Imagine how irritating it is when you walk into a store to purchase something and someone comes to you and tries to sell something completely random. Instead, if the salesperson talks with you and learns about your challenges, they can suggest a solution which leads to a sale.
Every company with growing sales figures has one secret - they are not trying to sell. They are looking for opportunities to educate their customers about how to realise their goals better. These companies inform their clients about the options available to make their lives easier.
Forge A Long-Term Relationship
Try to provide long-term value to your customers instead of trying to make more money. A loyal customer will generate more lifetime value for your business than a quick sale. Do not forget that it's a long game. At this point, everyone knows that returning customers generate the most revenue for businesses. Still, you will find enterprises pushing for immediate sales and driving away customers.
Make Cross Selling And Upselling Your Standard Practice
It is a good idea to have frequent training sessions to reinforce the practice of Cross Selling and Upselling in your salesforce. These techniques benefit both your business and your customers in an interconnected way as follows:
For Your Business
Cross Selling and Upselling
They get good suggestions
based on their needs. It helps
them get a solution to their
Helps them achieve their
Gain loyal, trusting, returning
customers who increase
lifetime value and revenue.
Advantages Of Cross Selling and Upselling
There are several advantages of Cross Selling and Upselling for businesses. Let's take a look at a few key ones:
Customised Customer Experience
Nothing is more important for customers than personalised experiences in today's day and age. Customers incline toward brands that can offer them products and services that they might want. So, businesses must analyse customer data constantly.
Even when it is impossible to deploy an actual person to suggest solutions to customers, businesses nowadays use automated Chatbots to interact with customers in real-time. You can feed all customer data to your chatbot and make it polite and sensitive to customer requirements.
An automated system that assists customers is a great way of retaining customers, Cross Selling and Upselling products and services.
Customers love a well-designed Cross-Sell or Upsell because it helps them realise their goals better or derive more value from an upgraded product or service. On the other hand, your sales, revenue, and profits will go way up. You will see overall growth with effective Cross Selling and Upselling strategy.
Customising the Value Of Every Sale
There is no denying that a business' maximum revenue comes from the repeat business of existing customers.
So, it is necessary to invest in customising offers and loyalty incentives for their specific needs. Also, personalised communication suggesting familiar products (Cross-Sell) or offering to add more value to existing products (Upsell) is a great way to maintain customer engagement.
Retain Customers By Offering A Complete Solution
Effective Cross Selling and Upselling take more than just a good sales pitch. You cannot retain customers by providing part of a solution. Offer a complete package that will sort out all their problems with that aspect of their life.
For example, if you are selling flavoured tea leaves, keep teacups and saucers as well. Throw in some kettles, coasters, strainers, and spoons in the mix to offer a complete package.
Every business needs loyal customers that trust you and spread the word about your operation. Give your customers a clear scope to trust you.
For instance, you set up a tasting station from the previous example in the same tea leaves shop. Customers can sample different flavours of freshly made tea and decide which they want to take home. Keep records of which customers prefer which tea, and offer them a refill via messaging at a lower price. You can even recommend a more robust version of their preferred tea during their next purchase (Upsell). Or, you can suggest they take a classic kettle and strainer to get a fully immersive tea experience (Cross-Sell).
Providing Unmatched Convenience To Your Customers
Your Cross Selling and Upselling technique should make the customer's decision-making process more straightforward. Having to buy another related product or an upgraded product should not feel like a burden. Instead, it should make the customer happy that you suggested the perfect solution.
You can be the best at Cross Selling and Upselling only if you make the customer's buying journey smoother. One of the most popular ways to do this is by creating bundles that cater to every customer's needs.
Examples of a bundle: If a customer is looking for a baking pan for cakes, suggest they also buy a spatula, an oil brush, cupcake moulds, oven mitts, and a weighing scale for ingredients.
Example of Upsell that provides convenience: Tell the same customers from the previous example about a baking pan that is better at baking cakes evenly and is scratch resistant.
It will enhance the customer experience, build trust, confidence in you, and a long-lasting rapport.
15 Additional Upselling Tips To Boost Average Order Value
There are so many ways of Upselling in practice all around you. However, to increase your average order value, you may want to consider the following tips:
Choose The Appropriate Upsell
You can suggest customers take a different version of the product or service they want. Tell them about how it can provide better value for them. Sell it with conviction.
It is a pretty standard and effective practice to recommend preventive measures to customers for their products. Offering them extended warranties, insurance, or service for an additional price.
Several businesses let you personalise or customise what you want to purchase. That is an effective upsell strategy because the customers agree to pay a little extra whenever they add on a personalisation.
Service Period Extension
A simple upsell strategy is at play for businesses requiring customers to renew their services. These businesses offer discounts for early renewals and better deals for longer commitments.