When I ask small business owners what they need most in their business, I get the same answers every time. More clients, more revenue and more profit!

Most business owners typically default to spending more money on marketing and ads to see more revenue and profit.

What if I showed you a quick way to find a minimum of $50,000 in business revenue without spending an extra cent on marketing or ads?

Let me show you how you can do this with down selling, upselling and cross-selling.

Down Selling

Down selling is offering a potential customer an alternative at a lower price when they decline your original offer. The goal of a down-sell is to turn the prospect into a client so that you not only realize some short-term financial benefit, but you gain the opportunity to do business with them again in the future.

For example, local health clubs always try to sell new members a full one-year membership. If that fails, they will try to down-sell them by offering a 90-day “health makeover” membership.

If that fails, they may go to a 30-day or possibly a one-week “trial” membership. They know if they can just get them to buy something, the odds of them staying with them long-term goes up exponentially.

Down Selling Opportunities For Your Business

What’s the current price point for what you currently sell? Do you think you could come up with an alternative for half that price? How many of those would you conservatively estimate you could sell each week? Now multiply your reduced price times your number of weekly sales…then multiply that number times 52 weeks to reveal your annual increase.

And that is just one down-sell! Imagine all of the additional down-sell opportunities you could easily develop in your business. Do you now realize how much money you are leaving on the table if you are not down-selling?

When I work with business owners to find down selling opportunities, I ask them the following questions:

1. Do you have down-sell strategies and procedures in place in your business?
2. What other products or services could you offer at a lower cost if the customer doesn’t buy your primary product or service? E.g. Smaller quantity/lower quality/stripped down version etc.
3. Is it possible to offer a payment plan? (E.g. Pay over 90 days or third-party financing, you get all the money upfront and they pay the lender over 1 to 3 years with interest).

Upselling & Cross-Selling

This involves offering the buying customer, at the point of purchase, something they need or want but did not think about purchasing at that time. This could be a higher quality or quantity of what they just purchased (up-sell) or an additional product or service that is related to what they just purchased (Cross-sell).

Once a customer has decided to purchase, they are predisposed to buy — they’re in a purchasing frame of mind and they will almost buy anything that is related to their primary purchase.

The fast-food industry has made billions of dollars using this every day. Do you think it is a coincidence that you get asked questions like “Would you like to supersize your order?”, “would you like fries with that?”.

A hair salon sells you shampoo and conditioner to take home, a car wash convinces you to take the wax and tire cleaner etc. these are all examples of upselling and cross-selling at work.

Questions to ask yourself to find upselling & cross-selling opportunities in your business:

1. Do you have up-sell or cross-sell strategies and procedures in place in your business?
2. What other products or services could you offer when a customer shows the intention to buy your primary product or service?
3. Do you currently package products or services (or options) that are complementary to each other as a way to increase your average purchase?

Do you see how any business can easily find an extra $50,000 or more in their business using these strategies without having to spend any extra money on marketing or ads?