The Sales Tactic that added $35M in Sales | Ep 259

enDecember 15, 2020

The Game w/ Alex Hormozi

What inspired the speaker's business strategy?

How did supplement sales affect the gym's revenue?

What is the assumed close technique in sales?

Why is trust important in upselling customers?

What natural upsells can fitness businesses offer customers?

What inspired the speaker's business strategy?

How did supplement sales affect the gym's revenue?

What is the assumed close technique in sales?

Why is trust important in upselling customers?

What natural upsells can fitness businesses offer customers?

Learning from successful businesses: Identifying opportunities and being persistent in implementing new strategies can lead to significant business growth. Learn from others and be open to new ideas.
Observing successful businesses and learning from their strategies can lead to significant growth. The speaker shares a personal story of how he was inspired by a college friend's supplement store success and applied it to his own gym business, leading to over $35 million in sales. This experience taught him the importance of identifying opportunities and being persistent in implementing new strategies, even when faced with initial resistance. By expanding his offerings beyond just gym services to include supplement sales, the speaker was able to increase revenue significantly. This story highlights the value of learning from others and being open to new ideas in order to grow a business.
Personalizing sales approach for successful connection: Asking about customer preferences and using relatable language can lead to a successful sale by building a connection and making the customer feel valued
Adapting your sales approach to connect with the customer on a personal level can lead to a successful sale. The speaker shares an experience where, after numerous rejections, he managed to make his first supplement sale by using a more conversational and relatable approach. Instead of focusing on jargon and technical details, he asked the customer about her preferences and made the sale based on her choices. By doing so, he was able to build a connection and close the deal. This strategy can be effective in sales as it makes the customer feel valued and understood, increasing the likelihood of a sale.
Assuming the sale for upsells: Assuming the sale in upsell conversations can lead to closing 9 out of 10 or more customers, compared to a lower close rate in traditional sales processes.
Using an assumed close in sales conversations can significantly increase the number of customers you upsell to, and the size of the upsells. Instead of asking whether a customer wants to buy an additional product or service, ask which one they prefer. This approach assumes the sale and makes the upsell a choice between two options that the customer is already buying from you, rather than a separate decision. This can lead to closing 9 out of 10 or more customers, compared to a lower close rate in traditional sales processes. The assumed close works particularly well because the customer already knows and trusts you, making the upsell a seamless part of the sale. If you can construct your conversations effectively, the assumed close can be a powerful tool for increasing sales and revenue.
Identifying next natural purchase for customers: Offering upsells based on customers' next desired purchase can lead to significant profits, covering advertising spend and even surpassing service revenue.
Presenting customers with an "either or" option that includes buying after they have already shown trust and made a purchase can lead to significant profits. This was a game-changer for a business owner in the fitness industry who saw a large percentage of customers opting for the upsell, generating enough revenue to cover advertising spend and even surpassing service revenue. This experience taught him to identify the next natural thing customers would want or need on their journey and offer it as an upsell. It doesn't have to be a product; it could be a service or retail item. In the fitness industry, for example, customers may buy clothing, shoes, or at-home workout equipment in addition to services. By offering these upsells, businesses can increase profits and cover acquisition costs.
Exploring Upselling Opportunities: Upselling complementary products or services during sales process can increase revenue and positively impact bottom line.
Identifying and offering complementary products or services during the sales process, also known as upselling, can significantly increase revenue and even offset the cost of acquiring a new customer. By predicting what additional purchases a consumer is likely to make and presenting these as either-or options, businesses can increase the percentage of customers who accept these offers. Upselling can provide all profit for the business and have a major positive impact on the bottom line. This strategy was particularly impactful for the speaker in their personal experience, and they encourage others to explore it further. If you're interested in learning more, consider checking out the speaker's free trainings on the topic.

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