Jay Abraham has a formula that sums up scaling a business brilliantly.
In essence, all you have to do is:
- Get more clients
- Increase the average order value
- Get them to buy more frequently
Now, today, I’ll share with you one of the biggest drivers for increasing AOV (step #2) that I discovered over the past year.
When most entrepreneurs try to increase their AOV, they try to create these looong upsell pages that take a long time to write…
And while that’s a perfectly solid way to increase your AOV, I’ve found that there’s a much quicker and easier way to do it.
So if I were to increase the AOV of an offer that I’m bringing to market, what I’m about to share with you is the FIRST thing I would do.
This strategy consistently increases AOV by up to 50% (depending on the price of the original product), and I’ve tested it both myself and with my clients, across many different industries.
I call this strategy product extensions.
Now, to be frank, this strategy isn’t new, and you’ve likely seen it in action before…
BUT I put a different spin on it that makes it work extremely reliably…
AND I’m shocked by how many entrepreneurs don’t use it yet – which is why I’m sharing it with you today.
The technology you’ll use to sell your product extensions is called bump orders, and it looks something like this:
You simply add a bump order (or, if your technology permits, two bump orders) to your checkout page (you can usually use a plugin or an existing feature within your billing software to do it)…
But as you do that, here’s “the trick”.
Your bump orders should be extensions of your original product.
I’ve found that two types of product extensions outperform other options:
- More of the same: This is the simplest extension you can make, and the most obvious one – simply sell X additional workouts / copywriting tips / yoga videos / workout bands / guitar drills
- Done-for-you: A tangible offer like a checklist, template or a cheat sheet based on your original product, that’s easy and quick to use and helps your clients get faster results
The more closely your product extensions follow the value equation, the better.
So really, what you’re doing here is that you’re taking your original product…
And extending it with an additional offer that’s a no-brainer to add to your order that helps your clients get better / faster results.
Now, we’ve done a lot of testing with different copy and formatting for product extensions, and found that even majory copy differences don’t really make a big difference in conversion in this case…
Which makes sense, if you read my blog post about Growth Hierarchy.
What makes a much bigger difference is the actual offer you sell, so that’s what you should focus on.
As long as your copy clearly describes the product you’re selling…
As long as you connect it to a dream outcome that people want…
As long as you don’t try to be too smart or too fancy…
Your offer will work.
So don’t overthink this step.
If you aren’t using product extensions in your funnels yet, go ahead and create them for your next launch…
Get the necessary tech required to set them up…
And see for yourself the kind of impact they can have on your business.
You’ll be surprised to discover that these “quick and easy” upsells can actually perform better than long-winded upsells you might have tried in the past…
And open a brand new way to help you increase profits of your launches (or profitably scale up your offer to reach more customers).
Go ahead, give it a shot, and I’ll speak with you soon.