The Easiest Way to Significantly Increase Your Conversions
People tend to be aware of the word, and what it means, and how it applies to their campaigns. However, I’m going to take a position on it, or a stance, of the definition of the word, in its most general sense which you probably… It’s likely that you never thought of it in these terms. So in the end, what matters, or the conversion metric that actually matters in the biggest context, there’s only one, and it’s the amount of money that you keep from any campaign, taking into account refunds or payment plans where people make installments, or sometimes they don’t, or they cancel, or whatever, or stop.
With regards to any campaign that you do, it’s the money that you end up keeping on deposit, in your account, relative to the total exposure of your message. That’s the ratio that determines your conversion, the amount of money you keep relative to the overall exposure. I’ll give you an example, let’s say that you were going to run a simple campaign where you were going to send some emails out, or send an email let’s just say, keep it really simple, you’re sending one email out to all your contacts and inviting them to get on a webinar with you.
So, they click on a link, they go to a webinar registration page, they sign up, they attend the webinar, you’re going to teach them something amazing, and at the end, you make an offer for some product or program that you sell, a pretty very straightforward, very common type of campaign.
In this case, there’s a lot of micro conversions along the way that you could measure, right? So you’re sending out an email to your entire list, well there’s the number of those people that actually open the email, that’s your first micro conversion, then of the people that open it, some of those people are going to click on the link, that’s your next one. Of the people that click on the link to go to your registration page, well some of those people are going to actually register for your webinar, that’s another micro conversion.
Some of the people that register will show up. Of the people that show up some of them will stick through to your offer, of those people some of them will buy your offer, and of the people that buy your offering, some of those people will actually pay for it, or give you the money, not cancel, or not ask for a refund, those types of things, your retention. Okay, so those are all micro conversions.
In that case the first thing I’ll say, now this is not my main point, I’m building to the big takeaway here, but the first thing that I’ll say though that’s really important in increasing your conversions, is to be aware of what the ratio is at each of those steps, each of those micro conversions.
Where is the weak link here?
Where is your opportunity for the least amount of effort to have the biggest impact overall? If you’re getting great open rates to your emails but the click-through rate is crazy low, well then quite likely the biggest opportunity for you within the campaign is to get better at the actual email copy, to get more people to click through. Or maybe lots of people are clicking through, but the registration page is converting really low, well then that’s going to be your biggest opportunity, etc, etc, down the line. And knowing that, if you can, let’s say, just for sake of argument, if you can double the conversion at any single one of those micro steps, micro conversions, then you double the result, assuming the other ratios hold true.
When it comes to conversion, and all your campaigns, I invite you to look at it that way and to make sure that you’re tracking all these things, or even better yet, someone else in your organization if that’s not your forte, tracking the numbers and all that.
Well by all means, have someone else do it.
It doesn’t have to be you, for sure. Again, that’s not my big takeaway here, but that is an important point for sure. Okay so, my big takeaway, all right. So remember that you are… This idea of the conversion, so most people would see it as, “Well, my conversion is whatever the total number of buyers is from the campaign.” Relative to some pool that they’re measuring. So some people would say, “The conversion is I had 100 people on the webinar and 10 people bought, so my conversion is 10%” And that’s what they’re measuring, or they might say, “But I had 10 people buy, out of 200 people that registered for the webinar, so I had a 5% conversion.”
So these are all very short sighted, it’s not taking, it’s not looking at the entire picture. As I mentioned before, when you’re looking at the bigger picture, the conversion is not the number of buyers, it’s the dollars in, relative to the total exposure. So, if you’re looking just for people that register for your webinars then that’s not the total exposure. In the example we gave, the total exposure would be the size of your email list. Because you sent an email out to that many people, there’s that much potential. And, the result isn’t limited to the number of buyers.
Like if you have 10 people buy something from you for $200, well that’s double the conversion of 10 people buying at $100, obviously. You’ve made twice as much money, therefore the overall conversion is double. Okay, so hopefully, that’s all making sense, building up to the big takeaway here.
Because what the learning is, is that your biggest opportunity…
Okay this is true for almost everyone in the transformation space, there’d be very few exceptions, okay there will be some exceptions but very few. So, it’s very, very likely that your biggest opportunity to significantly increase your conversions, now remember it’s the dollars on deposit relative to the exposure, that’s what I’m talking about here, the biggest opportunity that you have right now is to in every campaign that you do moving forward, every campaign, is to offer something else to the people that just bought from you.
The Money Is In The Upsell
You want to create an upsell, have an upsell in every single campaign. Now I just mentioned about tracking all of these micro steps, all of these micro-commitments, right, and finding the weakest one. Now, that’s important to do over time.
However, what I’m suggesting is, is that what will trump all of that in the short term, in other words, something that you can do with the least amount of effort that’s going to give you the biggest result right away, offer and upsell.
Impact On Revenue
Here’s a couple of things I would like to say about that. Well typically, if you do a really poor job of offering an upsell, it’s going to add 20% to your conversion, and we’ve had many campaigns where it adds 40% even 50%, meaning for the same campaign, we do the same set of steps, but just by offering an upsell, we’ll do 40% to 50% more in revenue.
So, we do a big launch and we do a million dollars worth of sales of whatever the core offer is, because we have an upsell in place, we’ll do an extra half-a-million dollars sometimes in sales. So the potential is huge. Okay so, how does it work? Well when offering upsells in your campaigns there’s two ways to do it. I’ve tested many different variations, and what I’ve found gets the best results is to use both, to do both in every campaign that we do, so that’s what we tend to do now.
How It Works
The first is what I refer to as an inline upsell, and that’s when you make an offer to someone immediately after purchase, they purchase something. Or you could even do it if it’s a live event, if you’re doing this offline you could do it at the point of purchase, they’re at the back table at your event, registering for something that you just offered for $2000, well the person at the table could let them know of an additional offer like for 10,000, or something, where they get some other amazing thing. That would be an example of an upsell, as well.
Let’s keep it to online for simplicity’s sake.
So they make a purchase and then there’s what’s called a one click or a one touch upsell, which most shopping carts now, pretty well all of them have this technology built in where they fill out all their details, they hit the button to buy whatever it is, but the credit card transaction is actually held open.
The literal transaction hasn’t taken place yet, the transaction is still open and they land on a page where you can have a video or text, we tend to do ours in video, where, let’s say it’s Callan, my business partner, most often our campaigns are with her. She will describe some other opportunity that they have, that they may want to take advantage of, let them know that the logistics, the benefits, and the tuition, whatever. And then just say, “Well hey, if you simply click that button below, and you’ll get that offer instead, If not that’s, by all means you can click on the other link and that’ll take it directly to the members’ area for what you just purchased.”
Adding A Webinar
So that in and of itself tends to add a good 10% to 15% to any campaign that we do. But then, where the big… Where the real magic is, what we do at the end of any campaign, we’ll wait a few days and then we always host a webinar. Typically we’ll do a series.
We’ll host a webinar where the function of the webinar is to make the upsell offer, because originally with the inline upsell process, only the people that went through your campaign and then bought actually see that offer. So then what we do is once the campaign’s over, we just expose that offer to the entire community. Like if it’s in a launch let’s say, we’ll expose that offer to the entire launch list, and that will add an extra 20%, 25%, 30% conversion, meaning dollars in per campaign.
Upsells Are Underutilized In Transformation Space
I find that in other communities this is kind of common knowledge I think, but for whatever reason in the transformation space, the idea of upsells, they’re underutilized, barely any one’s doing them and I think my take on it is, because it’s not like people have never been exposed to the idea before.
I suspect that it’s an inner game issue, that people have the opinion that if someone just bought something, their making them another offer is uninvited, or intrusive, or forceful, or sales-y, or manipulative, or any of these things. To whatever it is, that you’re utilizing in your core campaign and with your core offer, whatever tactics and ways of being that you’re using to really connect with people and make them an actual offer as opposed to a sales pitch, those same rules of communication apply in the upsell.
It really shouldn’t be any different, there shouldn’t be anything forceful about it. I think if you’ve ever seen Callan and I do it, you’ll notice that there’s nothing about the video that pressures people or has them think that they have to do it to be successful. It’s just another option, it’s just another thing that gives them some other benefit.
Question From Shelley
There’s a question that just came in from Shelley, “Question, is that upsell a higher price point than the original offer, especially with the non buyers?” Great question Shelley, I said that really quietly, so hopefully that came through the mic. So Shelley’s asking, is the upsell a higher price than the original offer?
Yes, I like to… What seems to be the sweet spot is if it’s about five times higher. So if we have a $2,000 core offer, the upsell will be in about the $10,000 range typically, and you can do the math for other price points. But yeah, and it’s always that same… When we make the offer to the non-buyers of the original campaign, it’s that same investment point but it includes the previous offer. So, let’s say we have a $2,000 offer and then a $10,000 upsell.
After The Campaign Is Over
After the campaign’s over we’ll do a webinar where we go direct to the $10,000 offer but it includes for free, the original $2,000 offer. So they’re getting the same overall deal that the upsell people got. If that wasn’t clear, when we do the inline upsell, the upsell is inclusive of the original offer. We tend to always do things that way because it makes…
The articulation of the offer becomes much more appealing, because they have a lot of value on what it is that they just purchased. It’s one thing to say, “Hey, you’re buying this thing.” And then say, “Oh, this is bonus. That’s worth $2,000.” Yeah, okay. But if they just filled out their payment details to buy something for $2,000, well it has exactly $2,000 worth of value for them, obviously, because they just agreed to that. So, when that now becomes a part of this bigger package, now they’re getting this $2,000 thing for free by investing in the $10,000 thing.
My Invitation To You
Take a look at the campaigns that you’re already doing, and just look to add an upsell in both, inline and post-campaign.
Making A Really Good Upsell
So, what is the most appealing thing that you can offer to someone based on what you know about them? You want it to be one of three things, so they just bought something to get a specific result. So the first thing that you can offer as an upsell is something that gives them more of that result. Now when I say more, sometimes people misinterpret that, and they add as the upsell more features to the original offer. So saying, “Hey, here’s your thing where you’re going to get these videos, and my group coaching, or whatever.” And then the upsell is, well instead of getting 6 of these calls, you are going to get 12 of them. Well, that’s not a great upsell, that’s more features.
Features Are Not Compelling
It has to be a promise that gives them more of the result. That’s a very important distinction. Another classic, a really great and compelling upsell is when you make an offer for whatever the result is, and then you give them an opportunity to get the result faster, sooner. Whatever their result is, how can they get it a lot quicker or more instantaneous would be ideal, like immediate? So, a done-for-you, as an example, would be compelling.
Key Upsell Components
You’re going to teach them to do something and then the upsell is, “Well hey, I’ll just do it for you and it’ll get done really quick.” That would be a really compelling upsell. So, what did I say? I said, more of the benefit, a faster result, and then lastly, would be an easier result. So how can they get that result that you’re promising, but with less effort?
So less of their own energy, less of their own time, whatever. That done-for-you would be an example of that as well. So yeah, that’s Lesson Number Nine. Thanks for watching, and if you’re not already a liker of my page, please go ahead and like it, the reason being, I’ve still got eight more of these to go over the next eight days. If you like my page then Facebook will notify you as soon as I go live with those.