Upsell, Downsell and Cross-Sell:
To optimize the average cart value, you need to have either upsell, downsell or/and cross-sell in your sales funnel.
So...What's an upsell?
Upsell is like an upgrade to the product that the potential customer has already decided to buy.
Let's take the example of most webinar funnels out there.
Most webinar funnels always start with an unbelievably low cost high-value front end offer (range between $ to $$).
But, once you purchase the offer, you will be brought to another page that is offering the VIP Front Seat Access that cost $$ to $$$.
That, my friends, is what we call an upsell.
Now that you have a better idea of upsell, let's talk about downsell.
Downsell is something you offer to your customer when they declined your initial upsell offer. As the name suggests, your downsell offer is usually a downgrade from the upsell version.
For example, if you decline the VIP Front Seat Access, the funnel owner can either stop right there or try to offer you something else of lower value and hence cheaper (to overcome the price objection).
Upsell is usually effective because people only purchase from people they trust.
Thus, once they take the first step, most of the time, it just takes a little more push for these people to take the upsell offer.
Downsell, on the other hand, is the last-ditch attempt to make a sale. However, bear in mind that, your downsell offer bundle has to be different from your upsell offer bundle. A lot of businesses make this mistake of simply offering a discount for the upsell offer and call it a "downsell".
The 3rd way to increase your average cart value is via cross-selling.
Cross-sell is an offer that is complementary to the product that your customer has already decided to buy. It is something you offer when your customer has accepted your initial offer and is about to make the purchase.
For example, I have a funnel where I sell customized Facebook cover photo designs for $45 (front end offer).
On the payment page, I offer those who are interested to top up another $25 to get the customizable template so they can tweak the design according to their needs in future - without going for a new designer ever again!
Check out the live site by clicking HERE.
Cross-sell technique is used so frequently in all the food and beverage business. That's how you have burgers with fries, movies with popcorn, hotdog, nuggets and Coke.
Did you gain more clarity about offering upsell, downsell and cross-sell from this post?
Reach out to me anytime. I will be happy to answer if you need more clarification on these concepts.
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