The Cash Flow Blog

It amazes me I don’t receive more coupons or gift certificates when receiving goods and services I’ve purchased. It’s the perfect time to offer an add-on, upgrade, or cross-sell to a new product. Stuffing a few offers in the envelope alongside your invoice can result in considerable money to your business. And your cost of sale is effectively nothing; you already absorbed the cost of getting the new customer.

And don’t think for a second offers like this don’t work in B2B markets.  B2B sales is wonderful place to creatively offer customers the opportunity to up and cross purchase additional products and services you offer.

Here’s how it works:

Someone just purchased from you, they’ve made a decision to be a customer. They made a purchase and are waiting for its delivery. They’re in the euphoria of the purchase. What better time to make an offer?

Will every customer take you up on the additional offer? Of course not. But looking at the cost to make the offer, not many have to to make it a highly profitable addition to your business.

Maybe one exists, but I can’t think of a business where this tactic doesn’t work.

Here are some ideas:

• Position the offer as a one time deal. Make the offer a celebration of them becoming a new customer. Remember, if you consistently give something away, it’s not special, it’s now part of your offering.
• Make it a time limited offer. Create a little urgency to make a purchase decision. Don’t make the offer open ended, give a cut off date of 2-4 weeks.
• Offer an even greater bonus if they act quickly. If someone acts within a set number of days, offer a bonus – an extra something to further entice and reward your customer’s action.
• Whenever you can, make three offers. Offer an upgrade, add-on, and cross-sell. Give the customer the ability to purchase one or all three.
• Partner. This is a great time to try joint ventures on a product that compliments your core offering. Get creative. Whether you make it or not, what goes great with what you just sold? Find someone who provides that perfect whatever and offer it. Be careful to maintain control over the customer relationship.
• Be creative. You don’t have to give the farm away or offer huge discounts. In many cases, you don’t have to offer a discount at all. The point is to put an offer in front of your new customer that compliments and somehow rewards them for joining your team. I really like the idea of offering something that’s not on the price list, something only offered new customers.
• Partner again. Something to consider is who offers a product or service you can compliment? Seek opportunities to include your offer alongside the other company’s invoice. As with all partnerships, only seek win-win-win opportunities – you , your partner, and customer.

Before you close the box or lick the envelope, don’t forget to add those offers!

What creative and enticing offers have you received to up-grade or add-on to a purchase you just made?  What offers would you have been interested in receiving?