In this sales funnel optimization guide, you’re going to learn about the three best types of upsell offers to make, to increase your average transaction value without a ton of extra work. Well, it is going to be a little extra work, just not a ton.
Now, as we dive into these three, it’s very important to remember that upsell offers are a bonus to increase your transaction values, to increase the amount of money you’re making when you’re selling your product or service through your funnel. It’s not something that’s required.
So never delay the launch of something, because you’re still working on an upsell offer.
Get the funnel going. You can always add the upsell offer later, and you can always give the upsell offer to people who’ve already purchased your product or service via email marketing. So just keep that in mind, this isn’t something that you have to get done before you launch.
Now, once you have launched, the very first type of upsell offer that you should consider is creating some sort of insider access.
And there are two different ways you can do this.
The first way is the easier way and the way I recommend if it works in your niche or your industry, and this is going to be a monthly newsletter.
This is going to be where you’re sharing your insights or updates on your niche or your industry, and your recommendations on how to change things based upon what’s actually happening in the world around us.
So, a perfect example of this is in the stock market niche, right?
If someone’s selling a, how to invest in stocks, of course, it makes sense to also offer some sort of newsletter that gives customers up to date information on the latest stocks to buy, and maybe more importantly, the latest stocks not to buy or to sell immediately, right? So this might not necessarily work in your niche or your industry, because things don’t change that fast.
But even if you’re making some sort of newsletter offer where you’re doing reports or analysis of things that can be incredibly valuable and helpful to people who just purchased your course.
Now, the other thing that you want to consider doing here is making the price point $97 a year or less, according to Gore financial, they do over half a billion dollars in sales, selling digital products and newsletters. Upsell offers
They found that $97 is, was their optimal selling point. And they are really good at sales. So I’d actually recommend trying $47 a year for whatever type of email offer you make.
Now, if that doesn’t make sense, or you want to try and get some more money upfront, then you can go the second that route and offer some sort of monthly mastermind or Q and A. Now don’t worry.
You don’t have to jump on a webinar every other day or even do this life. That’s not what I’m saying. All you need to do with this is give your new course members the opportunity to ask you questions directly or get their work reviewed.
And so the simplest way to do this from a practical standpoint, I’m going to go through this real quick, just so you don’t get overwhelmed you just simply make a Google form and they can fill it out with their questions.
You can even upload files to Google forms now, and then you can record every week or every other week.
You can go through all those questions and do a prerecorded video. If you want to hop on a live call or live…not live call, live webinar and do that as well. You can use webinars solutions like get response or webinar Ninja.
And if you really on a tight budget, then you can always just use the free version of Google Hangouts and privately share that link with people.
So that does it for those two types. And let’s go ahead and go through some funnel math before we go through the next two, because why on earth would you go through all this work in the first place, right? Well, let’s say you’re selling your course for $97.
Well, someone purchases it and then they get access to it. Your average transaction value 97 bucks, right? So what if we took those two offers we just talked about and put them as upsells? Well, let’s say our email, the newsletter is going to be $47 a year, and then our monthly membership to get questions answered is going to be $37a month.
Well, if one out of three people take you up on the first offer and only one out of 10 take you up on the second. All of a sudden your immediate average transaction value went from 97 all the way up to 115. Now, this might not seem astronomical, but just keep in mind with your advertising.
All of a sudden you can spend or on ads you’re making just that little extra and you’re starting to get people on a monthly recurring membership, which means you have something to potentially sell to people who didn’t take you up on that offer in the future.
And you have some sort of monthly reoccurring revenue. And I do want to add an asterisk. It doesn’t always work out this way, right? I’ve had the embarrassing experience of having that particular type of upsell offer.
And only two people took us upon it. Literally, two people decided that they wanted direct access to us to ask questions and it was super awkward. And we wound up having to give those people a refund because there just weren’t enough people in the program to support it. So that is totally something that can happen, but better that happened than you do not try at all.
Content Medium Upgrade
Now, the second type of upselling is going to be a little more limited.
And this is if you’re doing a tech space course or an eBook, and this is simply where you offer a content medium upgrade. So this is something I did as a financial advisor. I wrote two books, they sold horribly. But as upsells, what we did is we offered an audio version of the book.
And then we went ahead and also offered a video course version of the book. Now, the advantage of doing it this way is writing an eBook or putting together a text-based course is a lot faster to do than the other two mediums.
And so what you can do is you can launch with just a plain E, plain… well, hopefully not a plain book, right? You have some pictures in there, right? But a basic easier to put together eBook or text-based course, which you can do. I purchase a lot of text-based courses in the past and they’ve been great.
So that is something you can do. It doesn’t have to be video. I’m rambling a little bit here.
So text-based, and then as an upsell, you say, Hey, you have this text version. If you want the audio version, you can buy that. And then if you want the full-blown course, you can buy that.
And of course, the big advantage for you as a creator is you can create those while you’re already selling the eBook version. Now, number three is going to be arguably the hardest one to do, because if you don’t already have another course or another product or service, then this is going to be a lot of work, which is why it’s number three, is the last one you should consider.
Big Course Discount
So if you already have another course product or service that you’re selling, take it and just throw it in as an upsell right now, it doesn’t matter if it seems completely unrelated, as long as it’s the same niche or industry, you’re good to go.
And if you don’t already have a product or service, then what you’d want to do here is actually take baby steps. So if you’re selling a $97 course upfront, or two $97 courses upfront, consider what someone would need to achieve next. So you’ve already solved a bunch of problems for them. They’re going to achieve these results.
Well, what’s another problem that you could help them with, or what’s going to be the next step in their processor evolution in whatever they’re trying to achieve them being your ideal customer, right? And you want to create a small core, and you’ll create a small course as an upsell. Don’t go for like a thousand-dollar course, right out of the gate. That’s a ton of work to do before, you know, whether or not people actually want that information.
And a quick little hack, if creating another course sounds like too much work. Then you can actually just have an eBook as an upsell. Now it’s probably only going to be anywhere from 4 or 5 all the way up to $20 max, depending upon your niche or your industry, probably around $10 for the eBook.
And while it’s not going to give you mountains of cash, right? Right out of the gate, it is going to tell you whether or not that particular subject that your eBook is about is valuable to the people already purchasing your product or service. And if it is, then you can go ahead and take a course, or you can make some sort of implementation program and then actually start charging more for it. And of course, if the book doesn’t do well, well then guess what? You’re really happy that you didn’t spend all that time creating another course or implementation program.
- So you actually get people hitting that, add to cart button and have the opportunity to use these upsells.