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2. OUR JOURNEY
● What we’re going to do
● Why we’re going to do it
● Let’s keep it simple
● Core metrics
● Increase the size of transactions
● Increase the frequency of transactions
● Increase the longevity of transactions
6. 3-PRONGED STRATEGY
We’re going to structure our marketing and checkout
process to influence customers to…
● Spend more per checkout,
● Buy more often, and
● Buy for a longer time
7. Step #1: Create larger transactions.
INCREASE SIZE OF
TRANSACTIONS
8. INCREASE FREQUENCY OF TRANSACTIONS
Step #2: Create more transactions across the same
amount of time.
9. Step #3: Keep customers buying for a longer period.
INCREASE LONGEVITY OF
TRANSACTIONS
12. WHAT IT CAN DO FOR YOU
Prospects have already made the decision to buy,
tacking on a little more is much easier than initial sale.
Giving all up-sells a significantly higher margin.
Yielding an exponential growth of your bottom line.
15. WHAT IS AN UP-SELL?
Sell the customer something of higher value than the
original thing they decided to buy.
16. IT’S ALL UP-SELL
Let’s keep our terminology simple and more accurate.
There are many different terms talking about the
same thing.
● Bundle
● Cross-sell
17. BUNDLES
Bundles are just pre-determined up-sell packages.
So we’ll call them “Pre-Packaged Up-Sells.”
19. Before we start, let’s gather some
data. So we aren’t shooting in the
dark.
“Data is the fuel that powers your
marketing engine.”
And we want a powerful engine!
21. WE’RE GOING TO CALCULATE
● Average transaction size
● Average frequency of purchase
● Average life of a customer
● Average first-purchase revenue
● Lifetime customer revenue
● Cost of customer acquisition
● R.O.I. on cost of customer acquisition
22. DO THE MATH
The more you have a handle on these metrics, the more
power you’ll have in your marketing.
And the better you understand what they indicate, the more
you will be able to accelerate the growth of your business.
● Use separate groups for different product categories
● Rule of thumb: Choose 50-100 customers randomly and do
the calculations for most recent year’s worth of
transactions.
23. AVERAGE TRANSACTION SIZE
A.T.S. = Total revenue / Number of transactions
● Expressed in dollar amount
● Can also be calculated using “profit”
● Recommend calculating by product category, etc.
● Also called:
○ Average Sale Size
○ Average Ticket
○ Ticket Size
24. AVERAGE LIFE OF A CUSTOMER
How long your average customer does business with
you.
A.L.C. = Date of first purchase - Date of most recent
purchase
● Expressed in months
● Also called:
○ Customer Lifetime
25. AVERAGE FREQUENCY OF
PURCHASE
How often they buy.
A.F.P. = (2 steps)
1. Total number of customer’s transactions / Average Life of a
Customer
2. Add up all customers rates / Total number of customers
● Expressed in monthly rate
● Remove customers who only buy once
26. AVERAGE FIRST-PURCHASE
REVENUE
The average size of first purchase.
A.F.P.R. = (2 steps)
1. Total revenue from customer’s first-purchase / Total number of
customers
2. Add up all customers amounts / Total number of customers
● Expressed in dollar amount
● Can also be calculated using “profit”
● Useful for determining customer acquisition spend
27. LIFETIME CUSTOMER REVENUE
The average revenue generated from each customer.
L.C.R. = (2 steps)
1. Total revenue from customer’s transactions (3 years) / 36
2. (Amount from above) * Average Customer Life (in months)
● Expressed in dollar amount
● Can also be calculated using “profit”
One of the most important things you can know about a
customer for making marketing decisions.
28. COST OF CUSTOMER ACQUISITION
How much does it cost to acquire a new customer?
C.C.A. = All marketing expenses for 1 year / Total
customers acquire for respective year
● Expressed in dollar amount
● Recommend segmenting by product type or
customer type
29. R.O.I. ON COST OF CUSTOMER
ACQUISITION
R.O.I.C.A. = (2 steps)
1. Total revenue / Number of customers
2. (Amount from above) / Cost of Customer
Acquisition
● Expressed in dollar amount
● Recommend segmenting by product type or
customer type
Boiling it all down. This is huge!
32. IT’S ALL ABOUT THE UP-SELL
● Upgrade Up-Sells
● Complementary Up-Sells
● Pre-Packaged Up-Sells
● Internal Up-Sells
● External Up-Sells
● At-Purchase Up-Sells
● Post-Purchase Up-Sells
Can be combined.
e.g. “Internal Upgrade Up-Sell”
33. THE PURPOSE OF AN UP-SELL
Up-sells should enhance the result your customer is trying
to get by buying your product.
Think:
● Extend,
● Enlarge, and
● Enrich
Done right, they lead to greater customer satisfaction and
lifetime value.
34. THE TRUST BUBBLEPeople buy from you because they trust you are going
to provide them with the result they want.
But if try to sell them something outside the scope of
that result, concerns are raised. (stretching the
bubble)
For example: if a customer comes in for printing
paper...
● Good: You try to up-sell with a new printer
cartridge
37. INTERNAL UP-SELLS
Up-selling with a product produced and
delivered by you.
For example:
● A customer buys a new printer, you up-sell them
with a year’s worth of printing paper from your
store.
38. EXTERNAL UP-SELLS
Up-selling with a product produced and delivered
through a Joint Venture.
For example:
● A customer buys a new printer, you up-sell them
with an extended warranty provided by a 3rd-party.
46. AT-PURCHASE UP-SELLS
Offered at the time of purchase, They can be:
● Immediately before payment, or
● Immediately after payment
For example:
● “Order bump”, or
● “One-click up-sell”
Order bump
One-click up-sell
47. POST-PURCHASE UP-SELLS
A slightly delayed up-sell
related to the original
purchase.
Post-Purchase Up-Sell sent
in order confirmation email
49. INCREASE FREQUENCY OF TRANSACTIONS
Let’s create more transactions across the
same amount of time.
50. FINANCIAL INCENTIVES
In my opinion, this is the only place financial incentives
make sense. Because…
● All your selling was done upfront, so acquisition costs
are fully accounted for in the first transaction
● So all following sales have dramatically higher margin
● Why not use some of that higher margin to increase
the number of transactions?
52. CUSTOMER SUPPORT
An (often missed) opportunity to reactivate customers.
Remember, everything is marketing.
53. CONTINUITY
When appropriate and if possible, structure your
product(s) in a subscription or membership format.
Charging them every month.
( More to come in “Product Mastery.” )
55. Let’s keep customers buying for a longer time.
INCREASE LONGEVITY OF
TRANSACTIONS
56. IT’S ALL ABOUT COMMUNICATION
● Stay in contact
● How can you be helpful to your audience?
● Send them helpful tips now and then to keep the
dialogue going (obviously, don’t be annoying)
It’s like they say: “Out of sight, out of mind.”
57. THINK OF IT LIKE FARMING
● Sow the seeds of goodwill (be helpful)
● Tend the crops (stay in touch)
● Reap the fruits of your labor (make an offer to sell
them something now and then)
59. CLOSING THOUGHTS
Master the art and science of the up-sell, and stay in touch.
Then get your customers to…
● Spend more per checkout,
● Buy more often, and
● Buy for a longer time
Yielding an exponential growth of your bottom line.