to Reduce Shopping Cart Abandonment and Improve Conversion Rates By
By Eric Graham
You’re probably familiar
with up-selling and cross-selling. Perhaps you even employ these profit
boosting tactics in your marketing.
But how about downselling?
After reviewing and evaluating
hundreds of websites, I would have to say that less than 1% of all online
sellers are using this powerful conversion booster.
And, that’s too bad,
because in every single instance where I have tested a strategic and
related downsell offer, I’ve seen an improvement in conversion
rates. Often a big one!
Also... Downselling is a
great way to capture new customers that you would otherwise have lost.
So what is downselling?
Downselling is simply presenting
a related, yet lower priced offer to prospective customers who pass
on your main offer.
A few ideas for downsell
- Offering a mini
version or light version of your product.
- Offering a digital
only version of your physical information products.
- Offer a Platinum, Gold
and Silver versions of your product or service.
- Offer a no-frills version
with fewer bonuses.
- Simply offer a related,
yet less expensive product or service.
For physical information
products I’ve had success in saving potentially abandoned sales
by using an exit pop up when the visitor abandons the checkout process
offering the "digital version of the product" as a downgrade.
By offering a discount at this point you can save a few sales you would
otherwise have lost.
You also are able to bring
new customers into your backend sales funnel and upsell them at a later
point on your main offer. Because you get your foot in the door with
the lower priced downsell offer you now have an opportunity to build
trust and relationships with those who take you up on your lower priced
Part of the reason that downsell
techniques are powerful is that downselling seems to tap into the same
psychological trigger that expert negotiators employ when they give
a pre-planned concession in a negotiation to get the other party to
agree to the terms that the pro negotiator wanted them to agree to in
the first place.
In his book "Influence
– The Psychology of Persuasion", Dr. Robert Cialdini calls
this tactic the "rejection then retreat" method. This is where
you initially offer an expensive option first, then when the prospect
rejects that offer, your retreat to a lower price point fires a psychological
trigger within your prospect that makes them feel like they should reciprocate
It also utilizes the "contrast
principle". By showing the higher priced product first, it makes
the price of the less expensive option to appear more acceptable than
if you tried to "upsell" from the lower priced item to the
higher priced. And in marketing it is all about perception...
So... If you want to reduce
your abandonment rates and increase your conversion rates, give downselling
a try. You might be profitably surprised.
About the Author
Eric Graham is the owner and CEO of several successful online and offline
businesses. Recognized as one of the top authorities on eCommerce and
Internet Marketing, Eric is a sought after speaker and consultant. He
is also the publisher of the Conversion Tips newsletter. Visit www.web-site-evaluations.com
to sign up for a free subscription.
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