The power of up-selling and cross-selling.              How to double your profit without                 spending a dolla...
What is up-selling?    Up-selling is a sales technique whereby a salesperson    induces the customer to purchase more expe...
What is cross-selling?    Cross-selling is a an action of practice of selling    additional products or services to an exi...
Who does up-selling and cross-selling?    •    Insurance companies (better coverage, more expensive plans).    •    Financ...
Who does up-selling and cross-selling?    •    Web hosting providers (more expensive plans, additional products).    •    ...
Why do up-selling and cross-selling?    •    Acquiring new customers is more costly and time consuming.    •    Selling to...
Quick example.      ☐   A    Price $50                                                Total sales: $5000    Profit $10    ...
When do up-selling and cross-selling?                   Up-selli                           ng                             ...
ExamplesDavid Braun   March 20, 2012 - Barcamp 5 PrestaShop
Cross-sell/Upsell on Product Pages, Conversion Rates:•Less than 1% conversion – 5% of retailers•1%-2% conversion – 15% of ...
Tips and tricks.  •    Use bundle offers. Bundle your products to increase the       convenience and make customer choice ...
Tips and tricks.    •    Add a service. Offer an additional service to the main product you         sell. This could be ad...
Tips and tricks.    •    Mark the choice. Use “Recommended”, “Most Popular”, “Customer’s         Choice” tags to draw the ...
Tips and tricks.    •    Keep It Stupid Simple (KISS). Do not offer too many options, do not         distract customers, d...
Tips and tricks.    •    Watch the price. The maximum price for up-sell should not exceed         30% of the main item’s p...
Tips and tricks.    •    Make it easy to buy. Play with design and controls to make it really         easy for a customer ...
Tips and tricks.    •    Two transactions instead of one. Sometimes is It wise to make a         sale using two transactio...
Tips and tricks.    •    Have a live assistance on Shopping Cart and Checkout. Those         are critical pages on your we...
Tips and tricks.    •    Follow up your customers. Send them “Don’t forget” emails         reminding some offers they migh...
Must have tools and systems    •    CRM    •    Newsletter management    •    Website Analytics Tool    •    A/B testing  ...
Thank you for your attentionDavid Braun              March 20, 2012 - Barcamp 5 PrestaShop
PrestaShop Barcamp 5 - Template Monster : The power of up-selling and cross-selling: double your profit without spending a...
PrestaShop Barcamp 5 - Template Monster : The power of up-selling and cross-selling: double your profit without spending a...
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PrestaShop Barcamp 5 - Template Monster : The power of up-selling and cross-selling: double your profit without spending a dollar on ads

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  • Put an OFFLINE stamp on the
  • Put an ONLINE stamp.
  • Wells Fargo did their own research and found that it was 10 times more expensive. Stickability - Increases loyalty which is a cornerstone of business growth and repeatable revenue streams.
  • Talk when it is upropriate to do upselling and cross selling
  • Talk when it is upropriate to do upselling and cross selling
  • Put a screenshot here. Show AppSumo bundles and TM designers bundle.
  • Show Template+Installation screenshot
  • Work with failed purchase attempts. Increase the conversion dramatically by doing that.
  • Work with failed purchase attempts. Increase the conversion dramatically by doing that.
  • Show the tools that Prestashop provides merchants,. Related products, Customers accounts, Newsletters etc.
  • Show the tools that Prestashop provides merchants,. Related products, Customers accounts, Newsletters etc.
  • PrestaShop Barcamp 5 - Template Monster : The power of up-selling and cross-selling: double your profit without spending a dollar on ads

    1. 1. The power of up-selling and cross-selling. How to double your profit without spending a dollar on Ads. David Braun CEO www.templatemonster.com Templatemonster.com is the leading provider of Prestashop templates. We offer the largest collection of professionally designed templates, all available for purchase at Prestashop Marketplace.David Braun March 20, 2012 - Barcamp 5 PrestaShop
    2. 2. What is up-selling? Up-selling is a sales technique whereby a salesperson induces the customer to purchase more expensive items, upgrades, add-ons in an attempt to make a more profitable sale. 2012David Braun March 20, 2012 - Barcamp 5 PrestaShop
    3. 3. What is cross-selling? Cross-selling is a an action of practice of selling additional products or services to an existing customer. 2012David Braun March 20, 2012 - Barcamp 5 PrestaShop
    4. 4. Who does up-selling and cross-selling? • Insurance companies (better coverage, more expensive plans). • Financial institutions (additional services). • Phone carriers (more expensive plans, add-ons, phones). • McDonalds (can’t buy a coffee without being asked about the desert). • Car manufacturers (can’t buy premium options without choosing leather seats).David Braun March 20, 2012 - Barcamp 5 PrestaShop
    5. 5. Who does up-selling and cross-selling? • Web hosting providers (more expensive plans, additional products). • Online services (push you to prepay for a year, other services). • Online retailers (shipping, gift wraps, memberships). • Computer makers (Dell, Apple, Asus). • Amazon.com (deserves a dedicated placement).David Braun March 20, 2012 - Barcamp 5 PrestaShop
    6. 6. Why do up-selling and cross-selling? • Acquiring new customers is more costly and time consuming. • Selling to new customers is four times more expensive (B2B). • Cross-selling creates more customer retention or “stickability”. • Most customers prefer a wider choice and appreciate your efforts. • The more services customers buy from you – the better chance they stay longer with your company. You become service orientated. • The most cost effective way to grow your business.David Braun March 20, 2012 - Barcamp 5 PrestaShop
    7. 7. Quick example. ☐ A Price $50 Total sales: $5000 Profit $10 Profit: $1000 100 orders a month ☐ B Price $75 Up-selling = Total sales: $7500 Profit: $1500 (+50%) Profit $15 Total sales: $9500 ☐ B Price $75 + ☐ C Price $20 Profit: $2300 (+130%) Profit $15 Profit $8 Up-selling+cross-selingDavid Braun March 20, 2012 - Barcamp 5 PrestaShop
    8. 8. When do up-selling and cross-selling? Up-selli ng Up-selli n g Cross-s elling Cross-s ellingDavid Braun March 20, 2012 - Barcamp 5 PrestaShop
    9. 9. ExamplesDavid Braun March 20, 2012 - Barcamp 5 PrestaShop
    10. 10. Cross-sell/Upsell on Product Pages, Conversion Rates:•Less than 1% conversion – 5% of retailers•1%-2% conversion – 15% of retailers•3%-4% conversion – 5% of retailers•5%-7% conversion – 6% of retailers•8%-10% conversion – 2% of retailers•11%-15% conversion – 1% of retailers•More than 15% conversion – 2% of retailers•Don’t know conversion rates – 50% of retailers•Don’t merchandise on product pages – 14% of retailersCross-sell/Upsell in Shopping Cart, Conversion Rates:•Less than 1% conversion – 8% of retailers•1%-4% conversion – 16% of retailers Source: E-tailing group’s 8th•5%-10% conversion – 9% of retailers Annual Merchant Survey Report•More than 10% conversion – 3% of retailers•Don’t know conversion rates – 44% of retailers•Don’t merchandise in shopping cart – 20% of retailers
    11. 11. Tips and tricks. • Use bundle offers. Bundle your products to increase the convenience and make customer choice easier. Note! No discounts given. Just convenienceDavid Braun March 20, 2012 - Barcamp 5 PrestaShop
    12. 12. Tips and tricks. • Add a service. Offer an additional service to the main product you sell. This could be additional warranty, protection plan or installation service.David Braun March 20, 2012 - Barcamp 5 PrestaShop
    13. 13. Tips and tricks. • Mark the choice. Use “Recommended”, “Most Popular”, “Customer’s Choice” tags to draw the attention to a specific option you wish to highlight.David Braun March 20, 2012 - Barcamp 5 PrestaShop
    14. 14. Tips and tricks. • Keep It Stupid Simple (KISS). Do not offer too many options, do not distract customers, do not offer complicated products, requiring additional decisions to be made for up-selling. ✔David Braun March 20, 2012 - Barcamp 5 PrestaShop
    15. 15. Tips and tricks. • Watch the price. The maximum price for up-sell should not exceed 30% of the main item’s price in customers shopping cart. (Own experience).David Braun March 20, 2012 - Barcamp 5 PrestaShop
    16. 16. Tips and tricks. • Make it easy to buy. Play with design and controls to make it really easy for a customer to say “Yes” and get it. Pay a special attention to billing issues.David Braun March 20, 2012 - Barcamp 5 PrestaShop
    17. 17. Tips and tricks. • Two transactions instead of one. Sometimes is It wise to make a sale using two transactions instead of one to prevent chargebacks or refunds of a combined order.David Braun March 20, 2012 - Barcamp 5 PrestaShop
    18. 18. Tips and tricks. • Have a live assistance on Shopping Cart and Checkout. Those are critical pages on your website, be the first to know about any billing issues or other concerns customers might have during the purchase. Collect data of all purchase attempts. “Forrester estimates that the click-to-call and click-to-chat features boosted the composite company’s average order values by about 23%, from $115 to $141, due primarily to the call center agents’ abilities to upsell and cross-sell merchandise to customers who use click to call before checking out.” Internet Retailer, 2012David Braun March 20, 2012 - Barcamp 5 PrestaShop
    19. 19. Tips and tricks. • Follow up your customers. Send them “Don’t forget” emails reminding some offers they might forget to choose during checkout. Rewrite your sales copy, add personalization.David Braun March 20, 2012 - Barcamp 5 PrestaShop
    20. 20. Must have tools and systems • CRM • Newsletter management • Website Analytics Tool • A/B testing • Live Chat • Lots of Red Bull • And of course PrestashopDavid Braun March 20, 2012 - Barcamp 5 PrestaShop
    21. 21. Thank you for your attentionDavid Braun March 20, 2012 - Barcamp 5 PrestaShop

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