Downsell
Downselling involves offering a lower-priced alternative to customers who are hesitant to purchase a more expensive product or service.
Definition and Use:
Downselling is a sales technique where a less expensive product or service is offered to a customer who is reluctant to purchase a higher-priced option. It helps businesses retain potential sales by providing a more affordable alternative that still meets the customer’s needs.
Benefits of Downselling:
Downselling can prevent lost sales and improve customer satisfaction by offering a solution that aligns with the customer’s budget or preferences. It also helps build trust, as the customer feels that the business is prioritizing their needs over maximizing profit.
Best Practices:
Effective downselling involves understanding the customer's concerns and offering relevant alternatives that provide value. This strategy can be particularly useful in retaining customers who might otherwise abandon their purchase due to cost concerns.