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Satisfied customers are the backbone of any company. The easiest sale you can make is to a satisfied 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. As they trust you, they will be much more likely to purchase a new product or service from you again in the future.
- Sell more of what you’re already selling: Further develop your customer relationships by expanding on what you already do. Ask yourself “how can you enhance your existing business relationship to create even more growth?”. This can include upselling additional products and services.
- This one is likely to easiest sell for your business, but the one most people are afraid of, a 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. Don’t believe us? Check out this chart to see just how much you can raise your prices and still be profitable.
If you choose to upsell to your existing customers, here are a few things to consider as you begin the process:
- Consider when you last contacted your customer directly. Try to keep in regular contact to ensure they are still happy with your products and services, as well as their overall satisfaction with your company.
- Be proactive in your plan to upsell. Take time to develop a plan of action and a timeline for implementation.
- Run the numbers on how much you can increase your prices to maintain profitability. As a reminder, you should consider how many customers you can risk losing in the process.
Conclusion
When it comes to increasing your profitability, it’s worth taking a look at your current customer base. If you start by implementing small changes, 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!
