Introduction – Increasing Sales Conversion with Upselling
Upselling is a sales approach that involves pushing clients to buy a more expensive, upgraded, or premium version of a chosen item, as well as various add-ons, in order to make a larger sale. In order to boost order value and profit, eCommerce organizations frequently use upselling and cross-selling strategies.
Offering add-ons to enhance the product’s capabilities is another example of upselling. Upselling aims to raise the overall transaction while also introducing customers to new options that may better suit their needs. Upselling is frequently woven into a discourse regarding the customer’s motivations for purchasing the product and their long-term ambitions.
Upselling strengthens customer relationships by letting them know what additional you have to offer, how they may receive more value for their money, and demonstrating that you care about their wants and aspirations. Upselling does not have to happen right away. While the upsell should be offered at the time of purchase, you may also utilize marketing tools like direct mail and email newsletters to keep your customers informed about their possibilities.
Importance of Upselling
Although sales techniques are known to elicit unpleasant emotions in us, when used correctly, they can actually enhance our buying experience. For numerous reasons, online retailers rely significantly on upselling techniques:
- Upselling increases order values and offer quick wins
Product recommendations can generate 10-30% of revenue, therefore getting the correct upsell offers in front of the right people at the right time is a crucial sales strategy. In reality, it has the potential to considerably improve average order value (AOV), as well as overall revenue. It not only raises AOV, but it also raises client lifetime value. To put it another way, customers spend more money while they are still clients. That is why it is so crucial for your company. Because you’ve already spent money on marketing to bring the buyer to your eCommerce business, increasing the order value is critical to maximize your return on investment.
- It’s easier to upsell to existing customers than to acquire new ones.
Lead generation is a costly endeavor. Selling to a consumer who already trusts you and has purchased from you in the past or is about to do so now is considerably easier and less expensive than selling to a new prospect who has never heard of your brand. As previously stated, selling to a current customer has a 60-70 percent chance of success, whereas selling to a stranger has a 5-20 percent chance of success. It’s a no-brainer for a lot of eCommerce companies looking to boost their revenue and enhance their bottom line.
- Upselling helps retailers build deeper relationships with customers.
When you think about it, upselling isn’t such a bad idea. It will turn out to be a customer happiness approach that also creates additional revenues if it focuses on helping your customers ‘win’ by recommending premiums, upgrades, or add-ons that will eventually deliver more value and make them feel like they received a better bargain. Upselling is giving suggestions that may better meet a customer’s present needs, as well as assisting them in making an informed decision.
- Upselling leads to increased Customer Lifetime Value (CLV).
The net profit contribution a client makes to your firm over time is referred to as Customer Lifetime Value. You can categorize your consumers into three groups: those who are not profitable, those who are profitable, and those who are highly profitable. A higher CLV means that each customer creates more revenue for your company without you having to invest any additional money, which means your organization has more money to spend on gaining new customers. Upselling is one of the most effective strategies for converting clients into high-profit customers and keeping them coming back.
- Customers come back for more.
Upselling is distinct in the manner it gives value to customers and encourages them to return for more. Customers will return if they require more of what you are selling if you create an easy way to make their lives easier. Make sure to provide excellent customer service in addition to your upselling efforts to ensure that your consumers are happy no matter what happens.
Tips in Upselling
Upselling strategies operate by entirely satisfying – or exceeding – the customer’s needs. Now, let’s look at some upsell strategies that you can utilize in your business:
1. Pitch relevant products
Upselling isn’t all about the benefits; going too far with it can potentially hinder your sales. Instead of just pushing any old upgrade at your customer, you should figure out what kind of upselling they’d want. Many people make this error. What you should do is give upsells that are linked to things they’ve already purchased or are now considering. If a consumer is looking for WordPress Plugins, for example, you don’t want to offer him Shopify Plugins as an Upsell because he might not be interested.
2. Provide consistent value
When a sale is made, most businesses believe their job is done. They believe they will only have to worry about that consumer again when it comes time for a renewal or an upgrade. It’s a mistake to believe that when you ask a consumer to upgrade, they’ll be ready to do so right away. The truth is that you must continue to care for them even after the sale. Send them newsletters with information about your firm, such as product updates, upcoming events, or current discounts.
3. Identify the customers who have a need.
Use a product that allows you to understand the needs of your leads from the beginning. You must understand what they wish to purchase from you and whether you can sell them a larger and better version in the future. Create a list of such leads and nurture them on a regular basis. You may better organize your objectives and set a schedule for pitching the update to them this way. Getting new consumers is much more difficult than keeping old ones. Upselling to current customers might help you meet your sales goal quickly.
4. Help – Don’t sell.
Upselling isn’t all about the benefits; going too far with it can potentially hinder your sales. According to a 2015 Wharton study, sales agents who are overly focused on upselling can treble their success rate, but their customers’ likelihood of choosing their company in the future drops by 5.5 percent. Always try to improve the customer’s experience. Instead of simply saying, “Buy a pro plan because it’s better,” explain how it will benefit them or their business. Make them feel as if by giving our items, we are assisting them in solving their problem.
5. Create a feeling of urgency
Make a limited-time offer to your customers. Tell them why getting it during this time would be advantageous. Remember to price them appropriately and to understand which things are most likely to entice them to buy. Assume you’re selling an online music subscription with both a free and a paid edition. You may run a fast ‘Christmas special,’ with prices cut for a limited time. It might persuade them to sign up.
6. Check if your customers are happy before upselling
A satisfied consumer equals a thriving business! However, no matter how hard you try, the customer will not always be pleased with you. Keep an eye out for such indicators and try to remedy them as soon as possible. Imagine being dissatisfied with a product or service, and instead of making it right, they want you to pay extra for a more expensive version. You’d most likely stop shopping, and you might even spread the unfavorable word of mouth.
7. Convince them with real-life examples
Demonstrate how users of the upgraded version were able to address problems (similar to what your prospect is facing currently). The majority of your leads are unlikely to take your statements seriously. Of course, it’s your business, and you only have wonderful things to say. Rather, show the thoughts of their peers who are also purchasing and using the same product/service. It will persuade them more than anything you can say.
8. Follow-up constantly
Upselling is still selling, so keep that in mind. As a result, don’t leave your buyer with only one little pitch. Continue to nurture and follow up with them in order to encourage them to upgrade. By including upsell options in transactional emails like order confirmations, delivery notifications, and satisfaction surveys, you may enhance the likelihood that a customer will consider paying a little extra to improve an already-purchased item or add on a more expensive product or service.
Automating Upsells for your WooCommerce or EDD Store
We have been searching for a suitable plugin but the main problem with most Upsell Plugins on WordPress are the following ones:
- Nearly all require hours of manual work to define upsells
- Upsells can only be placed in specific sections of the website
- It is never clear if the selected products for upselling are really the best possible products or not
- Poor tracking of Upsell Sales performance
For this reason, we have developed a new plugin UpsellMaster which solves all these shortcomings.
Put Upsells on Autopilot using UpsellMaster Plugin
The UpsellMaster Plugin uses a data-driven algorithm to automatically calculate suitable Upsell products in 1-click for each product. You can modify how your algorithm works so that you can continuously optimize your Upsell Strategy. This avoids having to spend countless hours defining which other products can serve as Upsells for each of your products. Instead, click on the Calculate All Button, sit back, and relax while our algorithm does its work.
The plugin displays the calculated Upsells or Recently Viewed Products on suitable pages such as the Product page, the Checkout page, the Purchase Receipt page, or any other page by placing a widget, Shortcode, or Gutenberg block. The plugin offers close integrations with WooCommerce and Easy Digital Downloads and comes with its own Upsell Sales Tracking Report. The Algorithm logic can be changed and fine-tuned which allows you to test different Upsell Strategies for your eCommerce Stores using WordPress.
Here are the key features of this plugin:
Algorithm which calculates suitable Upsells Per Product in 1-Click
This plugin uses a flexible algorithm logic that defines how to calculate the best possible products that can serve as Upsell products to offer for each of your store’s products.
This mechanism allows the algorithm to go through the data of your store and come up with the best suitable Upsells as per your Upsell Strategy for this store. You can also fine-tune and change the settings to test different strategies to find out which strategy works best for your store.
Upsell Sales Report and Tracking
Another great feature of this WordPress plugin is that it provides a detailed Upsell Sales Report the results of your Upsell Strategy. The report comes with filters, a chart and calculates a variety of Key Performance Indicators so that you can obtain deep insights into your sales performance of your WooCommerce or Easy Digital Downloads Store.
It is important to keep track what are your best-selling Upsells and Base products are because it can help you optimize your upsell strategy better. Also you can track which are the best locations on your website to either display Upsells or Recently Viewed products.
Upsells List by Products
Admins can basically see a full list of all Upsells calculated by the Algorithm set per Product. They can also export the list to CSV File as well as Recalculate the Upsells manually whenever changes were made on the Settings page.
Recently Viewed Products
Instead of showing Upsell products, the plugin also offers that you can show Recently Viewed Products instead. In that case, the Lists and Carousels can display products a customer just has visited before instead of the Upsells. Recently Viewed products can be displayed at the same locations as the Upsells. For Widgets and Shortcodes, you can also vary, showing Upsells and Recently Viewed product suggestions on the same pages.
Display Locations for Upsells and Recently Viewed Products on your Website
A great feature of this plugin is you can show Upsells on different pages across your website. These pages are:
- Product Page
- Checkout Page
- Purchase Receipt Page
- Pages with sidebars (via Upsell Widget)
- Any page/post (via Shortcode or Gutenberg Block)
These placement locations can be very helpful to gently remind customers with great product suggestions they easily add to their shopping carts. As these product suggestions are calculated based on an algorithm, they are very targeted and can best guess the interest of the customers, which should lead to an increase in sales.
Why you need UpsellMaster Plugin?
Here are the key reasons why this plugin offers great value to your WooCommerce or Easy Digital Download Store:
- Increases sales – this plugin helps increase the number of products and average order values of your carts, thus earning more revenue.
- Tailored upsell suggestions per product based on data – this plugin uses an algorithm to calculate the best and unique upsell per base products within your store as per the priority you set, either by (Category, Vendor, Lifetime Sales, and Tag).
- Huge time savings – this plugin has a 1-click algorithm which calculates individual Upsell suggestions per product. This is much helpful if you have thousands of products that needed to have an upsell calculated.
- Flexible algorithm – allows you to optimize your Upsell Strategy by changing the priorities in calculating product upsells, depending on what you think is working best in your webstore.
- Displays Upsells and Recently Viewed Products – not only you can display Upsell Products, but you can also choose to display Recently Viewed Products.
- Tracking of Upsell Results – The plugins comes with an Upsell Report comes with filters, a chart and calculates a variety of Key Performance Indicators so that you can obtain deep insights into your sales performance of your WooCommerce or Easy Digital Downloads Store.
- Integrations for WooCommerce and EDD
Conclusion: Save time creating Upsells using UpsellMaster
Integrating upsells into your whole sales strategy is a time-saving strategy that pays off handsomely. Of course, when done correctly, every upsell follows the inbound methodology: you identify areas where you can provide more value for each customer and then give it to them in a way that builds trust and deepens the relationship. As a result, upselling is the greatest option for everyone.
UpsellMaster plugin can play a key role in optimizing and enhancing your store sales conversion as it displays the relevant products of real interest to the customers, on every possible landing page they may come across your website. Stores which do not have an Upsell Strategy are leaving money on the table. UpsellMaster plugin was developed to make it very easy to implement a solid Upsell Strategy.
What are you waiting for? There is money on the table by implementing a solid Upsell Strategy, Take advantage and get the UpsellMaster plugin to better convert visitor interests in Upsells!