you, what happens then. If you’re like most companies you take your customer to a “thank you” page letting them know about when you’re shipping it out or providing a link to download. You’re missing out if that’s ALL you’re doing. Your thank you page should contain an additional offer. In some cases, you might even want to list several of your other related products on your thank you page. This is one place a catalog approach works well.
They’ve already bought from you. Their credit card is still out. What else will help them reach their goals quickly? You’re holding them back if you don’t do your duty and let them know additional resources to accomplish their desires. It’s in their best interest to show them other products and services you have available.
You could even run a “one-time offer” on a thank you page where you offer another product of yours at a discount price or with an additional bonus if they take action now. If they don’t buy now, they will not get the special!
Method #5: Upsell on Phone
After a customer orders, have a staff member call them to thank them for their order and tell them when it will be delivered. While they’re on the phone, they can also offer “today’s special” for a discount price on another one of your products. Plus they’ll get reduced shipping since it can be included in the shipment already being sent out.
With the right offer, 30% to 50% of your customers will jump on this. This is more money in the bank and increased value from the sale. All of these upsell strategies are being given to you to get you in the transaction value mindset. If customers are currently averaging $50 per sale, how can we get that to $75. Ok, we’re at $75, how can we get that to $100? How can we make more from this customer list while continually providing more value to all our clients?Related Entries:
- 5 Ways to Boost Profits Today
- Easy Profit Increase
- 21 Ways to Increase Profits
- 25 Ways to Increase Conversion
- Increase Your Income Today With Deluxe Options