The sixth step in the Lifecycle Marketing process is to Upsell your Customers. This is the practice of selling additional products and services to customers who have purchased from you.
You might be thinking that ‘upselling’ means to squeeze every last cent of revenue from a customer.
It doesn’t.
In fact, it’s all about integrity and providing your customers the right value at the right time and is a valuable aspect of lifecycle marketing.
The Upsell Customers stage of Lifecycle Marketing means to build out a follow-up strategy to encourage repeat customers that greatly emphasises the need to have the right product (or service) available at the right time for the right customers.
But that can only happen when you educate your customers on the benefits and gently guide them into purchasing additional products and services.
The intent of upselling customers is to allow you to better serve them. Think about how you might want your customers to ascend throughout your business. Whether that means someone can graduate from an online product to a physical product, or a DVD to a coaching program, or a consultation to a contracted retainer … you get the idea.
Do you know which company is the world’s greatest at upselling?
If you answered “McDonald’s”, you’d be absolutely right.
Every time you buy something from them, they will typically ask, “Would you like fries with that?”
Have a guess how many fries, soft drinks and apple pies McDonald’s sells just because they ask you?
The technical answer is “a bucket load”!
They do this because upsell strategies work and they work well.
The last stage of Lifecycle Marketing (“Get Referrals“) involves growing a delighted and passionate customer base through partner relationships.