Summary of Forget Prospecting! Use This Proven Product Upsell Framework Instead

Video Summary

In the video "Forget Prospecting! Use This Proven Product Upsell Framework Instead," presenter Will discusses a strategic approach to Upselling existing customers rather than focusing on Prospecting for new clients. He outlines the benefits of Upselling, including increased Revenue, Client Loyalty, and higher commissions.

Main Financial Strategies and Business Trends:

Upselling vs. Prospecting: Upselling existing customers is often easier and more profitable than acquiring new ones through cold outreach.
Statistics Supporting Upselling:
- There is a 5-20% chance of selling to a new prospect, compared to a 70% chance with existing customers.
- Repeat customers spend 67% more than new customers.

Upselling Framework (Four Simple Steps):

Document Results: Share a quarterly report detailing the ROI your product has delivered to the client.
Review Changing Needs: Assess how the client's business needs have evolved and how your offerings can help them achieve future goals.
Share Risks of Inaction: Highlight the potential risks (physical, strategic, regulatory, operational, technological, financial) the client faces if they do not upgrade.
Offer an Instant Discount: Create urgency by providing a time-limited Discount to encourage immediate action.

By following these steps, sales professionals can effectively upsell to existing customers, making the process more efficient and profitable than traditional Prospecting methods.

Presenter

Will

Notable Quotes

— 03:06 — « You have just a five to twenty percent possibility of successfully selling to a new prospect in most industries; however, if you're selling to an existing customer, the probability jumps to 70. »

— 03:31 — « Repeat customers spend 67% more on purchases than new customers. »

— 03:54 — « Nobody likes change, and unless you can really sell an upgrade, you're likely to hear lots of 'that sounds cool but no thanks'. »

— 07:18 — « We need to discuss and shift the pain to what's going to happen if you don't do this. »

— 09:46 — « The instant discount should be the motivator that gets the client to sign on to this deal. »