[op_liveeditor_element data-style=""][text_block style="undefined" align="left" font_color="%23788596"]We’ve talked about up selling, cross selling and bundling as examples to increase your average order size - now, today, we’re going to cover a concept few people really understand - and it’s called ‘downselling.’
By definition, downselling happens when someone declines your offer - either declining your main offer or one of your back-end offers - and, sometime after they decline, they're offered an alternative product at a lower price.
Now keep in mind, you’re not giving them the same product - you’re giving them a different product (related to the result they wanted to achieve) at a lower price.
For example, there’s a data company that offered me 2,000 leads for a total investment of $2,750 a year. When I passed on their offer, they gave me an opportunity to grab a smaller amount of leads for $50/month. That’s a downsell.
Many times, I’m at capacity and can’t take on any more 1-on-1 coaching clients. I could say, "Sorry - I can’t help you, jump on the waiting list," or - rather than risking losing the sale - i can still offer them something else at less of a cost which will radically transform their business.
This is just an example of how thinking strategically gives you a competitive edge and puts a lot more money in your pockets.
As you know, people decline offers for many reasons - so rather than losing the sale - give them another option, at a lower price - that will still get them closer to the ultimate result they want.
Remember, we’re not selling stuff for the sake of selling stuff... we’re not selling ice to eskimos either... we’re trusted advisors matching the right product to the right client in order to help them get closer to the ultimate result their after.
And - just by being their trusted advisor - and thinking strategically - we also increase the average transaction size and increase our revenues with an effective downsell.[/text_block][/op_liveeditor_element]