It’s easy for sales teams to fall into a routine of selling the product based on all its features and benefits, and not looking any further than that. But being stuck in the same old (and outdated) perspective is also blocking you off from the virtually limitless profit opportunities out there that you can use to leverage revenue generation to the fullest.
The good news is that you don’t need to change your product at all to take advantage of these ideas. All you have to do is step out of the perspective of just looking at the product based on its own merits and not the results it can bring to the customer.
Upsells and Downsells
Many businesses offer upsells to provide their customers with greater value at a higher price point. But few consider downsells. Rather than lose that customer entirely because the upsell (or the original product) is too costly or out of their reach, offer a more slimmed-down product (feature-wise) or a “lite” version that has a lower price point and is more affordable.
In doing so, you’re not cheapening your brand but rather making it more accessible to customers.
Likewise, upselling your products to a slightly more value-added version that may include accessories, additional features or other benefits for the customer (at checkout, rather than directly afterwards) can also help increase your average order value and be a key driver of revenue generation for your business.
Another option that you should consider is the bundle. Long-beloved by internet providers, mobile phone providers and cable TV providers, bundles have a way of adding greater value at a lower price point without affecting your bottom line.
Think of ways that you can bundle your product with other related items that help the user to get more out of it. It may be time for a strategic partnership with another brand that’s not a direct competitor!
Subscriptions are starting to catch on with more than just movie streaming services, beauty products and food deliveries. Are there certain things that your customers order from you regularly? Offer them as a subscription at a slightly lower price point and you could easily create a customer for months or even years!
All of these product ideas force you to look outside selling your product as a standalone item and more as a pivotal must-have, along with added extras, ongoing service or value-added items that bring more to your customers.
And if you need more help coming up with revenue generation strategies for your business, reach out to Workdom for a customized plan of action that can help you reach more customers without competing solely on price or being overshadowed by your bigger or more well-funded competitors. Contact us today to learn more!