A lot of companies are looking for more ways to increase their revenue. It is why you have to have the skills to upsell or down-sell.
Down-selling is a sales technique that people can use when they have a customer that is not ready to buy the product you are selling them. It is an attempt at persuading them to buy something cheaper than what they are currently looking for.
The goal is not to get the money out of the customer. It is getting them on board with the idea of buying something in your store - even if it is not this specific product.
There are various ways in which a salesperson can accomplish it. It is all about understanding what kind of customer you’re dealing with and how they view your product line in general.
A down-sell is a great way to increase conversions but choose the right one. If the customer has chosen an expensive product, it is best to offer them a cheaper one, like a deluxe version of the original product. A conversion rate for down-sells is around 2-3% of your audience.
To succeed at down-selling, you need to know your customer and what they want from their purchase. What motivates them? What are they willing to spend? Do they care about quality or just price?
The best way for retailers and e-commerce businesses to be successful with down-selling is by targeting customers who have already expressed interest in the product. The more interested a customer is, the more likely it will be that she will agree on purchasing something that offers less value than she expected for her money.
Sellers may use them to convince the customer to downgrade or pay less for a product or service. Here are two examples:
1. The Time-Saver - Sellers offer discounts on bulk orders if customers buy more than one item at a time.
2. The Bargain Hunter - Offer them a product or service for free when they purchase to make it worth their while and get them hooked on your product/service, like giving away free shipping when they buy online.
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