Build remote cross-sell and upsell opportunities with your customer base
An effective way to grow your business is by expanding your trust level within your active customers. Since they are already aware of your brand and its plus points, the probability is that they will end up buying from you again.
Also, the cost of selling to an existing customer is comparatively less than acquiring a new one, since the chance for you to get a positive response is higher due to an already established connection with these customers. Around 70% of customers say that they will stay loyal to a brand that delivers great service.
You can achieve this by creating cross-sell and upsell opportunities for your current customer base.
Upselling: This simply means to provide a higher level or upgradation of your service or product to your customer. For example, if you own an e-commerce platform and if your customers buy a premium subscription due to add-on services and promotional campaigns they come across, this is an upsell done by your platform.
Cross-selling: When your customer has already bought a product or a service and you are trying to sell another product to them which is from a different category, then it’s known as cross-selling. Now let’s say your e-commerce platform has other services to offer like OTT, UPI services, e-books, travel, etc. Now if over a period of time, your customer’s experience, trust and your platform’s promotional activities encourage you to buy these services , this will be known as cross-selling done by your platform.
Why is upselling and cross-selling important?
- Better buying intent from existing customers: Since you already have a relationship with your current customers, it is easier for you to sell to them as they have developed a factor of trust for your brand.
- Seamless activation of product lines: You can experiment with your existing product line with some improvisation or introduce a new one without worrying too much about finding new customers to try. Your already active customers are your safe bid so you can instead target them to see how these product lines perform.
- Easy GTM tactics for new product or service launch: When you target your existing customers, it is easier for you to formulate go-to-market strategies for new product or service launch as it will not require you to explore a new market- you already know your customer base and their needs well.
- Highest CLV from existing customers: You have better chances of retaining customers for a longer period by providing them more value to what they pay. And the longer a customer stays with you, higher the value it will add to your business which is called CLV (customer lifetime value). With proper upsell and cross-sell tactics in place, you can add exponential boost to your CLV.
- Better product market fit: If your product satisfies a strong market demand, then selling it to an active customer will only let you in having a better product market fit. They can share their feedback about your product and even become a live advocate for it among your target audience.
- Improved faster sales: The length of your sales cycle depends on a lot of levels including prospecting, making contact, qualifying and nurturing the potential buyers. However, you can simply shorten your sales cycle by targeting your loyal customers who trust you with their needs and won’t require intense nurturing.
3 ways you can master remote upselling & cross-selling opportunities-
1. Building a good rapport with your customers: According to a study by Microsoft, around 96% of consumers around the world find customer service as an important aspect in their loyalty towards a brand.
Try to provide an impeccable customer experience from the very start so that they do not look for other brands when trying to buy related products or services. They want to be heard and understood about their needs well and for this, you can leverage various channels like telecalling, email and SMS marketing, etc.
2. Tracking your customers well through AI: Once they become your customer, it should be a mandate for you to track their activities and analyze their sentiments as a buyer. An AI-enabled platform can help you achieve this with smart features like sentiment analysis. With such information, you can also seek their availability and capture the exact moment when you know they might end up buying from you.
3. Balancing between over-selling & underselling: Your sales team should be able to convince your existing customers in a way that they feel naturally inclined to buy from you. If the sales pitch involves hints of overselling, then your customer might feel manipulated and not make a purchase. However, it is also important to not undersell your product to maintain a brand image- focus on creating smart sales scripts that hits your target audience at their exact pain points at the right time.
Managing remote cross-selling and upselling opportunities across different geographies and time zones can be difficult. To make it a success for you, GigIndia provides an AI-driven gig workforce that is trained in providing smart sales pitch to customers with proven success. Would you like to try it?