In this week’s training video, we’ll show you how to close more sales by implementing a down sell strategy for your prospects who either can’t afford what you sell or who aren’t ready to fully engage with your business. We all have heard of upselling, but what exactly is down selling?
Down-selling is where you offer an alternative to the original purchase to decrease the overall transaction price. But why would you want to lower the selling price of your products? Down-selling provides a lucrative way to give prospects, who either can’t afford or chose not to commit to purchasing your service or product, what they want and instantly convert them into a profitable sale. This is when someone has declined your product or service, and then you provide them with an alternative product at a lower price.
The down-sell may be a smaller quantity package of your services, a lower quantity item, a stripped-down version of your current offering, a first-time buyer unique purchase opportunity. The goal is to make the prospects into a long-term client. The advantage of a down sell is even though they didn’t buy the ideal product that you wanted the candidate to by, they are at least buying something giving you a return on your sales efforts.
The key is knowing your limits; when going cheaper, you risk killing your profit margins and your brand. Experts say that smaller businesses are in a better position to experiment with new products and pricing. This strategy provides a way to give your clients what they want and convert them instantly into a profitable sale, boosting your overall revenue and add badly needed profit to your bottom line.
Check out this week’s training video to see the step by step strategy to properly execute down selling.
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