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.
- 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
- 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