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Happy customers are the backbone of companies. The easiest sale you can make is to a happy customer! And you can continue to sell to them, as their loyalty is with you. Here are a few ways to consider upselling your products and services to your existing customers:
- New products and services: This may be the hardest upsell, but the trust between your company and your customer exists, because they trust you they will be more likely to buy from you again.
- Sell more of what you’re already selling: Expand your customer relationships by expanding on what you already do. How can you enhance your existing relationship to create more business?
- This one is likely to easiest sell for your business, but the one most people are afraid of, price increase: If you increase your prices by 15%, you can lose 40% of your customers without losing profitability. It’s an easy way to make more money with a small change.
There are a few things to consider as you begin the process of upselling to your existing customers.
First, consider when you last contacted them. Try to keep regular contact with your existing customers to ensure they are still happy with their services.
Next, consider your plan to upsell. Choose one of the above avenues for upselling your customers and go for it!
Lastly, run the numbers on how much you can increase your prices to maintain profitability. You should also consider how many customers you can lose in the process.
Once you do these small things, you are well on your way to increasing sales that drive your business to a higher level of profitability. Need help running the numbers? Contact our team to help get your business on track to more profitability and growth!
This post was reviewed by our team of accounting and financial experts. TGG’s mission is to make business owners’ lives better through excellent financial management. We strive to provide the most up-to-date and objective information on accounting-related topics so our readers can make informed decisions based on factual content. All posts undergo a review process with at least one member of our Leadership Team to ensure accuracy.
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