Increase your revenue on your website is to Upselling & Cross Selling.
Upselling is increasing the order size of a placed order such as selling an extra large drink at the movies or offering a buy one get one half off the sales price.
Cross-selling is offering a similar product that they may be interested in because of their interest in the first product. The most famous example of that is Amazon’s feature of “people who bought that also bought this.”
These two methods could double or triple your revenue for the same new customer acquisition cost, increasing your return on investment tremendously. The line between expanding the size of an order and offering a similar product can sometimes blur.
Cross-Selling During the Sale.
An example of a company that cross-sells very heavily is Network Solutions. When you are buying a domain from them, and try to check out, they walk you through a wizard that offers you a multitude of products such as email, privacy, web hosting, and other domain names similar to yours.
Another way to increase revenue from the same customer acquisition cost is to send a discount code or coupon to a customer after a sale via email or snail mail, enticing them to come back to the site and even if they get a discount you have encouraged another purchase for the same customer acquisition costs. If you want to personalize it more, you can send them a thank you card with a discount code included.
To further increase your revenue, make a follow-up phone call after a sale and check on the customer’s satisfaction, and also offer them a discounted additional product.
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