You’ve probably heard that before - the famous line that the Mcdonald’s worker asks you if you want any add ons to your order.
Even though you may not take any notice of it - it’s mind-blowing to think about how much revenue is recovered with this one short sentence.
And this is something Mcdonald’s are masters at - upselling and increasing the transaction size of each order.
Imagine for a second if Mcdonald’s didn’t put in place any of those upsells, how much money would they be leaving on the table?
A hell of a lot!
The reason I bring this up is that - increasing the transaction size of each order is an excellent way to increase revenue.
While not taking on or doing any extra work.
And it’s definitely something that you should be actively as a service-based business.
So what are some ways you can upsell and cross-sell existing customers?
Very simply, the customers who have bought, are the easiest to sell to again…
They want more
A few pointers that would help with this are:
👉 Adding Bonuses to your existing offer: Low cost but high-value bonuses are perfect.
An example would be charging a premium for servicing a customer at a quicker rate. AdZombies does this very well with with "rush" delivery options for a premium rate.
(This is something Alex Hormozi also talk’s about in his book $100M Offers - I’d highly recommend picking up a copy.)
👉 Increasing transaction sizes: simply by increasing your prices. Obviously, you have to have the skillset to command these higher prices.
This is the beauty of a service-based businesses.
With each new customer, you work with - you should be getting better at your craft and therefore be charging more.
Charging as much as you can for your services is the most ethical thing you can do. Especially if your productized service improves the quality of your customer’s or customer’s life.
👉 Congruent add-ons: Think of what your customer wants naturally "next"? A Coke & Fries are natural sides to a Big Mac. What are your coke & fries?
That’s it for today
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