Stop Losing Money: 3 Ways to Improve Your Sales Funnel

Stop Losing Money: 3 Ways to Improve Your Sales Funnel

Most businesses are losing money without even knowing it. They spend all their time trying to get new customers instead of making more money from each sale.

If you're not using these three techniques, you're basically throwing money away. Let's look at my favorite three ways to boost sales: Tripwires, downsells, and upsells.

Tripwires: Getting People to Buy Something Small First

Have you ever gone to a store "just to look around" but ended up buying something small, and then came back later to buy something bigger?

That's exactly what a tripwire does!

A tripwire is a cheap but valuable product (usually under $50) that turns browsers into buyers. It works because once someone buys something small from you, they're much more likely to buy something bigger later.

Example: A fitness coach sells a $9 meal plan that can lead customers to buy their $299 coaching program later. The customer gets to try something helpful without spending much money, which makes them more likely to buy the bigger program.

Don't confuse tripwires with cross-sells, which happen at checkout when you suggest something that goes well with what they're already buying.

Example of a cross-sell: When someone buys running shoes and the store offers them special running socks to go with them.

Downsells: Saving the Sale When Someone Says No

Not everyone will say yes to your main offer. But just because they don't want your first option doesn't mean they won't buy something else, especially if you present it as another chance.

A downsell is a cheaper option you offer after someone says no to your main product. It's the difference between making no money and making some money.

Example: Let's say you sell one-on-one coaching for $1,500, but someone thinks that's too expensive. Instead of letting them leave, you offer them a self-paced course with the same information for $497. Now, instead of making $0, you still make a sale and keep them as a customer for future offers.

Downsells aren't about lowering your prices – they're about giving options to people who aren't ready for your expensive products but still need help.

Upsells: "Since You're Already Buying..."

Have you ever ordered a burger and been asked, "Want to make that a meal?"

That's an upsell, and it works because once people are already buying something, spending a little more doesn't seem like a big deal. An upsell offers a better version of what they're already buying.

Example: A beauty brand sells a $40 anti-aging serum. After checkout, they offer a complete skincare set for $120.

Upsells work because they improve the buying experience instead of interrupting it. Customers don't feel like they're being sold to—they feel like they're getting a better deal.

What We Learned

Most businesses waste time chasing new customers instead of making the most of the ones they already have. This is a mistake! Instead of constantly looking for new customers, businesses should focus on making their current customers happier.

By keeping customers coming back, offering upgrades, providing alternatives, and creating loyalty programs, businesses can make more money without spending extra on marketing. Plus, happy customers will tell their friends about you!

Remember:

• Downsells save sales that would otherwise be lost

• Upsells help increase how much each customer spends

• Tripwires make it easy for people to buy from you the first time

If you're not using these strategies, you're missing out on money you could be making.

Need help making this work for your business?

If your offers aren't selling well or you know you're losing money somewhere—let's fix it! 

....And start improving your sales funnel today!