Finding Revenue-Boosting Opportunities for Upselling and Cross-Selling
Upselling and cross-selling are everywhere. “Do you want cheese on that?” Upsell. That pack of gum at the checkout? An easy cross-sell. But most of the time, we’re working with stuff that’s harder to sell than some tasty snacks.
Companies that use these selling tactics can
A have up to a 60-70% repeat purchase rate (compared to a 10% rate for companies that don’t upsell or cross-sell). Not to mention that sweet, sweet extra revenue they can help rake in– you could get a 30% increase in revenue just from upsells and Finding Revenue-Boosting Opportunities for Upselling and Cross-Selling cross-sells. Plus, gaining new customers can be really expensive. When you’re trying to do more with less, selling to your existing customers makes sense.
But if you bring up an upsell or cross-sell at the wrong time, the sale could come crumbling down. How can you know that the time is right?
What is the difference between upselling and cross-selling?
Okay, so before we get ahead of ourselves, let’s make sure everyone’s all clear on the jargon. In case you didn’t know, upselling and cross-selling are often talked about together, but they are not the same thing. Let’s get into the bare-bones basics. Finding Revenue-Boosting Opportunities for Upselling and Cross-Selling
With an upsell, you’re offering the customer an upgraded or premium version of something they’re already planning to buy. You’re stacking something
Finding Revenue-Boosting Opportunities for Upselling and Cross-Selling
on top of that purchase instead of next to it. An upsell is like going from a hamburger to a cheeseburger, or getting whipped cream and a cherry on top of your sundae.
Cross-selling is when you offer
A product or service that is separate from – but complementary to – what the customer plans to buy. So instead of piling more on the same product, philippines whatsapp number data it’s adding something else for extra value. Think getting a margarita to go with your tacos (if you can’t tell, we’re already daydreaming about dinner after work).
The old way of identifying upselling and cross-selling opportunities
Some studies say that only 5-15% of customers are open to cross-selling efforts. But then other research says that using either cross-selling or upselling can help increase customer loyalty (74% of customers are even more likely to become what can we expect from web 3.0? return customers after a positive experience).
So what gives? A lot of the resistance is due to bad timing or a clumsy approach. There are some tried and true ways to figure out that the time is right to go for the extra sale.
Those techniques can include:
- Regular check-ins to feel out satisfaction
- to identify the right timing
- Active listening for cues that the customer needs more
- Asking the right needs analysis questions
The new way: discovering hidden opportunities for cross-sells and upsells
All those methods above work fine. There’s a reason that they’re recommended again and again. But they have their problems.
For one, a lot of those techniques mean you aero leads need to passively observe and wait for the right moment to strike. It works, but it’s not exactly exciting or easy, right?
And another thing: those tactics all
A depend on your customer actually knowing what’s going on in their organization. Let’s be real, even small businesses and startups can be as siloed as the Midwest. And enterprises? The silos in those bad boys run deep. It’s not at all uncommon for two teams to need the same thing – and for one of those teams to have an awesome solution in place that the other one knows nothing about. 1000 mobile phone numbers
But what if there was another way
A you could identify potential opportunities for cross-selling and upselling (even if your client doesn’t know they need it yet)? Something a bit more proactive that you can add to your tool kit alongside those important soft skills? If you want to find unknown opportunities outside of your regular upsell/cross-sell process, there’s a tool you might not have.
