Turning customers into loyal brand supporters requires the establishment of long-term relationships. In fact, the probability of selling to an existing customer, either through upselling or cross-selling, is 60-70% versus a 5-20% probability of selling to a new prospect.
Up-selling involves offering your client a higher-end version of the product they are already interested in whereas cross-selling is offering additional products that can be beneficial to them.
To help you achieve this, use these 5 tricks of up-selling and cross-selling to keep your customers happy and your revenue high.
1. Silence is Golden
Listen to your customers. You will actually learn a lot about who they are what they need and how they purchase. Scheduling routine client calls to monitor their satisfaction will allow you to gauge what will be beneficial to them. Customers can, of course, be forgiven for not memorizing the details of your entire product line. Only after listening to what they have to say, will you be able to expand their knowledge and interest in your company’s products and services.
2. Slow and Steady
Instead of trying to sell all relevant products at once, allow the customer to acclimate to your product before introducing them to additional features that will also benefit them. Once they see you are truly aware and concerned with their needs, they will listen to your suggestions and happily try new and more costly features. According to the CEO of Invesp, a leading provider of e-commerce conversion rate optimization software, existing customers are 50% more likely to not only try new products but spend 31% more in doing so.
3. Comfort and Familiarity
The more familiar your customer is with the added feature at hand, the more comfortable they will be to buy. When up-selling and cross-selling you should not introduce a brand new product. The nuance lies in highlighting complementary features that will increase their satisfaction by making their job easier and more efficient.
4. Team Training before attempt Upselling and Cross-Selling
To avoid losing the sale, your team should be well-versed in the products and services at hand and how each of these items answers different needs. Develop sale skills that allow introducing the topic with ease and practice presenting product advantages in order to close the sale and get your customer on board.
5. Invest, Invest for the Best
Upselling and cross-selling take time and energy. Invest properly in your customers so that the sales go smoothly. Take the time to measure your performance to know what yields profitability and where your plan may be defective.
Building a strategy plan that incorporates these tips into your selling practices will prove the success of the Upselling and cross-selling trade. Remember up-selling provides higher quality to your customer while cross-selling provides added value; both of which your customer wants and deserves.