Master The Upsell With This Proven Product Upselling Framework

Quick—what part of your job do you enjoy the least? If you’re like most salespeople, you probably said prospecting. All the cold emails, the endless follow-ups, the calling, and the relentless slog of “no” after “no.” While there’s a time and a place for prospecting, if you’ve already got a long list of current clients, you may be wasting your time on finding new ones. Why? Because you can upsell your current clients to a premium product more easily than you can bring on new customers. And when you do so, you can drive more revenue, greater client loyalty, and higher commissions than going the old prospecting route. This guide shows you how to upsell like a pro. Inside, we’ll look at the massive benefits of upselling as well as The Proven Product Upselling Framework that takes all the “huh?” out of this underutilized sales strategy. What Is Upselling? Upsell Definition: To effectively encourage current clients to purchase a more expensive, upgraded, or superior version of the product they have now.  Simple, right? When you convince your current clients to purchase a newer version, you’re offering an upsell, meaning a better version than what they’re using today. This, of course, deviates from the normal routes of prospecting (i.e., attracting new customers) because it focuses on your existing customers. Some examples of upsells include: * Higher tier membership offering better support * Different models with added features * Premium packages with more products included * Added product warranties * Increased personalization Upselling vs. Cross-Selling Upselling is often confused or conflated with cross-selling. But in fact, the two are slightly different. Let’s take a look at the definition of cross-selling to see how. Cross-Selling Definition: To effectively encourage current clients to purchase an entirely new product, usually on the basis of the product they have now. Rather than getting an upgraded version of a product, they’re getting a new one entirely. Let’s look at an example. Say you’re shopping for organic vitamin C supplements on Amazon. You’ve found a brand with some great reviews, so you decide to purchase from them. But as you’re about to add the supplement to your cart, you notice they offer a higher potency version and decide to upgrade to that version instead. That is an upsell. As you make your way through the checkout process, you’re taken to a “Because You Liked…” page that offers products you may like based on your purchase of the supplement. Products like other supplements, natural teas, and organic skincare products. That is cross-selling. See the difference? Why Upsell At All? Now that we’ve got a better handle on what upselling is (and what it isn’t), the question becomes, “Why do this at all?” I mean, why work on a whole new process to bump your existing clients up to another version? Should you even bother? As you might’ve guessed, the answer is a resounding “Hell yes!” But why? What makes focusing on the upsell sales technique so beneficial for you? There are four main reasons why upselling beats out traditional prospecting. It… * Is easier than finding new prospects * Drives more revenue * Instills greater loyalty * Enhances personalization A. Easier Than Finding New Prospects First and foremost, focusing on driving new sales from existing clients is substantially easier than closing deals with new customers. Here are some stats to drive the point home. * Prospecting and qualifying leads are the top challenges for at least 1 out of 3 salespeople (HubSpot). * You have just a 5 to 20% probability of successfully selling to a new ...