How to increase your business profits - Part 2

Stefan Drew

Add an Upsell. When times are hard it is often hard to think about increasing profits ...but in hard times good businesses often grow profits extremely fast.

The example of an Upsell always quoted is the McDonalds method. Whatever you buy at McDonald’s staff are trained to add a question when acknowledging your order. They’ll say, “Do you want fries with that?”, “Do you want to supersize that?” or similar.

In all cases they want you to buy more products. The fries might only bring in an extra 50 cents but as they cost maybe 10 cents, that one question brings in millions of €'s across the world every day.

Every business can add an upsell of some kind ... you just have to use your imagination to determine what it is. Restaurants will upsell more veg/wine, desserts or coffee, funeral directors will upsell better coffin handles/flowers, accountants will upsell a software package, higher-level tax advice or even office support via an intermediary.

If you sell online, you can add an upsell right at the point of purchase OR right after purchase. Amazon is great at this. Remember the best time to upsell online is when the customer has their credit card out, or the PayPal password handy. They’re in buying mode and easier to persuade to buy just a bit more.

Upsells can bring in significant extra profits with little extra effort.

Listen to Stefans advice here....