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December 11, 2017

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Would You Prefer Grey Goose or Ketel One?

Practical Advice for Enhancing Earnings

Go to an upscale bar or restaurant, and you'll often be asked a question, such as the one above. When this happens, you'll know that the staff has been well-trained to offer additional value, such as these premium vodkas, to its customers. That's the true meaning of an upsell, providing additional value for which the customer pays an equitable amount of money.

Every company, regardless of size and no matter what the scope of business, must consistently upsell to maintain and grow profits. This starts with a core belief that your customers deserve added value and that your firm deserves to be well paid for this higher level of service. If you're struggling as to what constitutes additional value, then you are most likely giving away too much for the price you charge. Simply put, if you take for granted all of the value you deliver, your customers will as well.

To begin adding value or enhance how you upsell, take these three steps:

  1. Unbundle What You Offer

    Don't give every customer every aspect of every service you offer. Provide only the essentials that meet their objectives and upsell the unbundled pieces of your service or product to enhance the value they receive. In our society of super-sizing and added bonuses, you'll find that many of these customers will clamor to pay for value that appears to be a good deal for their investment.

  2. Create New Value

    Since you can't take away what current customers are getting for the price they now pay, you'll need to add value to what you currently do. Rather than creating this in a vacuum, ask your customers, "How can I add value to our relationship?" Follow that question up with, "In what ways could we enhance what we do for you to make your experience even better?" As these suggestions become value-added services, your customers will be flattered you listened, and many will also opt for the additional value.

  3. Fearlessly and Shamelessly Upsell

    Whether they buy or not does not matter! That may seem contrary to this whole exercise, yet, the moment you become attached to the outcome, you'll try to control the uncontrollable. By believing in the value you provide, selling this with passion, communicating it fearlessly, and detaching from the outcome, your customers will feel in control, with many also becoming fully enrolled and ready to buy.

- Scott Wintrip

Scott Wintrip, PCC (scottw@StaffingU.net) is Founder and President of StaffingU, the leader in providing relationship-building techniques guaranteed to grow your business. For information on StaffingU's programs and services, including TeleClasses (live telephone-based classes), Virtual StaffingU (web-based courses), individual and group coaching, on-site training and speaking, and consulting visit www.StaffingU.net or wintripconsultinggroup.com