What You Need to Know About Upselling and Cross selling

Gone are the days where salespeople for tow truck businesses were the only one closing deals. Today, customer success managers play a huge role in influencing company revenue and customer retention by working to do everything possible to help customers. Today, businesses are faced with a lot of opportunities for cross selling and upselling to customers. Cross selling and upselling strategies help businesses generate more revenue from existing customers. Cross selling refers to the process of encouraging the purchase of anything in conjunction with the primary product. If a customer has already purchased a subscription to your application, cross selling would encourage them to purchase additional features or modules.

Upselling

Upselling refers to the process of encouraging anything that would make the primary purchase more expensive with an upgrade or premium. If a customer has already purchased a subscription of your marketing tool, upselling aims at encouraging customers to purchase additional integration with another marketing tool, with the aim of improving experience. Where cross selling aims at offering complementary product, upselling aims at offering another product that is an upgrade or premium of the primary purchase the customer has made.

Here are some of the surest ways to perform upselling and cross selling.

Get to know your audience

You may already be aware of the buyer persona, but it is also very important to get to know your audience once they have already bought your product as well. Make use of demographic and psychographic information about your customer, along with customer feedback with the aim of creating personas for your customers to understand their goals and the challenges. This is done in order to identify your cross sell and upsell that are most useful to them.

Build out customer journeys

Along the lines of first rep, you need to map out customer journeys with the aim of identifying how they will use their products. When your customers get to the point where they are seeing results thanks to your products, they will start talking to others about the same and driving referrals. At this point of the customer journey, they will likely be excited to hear an opportunity for cross selling or upselling that requires them to spend more money. You need to wait until they have reached this point before you can try to cross sell or upsell to them.

Offer solutions

You need to think about the problems your customers are facing and offer them solutions that maps to their products. Take some time to review your product offerings and try to align the same with customer journey. If you do so, you will have a clear idea of the most common challenges your customers face, and know the right moments to introduce your upsell and cross sell strategies.

It is also very important for you to practice active listening. You might be able to upsell or cross sell to a customer while on a phone call, but it becomes very important for you to actively listen to a customer to determine if it’s the best time to introduce your offers.

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