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"I don't want to achieve immortality through my work. I want to achieve it through not dying." - Woody Allen
In Todays Newsletter:
Upselling: Want More Money…Start Upselling🤑
American Arbitrage: I Can’t Believe We Found These Valuable Vintage Toys at a Yard Sale!🤯
On the Interwebs: Lego Army, Tesla Charging Partnership, Trump Charges😱
Want More Money…Start Upselling
Why you should be using upsells and how to make more money with them in your reselling business
“Would you like to upgrade your meal to a large one for only $1.25 more?” or “Would you like to upgrade your standard car wash to the deluxe was for only $3 more dollars?”
From waiters in restaurants, to cashiers at Kohls, we’ve all heard the famous phrase… “Would you like to upgrade to this… or sign up for that…”.
So, why are we always being asked these types of questions every time we buy something?
It’s simple.
Consumers will spend more money when they’re asked to. If a consumer feels like they’re getting great value by spending money, they will spend money.
It means a business can make more money with little to no additional costs, which means more profits.
This is called upselling, and it can be a game changer for a reselling business. Let me explain with a real life example:
One of my favorite things to resell are golf clubs. The margins are great and there is a strong market for used golf clubs.
Because there is such a strong market for used golf clubs, I assumed that there is probably a strong market for other golf related items as well… such as golf balls.
If a buyer is going to buy golf clubs, they will probably also need golf balls to go with it. These are companion items. It’s kind of hard to play golf without golf balls.
With this in mind, anytime I’m out sourcing items to resell, I look for brand name golf balls that I can buy for cheap.
Why?
Because anytime someone buys a golf club from me, I offer them a bag of golf balls for an additional $15-$20… and a lot of people take the offer.
This is an upsell.
I make more money selling golf clubs because I offer my customers golf balls to go with it.
By upselling, I get my customers to spend more money with me, which means I make more money.
So, how do you create your own upsells for your reselling business?
Upsells work great then the customers can clearly see the value being offered.
For me, I try to create that value by selling companion items.
Examples: golf balls with golf clubs, a baseball with a baseball bat, or tennis balls with a tennis racket. (If you couldn’t tell, I love selling sports equipment)
If the customer can easily associate the items I’m selling with each other, the more likely I can upsell them.
It would be really hard to sell someone a hammer and then try to upsell them on a CD player for example because there is no clear association between the items.
Another type of upsell could be additional services.
Examples: Expedited shipping or local drop off to the customer
Time is a valuable thing and customers are willing to pay for services that save them time.
What are you going to do now?
So, now that you’ve learned about upselling, what are you going to do with this knowledge? Hit reply to this email and let me know what upsell you can start using to grow your business.
Also, what other questions do you have about reselling? I’d love to write some articles to help answer your questions. Just hit reply and let me know.
American Arbitrage
On The InterWeb
Meme Corner
