McDonald’s learned quickly the positive impact and effectiveness of asking simple questions upon checkout. Questions that boost average ticket size and sell more food. Let’s discuss two tools that are easy to implement and can dramatically impact your bottom line.
Upselling: The up-sell is used to sell a higher and more expensive version of a product that the customer already has or is about to buy. One of the best examples of upselling is something we have probably all experienced: “Would you like to Supersize that?” This is probably the simplest and most well-known example of up-selling, and it works.
Cross-selling: cross-selling techniques are aimed at selling products related to those that the customer already owns, or is about to buy. McDonald’s simplified version: “do you want fries with that?” A more complex example is when shopping with Amazon, you will see cross-selling all around you. Every time you log in to your Amazon account, its algorithms suggest products that you might want to buy based on your customer profile and on products you viewed in the past. If you are buying a single item, it will suggest a bundle of related items that are “frequently bought together.” What is most important to note is that Amazon attributes 35% of its revenues to its cross-selling strategies.
It’s important to have access and freedom to add/delete/change your cross-selling and upselling items. It’s a great way to promote a new item or generate awareness of a seasonal treat. Utilize these tools and watch your bottom line grow!