Guide To Cross Selling
It is a way of selling another related or complimentary product to customer when he is already buying one product. Though if there exist a tie between the two products where the customers, in order to buy a product, must buy the related product the cross-selling will be illegal.
What is the difference between crosa-sell and upsell?
Cross sell is selling something in addition to the initial product the additional product must be complimentary to the initial product. While the upsell is the the upgrading of the previous product or service where customers are encouraged to buy another more expensive and more modified of the previous version.
What are the important guidance steps for cross-selling?
- Firstly, the offer must be in such a way that it does not annoy the customer for which it is recommended that the offer provided must be suitable and has good relation which the main product.
- The timings must be exact and correct.
- There must be a relevance between the two products being sold otherwise it will be a complete waste of time and loss of opportunity for both the customer and seller by offering something in which the customer is simply not interested in.
- Apart from relevance the offered product must compliment the product, the customer is already willing to buy.
- There must be an easiest way for customers to comprehend the relatedness between the offered product and the main product.
- The offered product should be something that receives less attention generally. The products which are less likely to be bought by customers must be offer to them to gain their attention.
- A good way of cross-selling is by offering a deal. The products to be offered should be provided at a discounted price.
- There must be a good flexibility in the seller for buyers would buy even the same products or unrelated products if they are tempted with a goof deal and the discount is greater and more visible.
- The location or point of offering also plays an important role. If the cross-selling is performed at an unappropriated place say somewhere other than the marketplace, it would probably confuse the potential buyers.
- The odds must be in favor of cross-selling. Product must be cross-sell at that specific point where people are able to respond or receptive to cross-selling.
- The seller must be efficient in cross-selling and offer the product after the customer decides to buy the main product and before he enters his card details.
- The cross-selling must be done at a suitable time, neither too cross-selling early, which leads customer to think that the product is not so must relevant or the customer could give up the idea of actually buying anything.
- Nor should the cross-selling too late, the customer would not even consider to buy it and it became lost opportunity.
- The cross-selling page must be viewed properly before checking out.
- The cross-selling should be socially proofed. By using phrases such as ‘customers also bought’ or ‘customers who viewed this item also viewed’ it appears as the suggestions of cross-sell are driven by the other customers rather than the shop or sellers.
- The cross-selling should be viewed by customers as a means of providing a helping hand as to save their time from searching the relevant thing themselves.
- Be careful not to offer something that is totally and utterly bizarre as this will cause them to leave the initial product.
Unlike the old days where the deals were only closed by salesperson. Here in this era, the important role is played by customer success manager (CSM) by whom the revenues of the company are influenced a great deal and by their help to customers, the customers are retained potentially for a lifetime. It is simply a strategy for earning more profits from the existing customers. It apparently does not make it a little less impactful. It is more expensive to lose a customer than to spend in them in order to retain them.
What are the important tips for adopting cross-selling?
- Products should cross-sell to a small group of most loyal and best clients. It makes it easy to understand the learning curve and adjustment needs of the clients and then apply this knowledge to other clients as well.
- It is better to understand the needs of the customers first without which no selling would result in continuous profits. This knowledge is attainable through customers review for the business. One such method is Quarterly Business Review (QBR).
- By offering a free trial, you give your customer experience before actually let them buy the product. This would satisfy the customer provided that your product is good description of their needs.
- The sales force should cross-sell properly for which they must be provided with a sense of strong competition and that there must be some incentives for the salesperson who made the largest sales.
- The customers should be provided the products with incentives or discount plan.
- There must be a blog written on the importance of these products and it would complete and complement the initial product.
- One of the ways to fully understand the customer’s satisfaction of the product is by taking a survey study of the few customers who are actually using your product. This helps understand the errors and flows and that if the product meets the demands of customers, it can also be e-mailed to other customers to get their attention on this product and its real-life experiences.
In order to expand your business and get competitive advantage over the rivals, certain small or big strategies must be taken into account. While you have the opportunity to cross sell, never miss it to cross-sell to your current clients. For increasing the revenues and the relative growth of business, cross-sell is among the easiest and results achieving way. It makes customer to think that you are actually serving them by providing the helping hand in approaching the products of their needs and not just increasing the sales.Though not all the strategies fit for the cross-sell of your product and even sometimes only a couple of them work, it provides acknowledgment and better sense to understand the situation and work accordingly.