The Value of Upselling and Cross Selling in your Business

The value of upselling and cross selling in your business

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If you’re a business engaged in transactional sales, what would you rather have: more customers with average sales per transaction or few customers with higher sales per transaction? Wise business sense would tell you that the latter is more preferable or at best, ideal.  Good business management has it that organisations spend more in developing new customers than maintaining current ones for the exact same business engagement. Less use in marketing resources is a definite plus to the company’s bottom line.

Growing your business effortlessly

Once you’ve established customer contact point there also occur a great change of converting that prospect into a real customer. Marketing executives agree that getting one foot of the customer on the door is a laborious process; so that if one foot is finally in, you better make sure you do your best so that customer engagement in the sale of your products and services will have the customers themselves move another foot in. By increasing the transactional value of each customer purchase you instantly grow your sales with just a few customers.

Upsell or cross-sell your way to more sales

Upselling or cross-selling is not a new marketing concept, however not all businesses are employing this principle. If you would think about it almost all products or services come with related product or service to make customer usage experience more satisfactory. Businesses should not stop at getting customers just buy their best-sellers but instead promote higher customer satisfaction level by adding more related products or service in their purchase. Be wary that customers may see through the sales motive and may backfire in the process. The best way to do upsell or cross-sell is to provide informed choice to the customer with their benefit in mind. Doing so will likewise increase the value of your business to the customer, with their complete satisfaction as your driver for customer engagement.

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No Customers, No Business

No Customers No Business

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Regardless whether your business has the best product or service if there are no customers buying it then you still have no business to run; plain and simple. The only way new businesses can get off the ground is when they start building on customer base. Apart from new customers buying your products, the same can become your word-of-mouth marketers so that more and more customers flock in. But as many businesses are closing down left and right, getting new customers is always easier said than done.

Creativity does it

If building a successful business is just all about following an exact formula then there wouldn’t be any business suffering from lack of sales. The problem with most business owners is not keeping in mind the “changing needs” of their target market; and with that change in needs also comes a direct change in purchase behaviour. This means that what may have worked in the past for similar businesses may no longer work for today’s new breed of market. Too often new businesses follow what seems to work with the competitor in the hope of getting a slice of its market. The attempt may cause an impact only during a “market trial phase” but will not sustain it if the offer remains the same with no added or distinct value.

Go out-of-the-box

This also means going beyond your industry’s usual ideas of getting new customers. Take yourself as an example and observe how different and unrelated products vie for your attention. What makes you buy or not buy them? Is it uniqueness, colourful packaging, or value for money? Were you influenced by a good content or by a testimony of a satisfied user?

Take note of the varying marketing methods used by unrelated businesses and see what you can creatively apply in your own business. Remember that new way of doing things mean “standing out” from the crowd. This may just be exactly what your business needs.

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