Wednesday, March 01, 2023
You always want to look for ways to increase the average transaction amount, meaning the amount of money a customer spends with you each time they spend money with you. And the way to do that is with upsells.
Now, a lot of businesses don't use them at all or don't understand them, but in direct response, we all understand the upsell is what happens to you when you add a one-time offer after the initial order is put in place.
And then they will say, “Oh, by the way! As a result of…” or “Because you're buying today” or “Because it's Tuesday” or “Because I'm blue, we got a special!” And they'll add something to the order. It should be done in retail, it rarely is. It's done in the restaurant business. Some chains do a better job than others.
Look for ways to do upsells in your business, and increase the frequency of purchase activity. Get 'em back more often. And if you are a marketer who does them, go do them more often.
Most marketers underuse their house list. Most marketers under-market to their own customers. Their customers have a greater capacity and desire to consume than they fulfill. Instead, they're out chasing after the next new customer.
Make customers multiply with little or no cost by looking for ways to stimulate referrals, to get customers to bring you customers. Can't get a better customer than one that refers. And generally, referrals cost less than any other mechanism you can use to get ‘em.
There's an inherent thing in our kind of business, which is called the “pass along”, which is when your product itself gets shared and it's why you always wanna make sure to have marketing information and information in every product because it gets passed around.
Kind of simple, but a lot of people don't do it. Those who do are usually those who’ve paid to learn and get my monthly newsletter, and if you pay for the NO B.S. newsletter, you also get free access to my “Midas Touch for Selling” course as well.
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Dedicated To Multiplying Your Income,
P.S. Don’t forget, whoever can spend the most money to acquire a customer wins.