Think of that all your clients begin buying all your products and become evangelist to your brand name.
That would save you some efforts in recording brand-new customers, right?
Stop dreaming and start utilizing cross selling and upselling. Two marketing techniques that will help you to construct customer commitment and get the most from your current customers.
WHY USAGE CROSS OFFERING AND UPSELLING
The likelihood of settling a sale with an existing client is between 60% and 70%. The portion drops drastically when it’s a brand-new customer: in between 5% and 20%.
What’s cross selling?
Cross selling is a method that offers an existing customer or prospect something that complements an item that the consumer means to purchase or already did.
It doesn’t mean offering simply anything with the sole objective of increasing sales. On the contrary, the main focus falls under making the purchasing experience more satisfying for customers and discovering their requirements.
Benefits of cross selling
If you apply this strategy to your business, you can get a number of benefits:
A 30% increase in sales can be gotten by using the practice of cross selling.
A number of studies agree that the revenue can grow between 10% and 30% thanks to cross selling.
Add value for your clients
Customers feel satisfied with a business that has the ability to cover all their needs. If you focus on them, you will better know their habits and interests. Subsequently, you will attend better to their demands, which will have a positive effect on your company.
Construct commitment with your buyers
Cross selling is a best method to persuade. Customers are more effective on their purchases given that they use one distinct provider to cover all their needs.
As an outcome you will gain a loyal consumer to your organisation and items.
CROSS SELLING RESULTS
Amazon is a sale huge and an expert at cross selling. Its CEO, Jeff Bezos, revealed that 35% of Amazon’s sales come from cross selling.
What’s upselling? Upselling is another marketing and sales strategy. It includes offering a client a comparable however generally more expensive item to the one that they have the intent to purchase.
This practice can be done using different sales techniques.
An example: Utilizing promotions, distributing an item associated to the item that your customer wishes to purchase, and so on
. Benefits of upselling
Surpass your user’s expectations
If the user asks you for a product but you use one that is similar but better, you will surpass the expectations of your consumer.
If you use similar products however at a higher price, your earnings will be greater too.
Cross Selling and Upselling: illustrative examples
Upselling is a sales strategy to motivate consumers to buy a comparable however more expensive or updated product to the one that they are preparing to purchase.
El up selling es vender algo comparable a lo que ya ha comprado el cliente.
Example: A client is planning to buy 3 big bottles of Coca-Cola but he wound up purchasing twice as much because he was convinced by the offer: “6-bottles for the cost of 5”.
Cross Selling is the practice of offering something that matches the product that the customer currently purchased or is preparing to.
Example: A sales person offers a tie, belt or shirt to a customer who is purchasing a suit.
It’s possible to combine both sales strategies to get a better earnings. You must always keep in mind that the customer comes first.
Now that you understand how cross selling and upselling work, it’s your turn to put them into practice.