Quick wins and fast growth don’t come easy for businesses, but if they have the right strategies in place, the business is in for a big win. Cross selling and upselling are two such strategies that help companies increase their sales margins and improve performance without having to invest any extra sum of money. So, what exactly is cross selling and upselling? Upselling is the practice of encouraging customers to purchase a product that is on a higher-end comparatively than the one the customer intends to purchase. Cross-selling, on the other hand, invites customers to buy related or complementary products that give a better utility when paired with the product that is already in the customer’s basket. Following are some of the key cross selling and upselling strategies that will step-up your business outcomes:
Begin with the top customers
Rolling out the same services to all the customers at the same time might not be a feasible plan. Each client or potential client might have to be approached with a different strategy. It is advisable for companies to try out their cross selling and upselling efforts with a few of their regular and most loyal customers. These customers are also more likely to provide genuine feedback on the services and their willingness to pay.
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Discounts and incentives
Discounts and other incentives are a great way to induce more purchase from the buyers. In many cases, cross selling and upselling efforts bear fruit only if customers feel that they are gaining something out of it. But this strategy must be undertaken only after considering the ROI. If it does not give a good return on investment, then it would eventually prove to be a loss for the business.
Cross selling and upselling are strategies that help companies increase their sales margins and improve performance without having to invest any extra sum of money.
The sales team incentive plan
It is important to incentivize the sales team for the cross selling and upselling efforts that they put in. It is a stated fact that the majority of salespeople are driven by competition and compensation. Companies can use this as a motivator for employees to increase the sales. Setting up a leaderboard will also be useful to show how team members stack up against each other and measure the team’s progress towards the targets and goals that have been set.
Practice active listening
Cross selling and upselling can be done even on the fly during a phone call or over an email exchange, so it is vital for companies to identify signals from the customer that show they might be ready to hear the offer made by the business. If the customer is hinting at expanding capabilities or desire to reach their goals faster, businesses must take advantage of this opportunity to mention how their products or services can help get them there.
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