How To Increase Your Profit by 10-30%

Have you ever purchased a Phone, or Digital Camcorder, or a Car and been asked if you would like to buy the other attachments or extended warranty?

Or have you ever gone to purchase a basic appliance, say a washing machine, and planned on spending say #25,000 – but instead left with a better model to meet your needs, which costs #35,000?

And have you ever found yourself saying “sure, why not” to such offers? Even though you didn't order or intend to order that additional item when you arrived? 

The fact is, statistically 30% of people say “yes” to these questions and the companies effectively employing this simple strategy earn as much as 10-30% of their profits from this time tested marketing tactic (ironically, our survey shows 88% of companies don’t systematically use this tactic).

The concept is called up sell or cross-sell.

Up sell is where you get the customer to purchase more or a greater quantity of what they are ordering and cross-sell is where you get the customer to buy an additional item or service that they did not intend to order.

The key to such systems involves timing, proper item selection, understanding of marginal profit and a measurement system.

Ok, let’s start making some money.

Do this:

Offer 10 of your customers an additional item at the point of purchase and see how many say yes (make it a small added cost). Change the way you ask for the offer itself.

Write it down! I know it is simple but if you experience 2-3 saying yes and then calculate how much that will earn you, this will get you excited to formalize a system. 

Part of my seminar benefit come Oct 29 2014 @ space fm conference hall liberty road Ibadan.