The benefits of upselling and cross-selling is a no-brainer, especially when you take into account how the practices are working in the ecommerce sector. With automation working on its behalf — showing visitors complementary products for selected purchases, it’s no wonder Amazon has reported that upsells and cross-sells make up more than a third of its revenue.
In the B2B sector, upselling and cross-selling are not as straightforward. However, a good strategy and ongoing implementation can lead to significant gains. Statistics from Gartner shows 80 percent of a company’s future revenue will be generated from 20 percent of its current clients.
Here are 4 ways you can shift your focus to the art of upselling and cross-selling:
- Understand your clients’ needs. It’s easy to give in to the temptation to quickly focus on the next prospect after closing a deal. The first several months after onboarding a client can set the tone for the remainder of the relationship. Develop a strategy for retaining clients, including regularly seeking feedback on how well your services and products are meeting clients’ needs. Here’s another statistic to keep you going: A 5 percent increase in customer retention can boost your profitability by 75 percent, according to Bain and Co.
- Roll out other products and services. In today’s quickly changing business landscape, a company that stands still more than likely will be the company that gets left behind. Your company should devote resources to aggressively researching tools and services that can help your clients’ address their challenges and issues. Once you determine their value and viability, use these products and services as cross-sell or upsell features. Make sure, as you’re testing various options, that you’re seeking client feedback.
- Offer discounts for packages. Perhaps your client is using services or products offered by another provider. If your team offers those same offerings, give the clients incentive to switch by providing a discount for packages.
- Provide solutions for other departments. Many companies suffer from the silo effect — departments working within their own four walls without much knowledge of what’s going on in other parts of the company. Try to penetrate those walls by asking your client contact for referrals to other departments that may need your services and solutions.
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