Do you have an incredible product but facing problems to reach the target audience? Do you feel there are loopholes in your business strategy? Is your business going through a loss? Then worry not! Through upselling and cross-selling strategies, you can double your business revenue.
According to Deloitte research, “laying a foundation of cross-selling and upselling to any sales strategy during the challenging times can significantly help drive the enterprise value”.
If you are looking for ways to increase profits in your business, these fundamental concepts will help you strengthen the revenue strategy:
Upselling is a brilliant sales strategy that encourages a customer to purchase a more expensive model in the same product range with additional features. E.g. Guests who are booking a room in a hotel will likely pay extra for additional services.
While timing is the key, it is essential to keep the budget, needs, and wants of your customer in mind too. If your customer is looking at a laptop of INR 20,000 that person may not be interested in buying a Macbook air of INR 72,000.
Always ensure to keep your upsell in alignment with the customer`s underlying needs and wants to the original product.
Have you ever ordered a combo meal instead of buying just a burger at a McDonald`s outlet? Probably, the answer is yes! This is cross-selling.
Cross-selling is a technique to encourage a customer to combine her initial purchase with products that compliment it.
Amazon attributes up to 35% of its revenue to this brilliant sales strategy. They cross-sell their customers with the “Frequently bought together” section, where they promote the products related to the item in the cart.
To cross-sell your customers, always pair products that naturally go well, like donuts with coffee or fries with a burger. Focus on the price points of the items you pair. Products that you are likely to cross-sell are typically similar in cost. Hence, pair them well.
Whether you choose to cross-sell or upsell or both, always consider tracking your data. Metrics can help you fine-tune the existing loopholes and improve your business revenues.
To know more about these sales strategies in-depth, join our Problem Solving Course. Learn from the mentors who will share their years of experience with you. To know more about this valuable course, click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads