This is another important and necessary step in our blog’s series on step-by-step guide to building a successful and profitable home business. This step 9 is all about not leaving money on the table and missing out on chances to carry out more sales. It is about incorporating a system that helps you make money during a given sales process. Yes, it is about certain important marketing strategies that a lot of online merchants ignore. You need to understand the fact that the success of your business depends largely on 20-30% of your customer base. As such, it is important that instead of concentrating on bringing in more first-time customers, you should put more effort towards satisfying your already existing customers because they are the ones that would buy from you, again and again.
In order for the strategies included in this post to work for your online business, it is necessary that services and products you offer to your existing customers meet up their expectations. If the products and services ended up being of high value and benefit to them, there are higher chances that they will trust you enough to buy from you when you make them offers of complementary products. These unique marketing strategies are:
- Up selling
- Cross selling
- One-Time-Offers (OTOs)
We shall start by discussing up selling. This is a process whereby you offer your customer one or more complementary and enhancing products as he or she completes the present order. If you have been offering reliable and high quality products and services to your customers, up selling to them is a unique way to maximize your passive income stream. Yes, not only should they see the benefit of accepting your up-sale offer, they should also continue to believe in the product or service as they use same. Let me tell you a little about how this works.
It all starts from your website. The site is designed in such a way that each time any of your customers completes their order forms and hit the submit button, a pop-up window appears advertising a deluxe and complementary product or service that enhances the productivity of the one they just bought. It is that simple. One good thing about up selling is that the pop-up window does not interfere with the confirmation of your customers’ original orders as it accompanies the “confirmation” and “thank you” messages. It is not intrusive at all as a strategy to maximize sales for your home business.
Step 1: Your customer adds a mobile device to his or her virtual cart
Step 2: He or she completes the order form
Step 3: Hits the “submit” button
Step 4: A confirmation and thank you message for the purchase made pops up, accompanied by your up sell offer, a memory card, tailored to match the customer’s already purchased product – mobile device.
Step 5: It’s a win-win. The customer is made happier with the extra purchase that would go a long way to enhance his or her experience with the use of the original product or service. You are also happier because your income through the online business has been doubled or in some cases, tripled. The various types of up sell marketing strategy include Free up sell – offer of free trial of a product or service for a given period, Make money up sell – offer for customers to resell the product or service they are paying for, and Time up sell – An offer whereby a discount is given if the product or service is purchased within a given time or period.
This brings us to the next strategy which is cross sell. This is a strategy whereby you offer related products or services to existing customers. This can be done at the point of sale or very much later. Any internet business owner or online marketer that does not engage in this type of marketing is leaving a whole pile of money on the table. Not good for passive income if you ask me. Now this is how cross sell works, just similar to up sell. The difference is that in up sell, you offer the customer add-ons, upgrades or platinum versions of the original product or service. While in cross sell, you offer the customer products and services that are closely related to the main or original product or service they purchased.
Step 1: Your customer adds a Television set to his or her cart.
Step 2: The order form is completely filled out
Step 3: The “submit” button is pressed
Step 4: A confirmation and thank you message for the purchase made pops up, accompanied by your up sell offer, a TV stand, tailored to match the customer’s already purchased product.
Step 5: It’s a win-win situation as the customer is pleased that you offered him or her a TV stand instead of going looking for it somewhere else. You are also happier because you made extra income at a go.
This brings us to the last but not the least strategy that you can use to maximize sales on your home business website – One-Time-Offers (OTOs). Just like up sell and cross sell strategies, this is an offer made to a customer immediately after payment has been made for the original products and services. The only difference, a significant one at that, is that the offer is made just once to each given customer. If you make most of your purchases online, there’s the possibility at one time or the other, you have come across this type of marketing strategy.
The moment a customer completes the order form, he or she is automatically taken to a new page where a product or service is marketed to him or her. The flashing message would always read, among other things, “This Is A One-Time Offer” or something like “You Will See This Message Only Once”. That is the One-time-offer we’re talking about. It is programmed to appear just once on a given computer. This particular strategy is known to be a very powerful marketing tool that every online business owner should embrace.
In order for you to make the most of this marketing strategy, certain important facts should be taken into due consideration. Some of them are as follows:
- A one-time-offer should not be shown more than once to a given customer.
- The content must be extremely compelling
The product or service should be such that would be beneficial to the target customer
- There should be a sense of urgency around the marketing message
Do you have any unadvertised products that could maximize your passive income stream? What then are you waiting for? Set these products up on the purchase confirmation and thank you pages. However, if your front end product or service is of low quality, don’t expect the potential customers or existing customers to buy any of your backend products. Yes, you first have to offer them products and services with high return on investment before you can convince them to go for your up sell offers. To go in deep about these concepts, i really encourage you to watch this video from one of the most successful internet marketer today , you’ll be lucky to learn from him!
You can then move to the next step of this journey, located here..