MBA2703 How To Make More Money With Upsells & Downsells

Today, I wanna share with you one of the simplest ways to make more money in your business without finding new customers, without running more ads or trying to get more traffic, without changing your product. It's upsells and downsells. Upsells and downsells is a strategy we all experience as consumers but forget to apply in our own business. We see it every day. It's the same strategy McDonald's uses when they ask you, would you like fries with that or would you like to upsize your meal or go large as they say. Today, I wanna show you what upsells and downsells are, how they work, and how to apply them to your own digital business, your own online business without annoying your customers, without making them feel like you're being pushy. You're actually being helpful with this strategy. I'm gonna show you step by step. Let's get into it. Welcome back to the $100 MBA show. I'm your host, Omar Zdenholm, where I deliver practical business lessons three times a week, Monday, Wednesday, and Friday to help you start, grow, and scale your business. Real quick. If these episodes help you in any way, hit the follow button on this podcast app. It helps us to keep bringing you practical business insights three times a week for free. Thanks. Let's start with what they are and why you wanna use them. Let's start with upsells. Upsell is offering a higher priced or additional product after a customer commits the buy. So for example, you order a burger at a fast food restaurant and they ask you, would you like to make it a combo? Your intention was to buy a burger. Right? But then they offered you, hey, you can get fries and a drink for an additional $4. You can obviously refuse the upsell and say, hey, I just want a burger, or you could say, no. That's actually a pretty good deal. I'd love fries and drink with that for just $4. You're giving the customer optionality in this scenario. They don't have to buy, but by giving them the option, by presenting it, you're actually making yourself more valuable to them because now they know that, hey, I could have gotten that if I wanted to. I've made a decision not to or I've made a decision to go ahead and buy it because it's a good deal or it's exactly what I was looking for. A downsell. A downsell is offering a lower price alternative when a customer says no to your main offer. This is like Netflix offering you their basic plan, which is their cheaper plan that, you know, allows you to use, you know, a limited number of devices or maybe it's not full HD when you cancel maybe a premium plan. So, hey, maybe you don't like this premium plan, but maybe you wanna hold on to Netflix and pay a little bit less if you go with the basic …