Upselling to the customers today is one of the largest sources of revenue you are possibly missing out on as a marketer. A plethora of email and digital marketers today prefer acquiring new customers over driving out revenue from the existing customers. However, this is an extremely costly affair and you can drive in more revenue by upselling to the existing customers. According to Bain and Company, a mere 5% increase in the retention rate of the customers will increase the profitability by over 75%. Therefore, by using upselling technique you can easily increase your revenues.
How does it work?
When a customer completes the order on your website, after sometime the customer gets an email indicating all the relevant products based on the search carried out by the customers previously. Instead of simply sending a “Thank You” email to show your gratitude, you can suggest useful products. You can easily design your campaign in such a manner that customers who have previously purchased from your website receives different customized emails with upsell. This way you can easily stay in touch with the customer. With upselling, you can even send customized “Thank You” notes to customers. For example, “Thank you XYZ, for purchasing a Titanic DVD”.
Remember to show recently purchased items
A good purchase is always cherished for a lifetime and every time you make the customer recollect the items they have recently purchased, you foster a lot of good feelings. You can easily link up these products with the latest offering and recommend it to the customer. And, if the first purchase was a success, then the customer will want to see what you have to offer. However, do not show the purchases a customer has done in years or months back. Only send information about the purchases done very recently. Moreover, ensure that the recommended purchases are related to the purchases done earlier. For example, a customer who has bought a laptop, you can recommend anti-virus software or screen shield or a screen guard. There is always a high probability that the customer will purchase such a recommended product.