The best way to boost business revenue is by raising the average dollar amount generated per transaction. This means you can start making more money on every single customer who walks through your virtual door.
Here are three ways to make more money on each transaction:
- Offer Product Levels
- Offer a Cross-Sell or Upsell
- Offer a Payment Plan
Let’s take a look at each of these in more detail…
Offer Product “Levels”
If you’re currently offering a single product with bonuses, then you can repackage the offer to create levels. E.G., Silver-Level Offer and Gold-Level offer.
Check out these tips:
- Create two or three levels only. If you offer more, you may overwhelm the audience with choices. And when prospects are overwhelmed, they end up not buying anything at all.
- Price so that the upper levels are the best deals. For just a bit more money customers should get a lot more value. This will increase the number of people who purchase the upper levels.
- Name your levels. Don’t just call them “Package A” and “Package B.” Here are three ideas:
- Refer to them as metals (bronze, silver, gold, platinum), which is something most people are familiar with and instantly understand.
- Refer to them according to expertise. E.G., “Beginner Level” and “Advanced Level.”
- Refer to them using niche words. For example, if you’re appealing to people who enjoy finding and collecting rocks, then you might name your levels using rock/gem names. E.G., “Quartz Level” and “Diamond Level.”
- Be sure to name your levels so that upper levels appear more valuable. E.G.,
Gold Level.
Platinum Level.
Diamond Level.
Five-Star Level.
Elite Level.
So, now that you understand how to create these levels in general, let’s look at what types of products you can add to a package to boost the overall value. Take a look…
- Access to a private support group. For example, if you’re offering a weight loss product, then customers will see the value in having a place to go to ask questions and get support when their motivation is failing them.
- Group coaching. This is where you solicit questions from the group and answer them (rather than customers having their questions answered by their peers). You might set up a private Facebook group, solicit questions during the week, and then answer the top five or ten questions on Friday.
TIP: Alternatively, you can also offer live coaching via a webinar type setting.
- Videos. Videos tend to carry a high perceived value, which makes them a great choice for boosting the value of a package so you can charge a higher amount.
You can create slide-share videos (where the information is presented in a PowerPoint-type presentation), talking head videos (where you look at the camera and share the information) or demo videos (where you demonstrate how to do something). For example, you might demonstrate the proper way to do bodybuilding lifts.
- Audios. This is a good choice when the information would benefit from being presented in an auditory format. For example: teaching people how to speak Spanish.
This format also works well if your audience prefers to listen to information while they’re doing something else (such as driving or working out).
- Extra reports or ebooks. The key is to offer something that enhances the use or enjoyment of the main offer. For example, if the main product is a weight loss ebook, then your package might include a related low-calorie cookbook.
- Tools such as worksheets, checklists, planners and templates. You can add individual tools, or you can create an entire “toolkit” of related tools.
For example, if you’re selling career information, then you might offer a resume template and cover letter template.
- Software, apps or plugins. These tend to have a high perceived value, so put them in your upper levels. For example, if you’re selling information about search engine optimization, then you might offer a free WordPress SEO plugin or even a keyword-discovery app.
Now let’s look at the next method for raising the amount of money you make on each transaction…
How To Offer a Cross-Sell or Upsell
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