Upselling and cross-selling increase your ROI of marketing campaigns Upselling is when you encourage a customer to buy a more expensive version of the product they were initially going to purchase. Cross-selling is when you encourage a customer to buy a related product. For example, let’s say someone is buying a gardening course. An upsell might be a more expensive course on gardening, while a cross-sell might be a book on gardening. Upselling and cross-selling can be effective because they’re based on the idea of customer lifecycle marketing. In other words, you’re not just selling a product; you’re selling a solution that meets your customer’s needs. Rise pricing using the price corridor of the mass In Blue Oceans Strategy.
Chan Kim and Renée Mauborgne introduce the E-Commerce Photo Editing concept of “the price corridor of the mass,” which defines the upper and lower limits of what people are willing to pay for a product. Rise pricing using the price corridor of the mass Image Source For example, let’s say you’re selling a pair of jeans. The lower limit might be $20, while the upper limit might be $100. If you’re currently selling your jeans for $50, you have some room to increase your prices. Of course, you don’t want to increase your prices too much, or you’ll risk losing customers. But if you can find the sweet spot within the price corridor of the mass, you can increase your.
AOV without sacrificing sales. Retargeting Although retargeting involves additional spending, it can be a highly effective way to increase AOV. “Retargeting” refers to showing ads to people who have already visited your website. These ads can be highly effective because they’re targeted at people who are already interested in your products or services. For example, let’s say someone visits your website but doesn’t buy anything. With retargeting, you can show those visitors ads for the products they were looking at, which might encourage them to return and make a purchase.