24 April
According to stats from Magento, “32% of customers order again from the same company within their first year of being a customer.”
In a burger king Outlet, you are often being asked -“Would you like to have fries with cheeseburgers?”
Do you relate to this?
Many of us do! Why? Because the combination is irresistible!
This is called cross-selling.
Here in this blog, we’ll discuss the best upselling and cross-selling strategies for your current clients.
Cross-Selling Vs Up-Selling: What’s the difference?
A lot of people are confused about Upselling and cross-selling terms. Let’s first understand the difference:
Cross-Selling: Cross-selling is encouraging the purchase of something additional that runs complementary with the product and makes the purchase cost. It is offering suggestions for a purchase that they have already made. For example: If you have gone to purchase a mobile, the shopkeeper will urge you to buy the cover too. Cross-selling is all about suggestions.
Up-Selling: Upselling is increasing the value of the customers by suggesting them more services on the existing model. For example: If you land at a furniture store to buy a table, the shopkeeper offers suggestions of a complete drawing room model. Upselling is all about a convincing deal.
Strategies for Cross-Selling and Up-Seling your current clients
You might have brainstormed several cross-selling and upselling strategies for your business, but are they unique to your brand? Does it set your brand apart from your competitors?
If you are confused, whether the strategies you have planned to implement would work or not, you can consider some strategies listed below!
1. Re-Design your messaging
It is imperative to revise and design your messaging according to the past purchase behavior of the customers. Design your messaging by analyzing points:
- What provoked them to purchase from you in the first place?
- What products did they purchase? What does this reveal about their personality?
- What are their demographics and purchase patterns? How many similar patterns are there?
Analyzing these points is important before designing your messaging. The primary motive is sending out a compelling message that discusses their pain areas and caters to their specific wants and needs.
2. Create a list of targeted buyers
Once you have designed your personas and segmented them, it is time to segment them on the basis of the products that they purchased from you. For example:
If you have a new collection of headphones, you can segment the list and create a new one with the customers who purchased headphones earlier. You can utilize this list to create a specific and targeted message personalized to the need.
3. Revise your pricing strategy
Your customers are price sensitive. Thus, stress upon re-defining your pricing strategy to attract maximum eyeballs to your product.
For example, You can send a bundle into a perfect package that will delight your customers. It is a part of the cross-selling strategy. But before designing a bundle strategy, retain the flexibility of selling a single product also. Customer behavior differs. They might not be interested in buying the complete bundle but just a single product.
Revise your pricing strategy accordingly to gain maximum customers.
4. Create a customer Case-study
You must have heard a popular say “Story sells”
This is especially true in the business in which you are targeting your existing clients. Customer stories encourage other clients to take the desired action.
For this, you can capture the story of a real-life client who is using your product and is satisfied.
You can put the case study in this way,
“One of my clients is using the product and have found it useful in completing his XYZ task.” You can read the complete story here!”
It will not only generate trust but will promote more sales.
5. Offer a free trial
Sometimes, the testimonials and case studies don’t work. In this situation, you can attract clients by launching a free demo session.
Trials may cost you more, but is indeed a great way to help the customer make the decision.
6. Create the need
Many of your clients won’t pay heed to your cross-selling and upselling efforts until they feel the need to do so. Create a sense of urgency among your clients and generate a belief that why they need to invest in the particular service NOW?
Discuss how your product can benefit the client?
Discuss how it can help with the immediate need they have?
7. Offer an incentive
If you think that the trial or discounts won’t make your clients connect with you again, you can offer an incentive. You can offer 2 months of free services or a year-long free subscription. Figure out the offer according to the feasibility and budget. Make sure the offer makes sense then pitch it to your clients.
Make them feel valuable by offering them loyal customers discounts and free gifts.
8. Provide free shipping
Even if a customer adds the product to the cart, he is likely to abandon it after witnessing high shipping costs. This is natural customer behavior. For reducing cart abandonment rates, you can offer free shipping on the products.
9. Track and sell related offers via email
Don’t limit your cross and up-selling efforts to product and checkout pages, go a step ahead, send product recommendations through email.
For example: If a customer purchases a DSLR camera from you and is satisfied with the services, you can send recommendations regarding the lens and stand to the customer by mail.
If done correctly, email shares the power of generating sales by 5x.
10. Segment your Ads by time
You need a strategy for revealing your products at the right time to your customers. It is imperative to make a presence when they are most active. Instead of devising a strategy on general data, take your own data into consideration. Launch ads on the platforms where your audience is most active and that share the good potential for conversions.
The bottom line is cross-selling and up-selling helps your customer in having a better grip on product options as well as explore what other goods they can buy from you. In contrast to it, it will help you understand your customers better.
Contact Click Nurture for more information.
