As business owners, we sell our products and services but how we position them for sale is a whole other story. I’m talking about how to increase the average purchase price that your customer buys from you and I’m going to call it your shopping cart. This works for both service providers and product sellers.
So, you sell this thing here and you sell it for $100. What if you could sell it for more? What would you need to do to increase the price that you are selling your thing for? One of the most common strategies is to add another item that they would logically need to help solve their problem. For example, you sell a service and you add specific training to it. Or you sell a product and add a 2nd of the same product, another product, or a service that makes the product easier to use. See where I am going here?
You’ve got to be familiar to fast food packaged offers, right? Do you want fries with that? Do you want to make it a meal with a drink and chips? This is such common practice in many industries but often not used in others. It’s only because you didn’t think about it before. Now that you see it, I’m sure you are going to start to see it everywhere.
Here are some of the ways you can increase your average cart value by adding additional products or services (or both) to your current offer. Don’t be afraid to add a product to a service and vice versa. It can make a great combo that is easy to execute quickly.
Product providers: The most common use to increase cart value is to sell multiples of the same item especially if it is consumed. 1 for X, 3 for Y, or 6 for Z, and the price per item gets better with the more they buy. You can still keep your profit margin high because you are able to maximize your cost of acquiring the customer low and shipping costs low.
Another more favorable way is to match a service or a different product that makes the original purchase even better. For example, you sell clothing, and you offer a designed outfit with accessories or you offer the versatility of the outfit by adding 2 more pieces making it an outfit that can be worn in 5 different ways that expand their wardrobe and enlightens their creativity. You can also provide video training that shows them how to mix and match with additional purchase options to expand the outfit to business, casual, or evening.
Service providers: If your service is consumable or repeatable such as a chiropractor, you can sell repeat visits in a slightly discounted manner. This is not only great in a prepaid package but works best when it is priced as a membership. The membership method has proven to also increase the frequency of visits by as much as 20%. They avoid putting the visit off since it is already paid for. Normally, they come in every 6 weeks, and now with the membership they come in every month.
Don’t be afraid to mix a product in with your service. Such as a DIY workbook, recipes, exercises, or even templates. Anything that can support the original offer and increase the value of the purchase. Physical add-ons such as promotional products can improve loyalty too. Something helpful, quality, and nice-looking can go a long way.
33% of buyers will buy more if just asked. So, ask! Think about what you can add to your original offer to boost the average cart value. You’ll see a boost in your revenue without doing additional work. Sell more of your regular offer and increase the value provided for a double win to your revenue.
Marcia Riner is a business growth strategist. Small Business Owners come to Marcia looking to 2X - 3X their revenue and profitability without spending an additional dollar on marketing or advertising. In fact, she is able to show prospective clients a clear ROI to working with her before they decide to hire her. Don't believe it? Let her prove it to you in just a few minutes.
Marcia hosts a weekly podcast with videos on YouTube @ www.Youtube.com/profitwithaplan and audio @ www.profitwithaplan.com. She is constantly sharing business growth tips on all of her social channels @marciariner
Marcia has created an incredible FREE webinar that will show you how you can boost your net profit by 45% in just 30 days. Go check it out while you can @ www.30dayProfitBooster.com