While upselling itself has been around for a while, leveraging webinars to boost upselling is a relatively new concept that has proven quite effective in recent years. In this blog post, we will take you through all you need to know about how to use webinars to your advantage, when it comes to upselling. But before that, let’s take a quick look at some of the fundamentals.
What Exactly is Upselling?
Upselling can be defined as a sales strategy that nudges buyers to consider or invest in an upgraded version of the product or service that they originally intended to buy. While this isn’t a strategy that will work with every customer all the time, – It can prove to be extremely lucrative when sales teams get to understand the needs of the buyer well.
This involves understanding the customers’ needs, personalizing the upselling strategy to their context, and not being too pushy while at it. It involves a lot more than just recommending an upgraded version of your product or service to them.
Differences Between Upselling and Cross-Selling
Another term that is frequently used while discussing upselling is its counterpart – cross-selling.
Unlike upselling, where the intention is to offer an upgraded or advanced option to buyers, cross-selling involves encouraging buyers to consider investing in auxiliary or complementary products or services to the one that they intend to purchase.
Understanding the differences between upselling and cross-selling is crucial. Let’s see how these two differ.
Upselling | Cross-Selling |
Entails convincing the client to upgrade to a more expensive model of the product or service they are currently considering or buying. | Focuses on providing customers with related or complementary goods or services to the initial purchase. |
The main objective is to get the consumer to spend more money in order to maximize the value of their initial purchase. | Expanding the customer’s purchase horizons and introducing them to complementary offers are the main objectives. |
Upselling usually happens at the point of sale or through focused marketing initiatives during the sales process. | Cross-selling can happen at a number of touchpoints, including as product pages, checkout procedures, and correspondence sent after a purchase. |
A thorough grasp of the demands and preferences of the consumer is essential for effective upselling, as is the capacity to emphasize the upgraded option’s increased value. | Product expertise and the capacity to spot areas where new offers can improve customer happiness and meet needs are prerequisites for effective cross-selling. |
How To Upsell Effectively
Upselling happens more often than we realize it – ranging from everyday items to more niche products and services, from e-commerce to real estate. Leveraging the right strategy can make all the difference in your upselling strategy.
Here are a few for you to consider:
1. Choose the RIGHT Upsell
You can give a variety of upsell options when you look at eCommerce examples.
The Updated Version
You can request that customers receive an alternative version of a product you are selling, as we previously discussed – an alternate that is an upgraded version of the same product, with features that can add more value to them in the long-run. You get the idea. It can be better, quicker, stronger, or bigger.
Personalization
Are you familiar with the “customize your product” options seen on some websites? That’s actually a sequence of upsells because the cost goes higher with each customization you make.
Prolonged Service Duration
Occasionally, you can upsell by providing higher value for a longer contract rather than a tangible product. Additionally, you can provide better discounts for early renewals. SaaS products benefit greatly from this.
The Bundle
Because it involves both cross-selling and upselling, bundle bundling can be a little tricky. However, if you group relevant products together and demonstrate that they are a better value, you can boost sales of every item in the bundle.
2. Always Offer the Upsell
Customers have a greater opportunity to accept an upsell when you present them with multiple options that seem attractive, and also valuable. Therefore, wherever it makes sense, offer your upsell. Typical places for upsells are as follows:
3. But Don’t Be Pushy
You don’t want to irritate customers, even if you want them to see your upsells. If you display your upsell popup at the incorrect moment, customers cannot purchase at all. If you present it at the appropriate moment, your chances of closing a deal are significantly increased.
Presenting your upsell option to customers after they have decided to buy is an additional choice.
When someone has just arrived on your page, there’s no need to display your upsell because it isn’t intuitive and can irritate them to the point where they leave.
4. Make Your Upsell Relevant
When choosing your upsell, relevance is crucial. It makes no sense to suggest a book on child care to someone who is purchasing a marketing book (since cross-selling occurs in any case). Rather, you’ll suggest something else that’s associated with what they’re viewing, such as an audiobook or another book written by the same author.
5. Personalize Your Upsell Recommendations
Personal recommendations are more effective. According to this research from Accenture, 75% of buyers are more likely to make a purchase if the merchant either:
- understands their past purchases
- suggests purchases in light of that past
- uses their name to address them
6. Get the Language Right
Language plays a crucial role in all effective marketing campaigns. Persuading customers becomes much more crucial when trying to upsell them. Depending on your target audience, your product or service and the industry you belong to, your messaging will change and this can play a huge role in effectively convincing the customer to take up the upsell option.
Imagining how they could utilize the upgrade or inducing a sense of FOMO are two effective strategies used in some of the best upselling examples.
Webinar Upselling: Real-life Examples
Webinars have developed into an effective tool that helps companies interact with their audience, offer insightful information, and eventually increase sales. In addition to providing value and education, webinars have also proven to be hugely impactful in upselling or cross-selling to prospects.
Here are some business examples of how these companies have leveraged webinars effectively over the years to upsell.
HubSpot Software:
HubSpot frequently holds webinars to highlight the features of their platform. Attendees are offered upsell opportunities to subscribe to higher-tier plans, which offer more advanced functions and extensive support, as they become aware of the features and benefits.
Online Course Bundles:
Webinars are used by online education platforms such as Coursera and Udemy to introduce users to their courses. Attendees are encouraged to purchase bundled packages, which provide access to several courses at a discounted rate, after learning more about the course content and teaching style.
Software Add-Ons:
Organizations such as Microsoft and Adobe frequently host webinars to highlight their software offerings. Attendees are given the option to purchase premium plugins or add-on features that improve the capability of the base software after the demonstration, adding ease and value.
These examples show how successful webinar upselling techniques can take advantage of audience interest and involvement to increase sales and satisfy customers.
Can Webinars Actually Help with Upselling?
Absolutely!
And before you get there, no, you don’t need to be an industry giant to leverage webinars in your upselling strategy. It works just as effectively for any business when done right.
Hosting webinars as a brand is a great way to build brand awareness, establish credibility and trust and boost revenue. By including upselling webinars in your marketing strategy, you get to connect with your prospects and provide them with options they may not even know they need.
Webinars allow you the luxury of showcasing your product’s functionalities and capabilities to prospects, without the burden of pushing them too much. Since the format of a webinar calls for their participation, it makes for a wonderful way to include their unique challenges as part of your webinar demonstration and show them how your product, or an upgraded version of it, can be the solution.
You may maximize revenue and enhance upsell conversions in your own webinar by incorporating proven methods that you’ve seen in successful upselling webinars.
In conclusion, there isn’t a one-size-fits-all strategy for perfecting the art of upselling during your webinar. However, you may increase customer value and open up new revenue streams by understanding the fundamentals, creating a strategic approach to upselling on your webinar channels, and using the appropriate techniques.
Establishing a streamlined and captivating online atmosphere is crucial for a flawless upselling encounter.
Airmeet has powered the webinars of some of the world’s largest brands, and continues to add more value. Our intuitive webinar platform comes loaded with all the features you need to host successful upselling webinars. Here’s a quick glimpse into what you can achieve with Airmeet’s robust platform.
With Airmeet, you can:
- To keep your audience interested, use interactive tools like surveys, Q&A sessions, and breakout rooms.
- Use teasers for exclusive content and product demos to highlight your premium products.
- For an easy upselling experience, streamline the purchasing process with integrated payment channels.
- Acquire insightful data that will help you monitor conversions and continuously improve your upselling tactics.
Are you prepared to improve your webinars and realize their full upselling potential? Take advantage of Airmeet’s free trial now to see the difference!
