When you’re selling products, it does not matter what; shoes, petrol, bread or junk food there is always a possibility to optimise your sales process. For example: if you’re going to buy a bagel then in most cases you’re not asked if your want something to drink with it. This is a missed opportunity from the salesperson to make some fast extra cash.
The profit margin on a sandwich or bagel is relatively small compared to gigantic margins you can have on beverages. Add to this that most people who will buy a bagel would also buy something to drink with so it’s basically money on the street. An example of a company that has a well optimised sales process is the food chain McDonalds. If you buy only a hamburger they ask you if you want to have fries with it. If you order a menu you’re being presented with the super sized menu. The price difference between the standard menu and the super sized menu is relatively small so most people will confirm to the supersize offer.
Conversion
It might be that in your business or with the products you sell not everybody will reply positive but there are always a percentage that does. See this as a bonus. To get a customer to buy your product you need to invest into marketing and support. Once your customer decides to purchase your product it takes almost no effort to ask this customer if they want to buy another product or have some extra premium service. Selling an additional product during the purchase of the first product will gives you the most profit since you don’t need to invest into marketing and advertisement for the second product.
Processes
Take a step aside and look where you can optimise your sales process (and if you have time, visit a McDonalds and only order a hamburger) then you’ll see how important it is to have a well optimised sales process. Gas stations are improving their sales process also. In some gas stations after filling your fuel tank you’re asked if you want to have some chewing gum or a chocolate bar. It might be that you find this annoying as a customer but the chance is quite small that you will avoid the gas station in the future because of this. Remember customers will get an empty fuel tank once and you’re the one that can fill it up, so they won’t stay away.
Your business
Let’s take a quick look where you could apply this in your business. Let’s assume you sell electronic information products, e.g. e-books about how to make your parrot talk for $17. Once the person is put into the sales funnel you could present him another e-book e.g. how to make your own parrot food and sell this to him for $10. Most likely the person who is buying will also add this e-book to his/her cart, especially when you have it presented as a limited offer. As you see up sell, cross-sell and down-sell if very important in the improvement of your business sales process.