It is a well-known fact that it’s easier and less expensive to sell more products to existing customers than to try to acquire new customers. One of the ways you can do this is to cross-sell. Cross-selling can be highly profitable because it deepens the customer relationship. It also gives you a host of additional products to upsell the customer over time.
Here are some tips for best results.
1. Know your customers.
There is no sense trying to sell your customers products they already have or ancillary products for those they do not. If you track sales history, tap into that. If you don’t, let us help you use data gathering techniques to learn who your customers are, what makes them tick, and what they do and do not already have.
2. Know when they buy.
When are your customers most likely to make a purchase? What time of year? Time of day? Stage of the sales cycle? They will be most receptive during these times.
A study conducted on the airline industry, for example, found that nearly two-thirds of customers were most likely to purchase ancillary products at the time they booked a trip rather than sometime afterwards (such as prior to check-in, during the check-in process, or during their stay). This type of information can be very helpful to travel agents, who can then put the most effort into marketing their ancillary services upfront.
3. Know where they buy.
Where are your customers most likely to make a purchase? From you directly? From a reseller? How about an online retailer? Do your marketing materials reflect their full range of options? How about the way customers purchase? Do they want to purchase in-store? Online? By mobile phone? Customers will be most receptive if you find out their individual channel preferences, then use those preferences to interact with them on their terms.