Three Steps to Start Killing Upselling and Increase the Average Sales Deal Size.
Upselling and Cross Selling Tips for Sellers
Many a times it does happen like that lamentably. But still an undeniable fact remains that when used in a proper way, upselling can create a good bonding between you and the customers, better relationship, lower churn and better retention.
Upselling and Cross-selling: An Introduction
People often use the words upselling and cross selling interchangeably. There is no harm in that though but they do not understand the minor difference between the two. Upselling is basically a strategy, a practice to persuade the customers to buy comparably high-end product than the one he already has.
For example; he has a single door refrigerator at home and as a salesperson you are encouraging him/her to buy double door refrigerator or an extended warranty. That is what upselling is. Now coming onto Cross-selling, this is a strategy under which customers are invited to buy complementary or in layman language say related products.
The best example to be quoted here is; Offering a DVD player or PSP when customer is buying TV from you. Chances are he/she might end up purchasing related products from you if it interests them. This is cross selling.
How to achieve More Sales and Loyal Customers via Upselling and Cross-Selling Strategies
1- Builds Relationship[ Steps to Prepare a Customer Centric Marketing Strategy ]
Make your customer believe that upselling is making them win. If they get convinced, it will be a win-win situation for both.
Tell the customers the reasons why the product they are using needed to be replaced by the advanced version available. What benefits they could avail as a result of buying that new and comparatively better product version with the additional features.
Things must not be forced rather customers must be tackled in a way that they should get convinced with the fact that there happiness and satisfaction is what matters the most and that you are willing to deliver more value to them in the form of advanced product or service.
This will build good relationship between you and the customers and retain them for long run.
2- Leads To Growth
As per the findings of research by some sources, a fact that comes out is upselling is comparatively much easier than when selling to new customers for the first time.
The cost of upselling is low and it even helps you grow faster as well as accelerate your profits. Many e-commerce company show keen focus and emphasize on getting more and more new customers to increase their revenue but they fail to tap the existing opportunity that lies right in front of them i-e using their existing customer base to increase their revenue by the practice of upselling and cross selling.
Making the existing customers familiar with the new and advanced products with additional features available or cross selling by offering related products with warranty etc.
A little smart move from your end is required to take your path towards growth by tapping the opportunities already existing rather than merely focusing and putting in all your efforts in one direction of getting new customers.
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3- Increased Life Time Value Of Your Loyal Customers
Upselling and cross selling is one of the strategies to increase customer lifetime value. Therefore, you must exploit every single opportunity that exist for you, offer superior services and build strong relationship with the customers.
Retain the customers for longer and try to increase your revenue by upselling and cross selling at every opportunity. This is the way you can increase life time value of your loyal customers.