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The question really comes down to the offer that you have right now, and that offer that you’re gonna be sending out to your audience in the future, most companies that we are working with right now have one primary offer, and don’t really have any way to go beyond that… And the reason I said that’s super important to get that offer lock down, because if you don’t know what your primary offers, there’s almost no chance you’re gonna have an upsell, a down-sell or a cross-sell offer.
And so you really have to hone in on what that primary offer is and what the value point is with that particular service or product, in our case, our primary standard offer is our LinkedIn, prospecting, an email sequence service, and so that service is kind of our standard running the mill, it’s a service that gets the best result, it’s not the most expensive service, and it’s not the cheap a service, but it’s our standard core offer that we have for our business, and the reason that we offer it that way is because it’s a good mix of price and value, so your primary offering, your business, if you have a service, should be that thing that’s in the mid-level, it should not be your best service that the most expensive, and it should not be your low-end corner cutting service that you have as another option, if you’re in the product space, this should be your staple highest of volume purchase product that’s out there, so whatever product sells the highest volume year after year or month after month, and maybe that would change over time, just like in the service space, but your primary offer should be that one that’s a high as volume, not necessarily the one that’s the most probe or the least profitable or the most expensive release expensive, but it should be the one that individuals look at and they say, Yeah, that’s really good value for a price, so let’s kinda take a little move over to price and value for a second year, because I think that’s an interesting concept that everybody says they understand, but at the end the day, you see it time and time again, when people sell something, there’s a big mismatch between the price and value.
So the price is really the dollar amount that something set out and the value is the perceived cost of what the item would be, so for example, the value of a car might be… It might be worth 25000, but the price of that car used might be 10000.Well, someone might look at that and say, Well, if I spend 10 000, I’m getting a 25-000 car. Now, that would be lower price than the value, that would be a good deal, and if you took that to the extreme, it’s even easier to understand, if you have a car that’s on me 25000 and you tell something that’s free, or it cost 1… There’s a very low price, a very high value, so they’re gonna do that deal every time, if you take that same 250 car and say It’s now 100000 price tag, the Price is extremely high at 100000 and the value of the cars only 25000, so you have to look at every product service and offering that you have in your business and decide what is the price and what is the value, if the price is currently higher than the value, you either need to do one of two things, the need to lower the price or need to add something to it, either the product or the service to create more value, typically speaking, it’s harder to add value in a product than it is a service, because in the service space, you can add on extra features, you can add on other elements in the product, space, you usually have to create another whole product, which is very expensive, so in the product space, if you have a price and value mismatched, you probably just need to change your price. That’s kind of the way it should go.
Now, if you look at services specifically, you gotta talk about, Is it a one-time service, it’s a one-time kinda hit or is it a recurring service where you’re supporting a business long-term in the case of software licensing or done for you service and say, What is that recurring revenue look like over time to make sure that everybody’s really happy and you’re really exchanging price, and I go to the market place and look at your competitors for a lot of the services that we offer, there’s really not anybody that’s directly correlated to services that were offered, but most people are charging 500 per sales rep or percept in the space that we’re in in terms of marketing, so if you have an executive that wants to do marketing for their business, it’s gonna cost 150… Our service starts at 499 proceed, so we’re definitely cheaper than that, but we have a more scaled model so that a whole sales team or a whole organization can get on board with us and be profitable, so that’s kind of our standard offer, then you can transition those three options, right? The upsell to downtown, the cross-sell, the upsell is typically something that’s a higher ticket item, so in the case of our business here with the business-to-business prospecting, the upsell that we have in a lot of cases, is a full consulting arrangement, which is a retained service, so that’s if you want strategy around how you’re doing sales, if you want more than just a business to-business service, then you can get that with our consulting agreement, now it’s not that there’s higher, lower margins with the consulting, it’s just that it’s a different service and it’s very time-intensive and very labor-intensive, and so because of that, what ends up happening is we have to charge more just because there’s more labor hours involved, the down-sell offer that we have in our system for the prospecting is what we call prospecting light and essentially what that is, is we do business-to-business prospecting, we take all the leads and all that put into a CRM, but we don’t do the automatic follow-up because there’s a lot of labor that’s involved with that automatic email follow-up sequence. We’re able to trim that back and say, Listen, if you don’t wanna pay our 499 price, we have another option for you, but just keep in mind that there’s gonna be less features, right, so our price is gonna come down, but at the same time, our value is gonna be coming down ’cause we have less included… The last piece is the cross-sell offer, this is a really strange in our business, but if we talk about all businesses as a whole, the cross-sell offers you or something that’s totally different than the primary offer, and it could be in a different vertical or horizontal, in our case, we have shipping and fulfillment and warehousing as a solution for a lot of small businesses, and because of that, the cross-sell offer for somebody who’s coming to us with their product for consulting or for business business expansion or web development or SEO, we can cross-sell that against our warehouse and say, We have warehousing services, if that’s something you’re interested… So the cross sells really something that is a cure bond of out in left field, but the same time, if you offered to people, they might not know that you have that service. So it’s definitely worthwhile doing it.
So when you present your offer up front, you should be sitting and saying, Here’s my core offer or my primary offer, below that I have my down-sell offer, above that I have my upsell offer, and then beside that, I have my cross-sell offer.
And if you don’t have those kind of pieces to it, the core, you upsell the down-SEL in the cross, so if they say no to your core product, the issue is gonna be, is that you have no direction to go for the upsell down-sell or cross-sell.
So I always recommend you have a few different options and also allow people to transition, maybe they wanna do a down-sell to start, and then you’re gonna do a cross-sell, so they’re gonna say, Well, I don’t want your primary 499 service, we want your light service so we’re gonna take that to start, then later, you can upsell them to get to your core level service, and then you can cross-sell them into something else, and then at the end you can upsell them into the last feature that is an easy way to kinda dance around between them.
But at the end of the day, you have to create the long-term value, that’s when it all comes back to what is the price of your service versus what is the value of your service, because it’s very difficult in the service space to have a value change I recommend you set that up front and then move your pricing around as needed in the product space, you can upsell to another actual physical product, or you can have an add-on to the existing product you have, which is essentially creating more value for a lower price maybe you have a 100 product and you have a 000 in add-on, that’s the value of it is 100 or at… But it only cost them 250 to do that. Seals, you’re getting 100 worth of value. You’re gonna spend 250 to upgrade your 1000 original product. So essentially, they’re getting the 10 core offer plus the 100 upsell, but they’re only spending 12, 50, so it’s a good deal for them in that particular case, in the service base is a lot harder to demonstrate that sometimes because the services might be totally different, but they might not be linked at all to the core product offering, so you just have to be careful with how you cross-sell and how you present the pricing, because at the end of the day, you want price integrity across the board, and you wanna make sure that people have the opportunity to go for the higher end up, sell the lower end down sell or the vertical shift to a cross-sold item that can still support their business, make sure you’re selling the right product to the right person or the right service to the right person, but also make sure that your pricing structure set for growth in the future, especially if you’re working with small businesses, if you are believing in what they’re doing, they’re gonna grow over time, make sure you have an opportunity for those small businesses to grow with you and have more of your service over time at a rate that’s sustainable and growth-oriented for them. Thanks so much for in the prospecting show, having also a
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