Introduction
Upselling and cross selling are sales technique to sell products or services to existing customers. For a business looking to optimize their resources for business growth, upselling can be an excellent strategy to drive growth because:
- The cost of attracting new customers is five times the cost of retaining existing ones.
- Existing customers are 50% more likely to try a new product.
- Existing customers spend 31% more than new customers.
- The probability of selling to an existing customer is 60 to 70%, while a new prospect is 5 to 20%.
The course will equip participants with the best tools, techniques and practices that will help them create value for customers and make sure prospects are turned into regular buyers.
Course Objective
- Increase Customer Lifetime Value (CLV)—the amount spent by the customer on your products over time
- Generate multiple orders from current customers
- Gain knowledge of best tools, techniques and expert tips for upselling and cross-selling
- Discern how different methods of upselling and cross-selling technique will be best applicable in different situations
- Develop creative thinking to identify multiple opportunities from a single customer
- Boost customer experience and satisfaction
- Understand that deep product knowledge is necessary for upselling and cross-selling
- Understand that focus is on developing a grasp on customer need and not merely on selling a product
- Develop long-term customer relationship
- Link incentive programs with upselling and cross-selling
- Understand the difference between persuading and heckling customers
- Get acquainted with the latest trends existing in the industry
Mind-Mapping for Enhancing Sales Activity
- Understanding How Products and Services Complement Each Other
- Mind-Mapping Your Product and Service Lines
- Analysing Past Sales Trends in Your Organization; Recognizing Migration Patterns of Customers’ Purchases
- The need for upselling and cross-selling in the organization
- Upselling and Cross-selling strategy and techniques
- Process of Upselling and cross-selling
- Creation of cross-sell grid
- Next Buy Product model
- Identify Upsell Scenarios
- Identify Potential Cross-sell and Upsell Opportunities
- Upselling and cross-selling techniques:
- Product comparison, creating urgency, highlighting advantages,
- Tracking past purchases of the customer
Customer Relationship
- Understanding customer’s perceived value
- Customer value analysis
- Developing a value proposition
- Understanding marketing funnel
- Building loyalty
Customer Lifetime Value
- Customer product profitability analysis
- Churn management
- Loyalty programs