McDonald’s spends $1.91 in ads to convince you to buy a burger from them.
When they sell that burger, they only make $0.18.
But, if you add fries and coke for $1.77 - they keep $1.32 in profit.
Yep, they make 8X the profit when you add these to your order!
That's the beauty of sales funnels - they’re where the magic really happens.
Sales funnels are made from upsells, cross-sell and downsells. Determined to make the most of these sales strategies, just like McDonald’s?
Learn how to sell more - even when a customer declines your first offer.
Let's start with some basics.
Inviting a customer to purchase a higher quality and more expensive product instead of the one in their cart.
Upselling sounds like:
"Would you like to supersize your order?"
Inviting a customer to purchase a product that is complementary to the one in their cart.
Cross-selling sounds like:
"Would you like fries with that?"
Inviting a customer who has declined a previous offer to purchase a cheaper product instead.
This way, at least the customer is more likely to buy something.
Downselling sounds like:
“Would you like to make that a meal?”
"No, thank you."
"Okay. How about just an extra hamburger on the side?"
How to make Downsells work
A boy scout knocks at your door.
“Would you like to make a $100 donation to the scouts?”
You wouldn’t, because $100 is a big ask.
When you decline, the scout replies:
“Okay. Would you be interested to buy $1 chocolate chip cookies instead?”
Believe it or not, you’re likely to say yes regardless of how you feel about chocolate chip cookies.
Because the scout’s first offer was more expensive and less reasonable, so you feel obligated to accept his second, much smaller request.
This is a marketing technique called the rejection then retreat strategy.
And it works.
Employ this strategy yourself by setting affordable downsell offers in case customers reject your more expensive ones.
Something is always better than nothing.
An extra $1 per order could be a game changer.
Let's get down to it.
Open your Honeycomb Upsell Funnels app, and start mastering your sales funnels.
Co-Founder @ Conversion Bear