Do you have profit maximizers in your sales funnel? If not, you’re leaving a lot of money on the table.
Fact: EVERY major corporation, online and offline, offer some kind of profit maximizer.
So what is a “profit maximizer?”
Most people in the IM niche refer them as upsells. But there are actually two types of profit maximizers: the upsell and the cross sell.
An upsell is a premium version of the same product. For example, you could sell someone an ebook and then offer a video version or a done-for-you service.
A car dealership advertises the basic model of a car at the lowest price to get people in the door. Then the salesperson offers a luxury model and upgrades like more horse power or an entertainment system.
A cross sell is a different product that enhances the original product. For example, you could sell a course on how to create a membership site and then cross sell membership management software.
A car dealership sells a car and then cross sells an extended warranty and a lifetime oil change. Different products that enhance the value of the car.
A 32GB iPhone is an upsell to the 8GB version. Same product – premium price.
A phone case is a cross sell to the iPhone. Different product – enhances the offer.
Supersizing your meal is an upsell.
Adding a cherry pie at a discount is a cross sell.
So now that you know what a profit maximizer is, let’s take a look at the different ways to create profit maximizes that you can add to your sales funnel and double your profits.
1. Drip Feed a Premium Version
If you’re selling an ebook, you can create a video version with audios, checklists, and handouts. But you don’t have to wait until it’s finished. Just make outline of the course, create the first module, give your customers one module per week.
2. Provide a Service
A super-fast and lucrative profit maximizer is providing a done-for-you service. For example, if you sell a course on list building, you could offer to speed up the process by setting up their squeeze page and autoresponder series. You could also offer coaching via email or Skype at a premium price
3. Find an Affiliate Product to Promote.
This is a good option if you want to test the offer before you go to all the trouble to create your own. If it converts, then you create your own similar product.
4. Purchase Private Label Rights (PLR)
If you go this route, I implore you not to buy cheap PLR. 99% of the products that are under $20 are low quality and not worth selling. A high quality PLR product will cost between $97 and $997 to license.
You can also acquire a license to sell a good product by simply asking. A lot of marketers sell PLR to their products, but they don’t advertise it. For example, I sell PLR to my software products, but I don’t advertise it anywhere.
And some may have never considered it. So if you approach the marketer and say, “Hey, you have a great product. Would you be interested in selling a license?”, you may be able to negotiate a deal.
5. Design and Outsource Software
Software that complements the initial offer makes a great cross sell because it adds value and enhances the offer. For example, I sell a course called Plugin Blueprint and I cross sell plugin licensing software.
The software isn’t essential. But it’s an optional “add on” if the customer wants to manage license keys to secure plugins.
Now that you’ve seen the quick and easy ways that you can add profit maximizers to your sales funnel, there’s really no reason not to.
Thinks about this…
If you sell a $10 ebook that converts at 10%, you’ll make $100 from every 100 visitors. If you add an upsell for $50 that converts at 20%, you’ll immediately double your profits.