We all know that upselling and cross-selling are vital parts of running any online business. But what should you sell? You may not have a great idea of how your products can fit together or you may only sell one product - maybe you're just interested in new revenue opportunities. Whatever your deal is, there's a really good chance you could be selling something to your customers you haven't thought of yet. We've put together a list of 5 products that you can use no matter what industry you are in and no matter what you sell.
1. Insurance / Protection Plan
If you're shipping products or sell expensive items, you can encourage your customers to purchase an insurance or protection plan from you. You can partner up with an insurance provider to offer insurance on products or offer customers the option to buy a protection plan that will cover servicing their product, replacement parts or will give them better terms in the case of a return or exchange. Think of a protection plan as basically a warantee. You can set the expiration for it - generally at least a few months but maybe a year or longer (its up to you!). If this is popular among your customers, it may be a decent idea to let them renew at the time of expiration.
If you sell accessories that go with any of your products, then great! If you're scratching your head trying to figure out what could go with what, then maybe its time to look at expanding your product catalog. The best product to accessorize your current catalog may not be something you have in stock yet. Whatever you choose, make sure the accessory fits well with the product and feels like a vital part of product. You want your customers to think "Wow! I wanted this product before, but now I can't imagine buying it without one of these!". For example, if someone is buying a violin from you, offer a cleaning kit and stress the importance of cleanliness to the lifetime of your purchase in your offer copy.
3. Bespoke Services
If you can offer custom services to your customers, then you should. Offer customers the ability to hire you to create something custom for them or to help them setup their new product. You could also offer monthly support packages if your product requires it. Think about your customers and what they need. If you can identify that need and fill it, then you have something of great value. If you sell musical instruments, offer online music lessons. If you sell computer supplies, offer IT consulting. If you sell cocktail mixes, put together a recipe book to go along with them.
4. Upgraded Shipping
Shipping can be slow, and many times people don't want to wait for it. In a world that takes 2-day shipping for granted, many customers are willing to shell out bucks to get their products sooner. This is especially true around holidays and birthdays. Offer your customers faster shipping rates as an upsell to get them their products as quickly as possible.
5. Memberships & Subscriptions
There's no revenue like recurring revenue! Recurring revenue allows your business to grow month over month, retain your customers, plan more accurately for the future, and manage your inventory more consistently. Upsell your customers with subscriptions! If a customer is going to purchase a product from you, offer to send them the product every month automatically! This is a great way of building repeat business and making your customers' lives easier.
No matter your business, there is ample opportunity to come up with creative ideas to maximize the order value for every sale. Thinking outside the box can help you connect with your customers, succeed in your business, and even create new, profitable business models!
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