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Cross-Selling refers to the marketing process of selling different, complementary, or related products or services to existing customers to generate greater revenues.
Cross-Selling is a sales tactic that encourages customers to buy additional items besides the ones that he has come to purchase.
Cross-Selling vs. Upselling
In Cross-Selling the consumer is offered the option of buying a similar product or service whereas in Upselling an upgraded version of the product or service is offered
Barriers to Cross-Selling
- Customers might get annoyed
- The strategy can backfire especially if the consumers put pressure on the sales team
Advantages of Cross-Selling
- Allows a company to combine cheaper products that will encourage impulsive purchase.
- Consumers get the products they want and it also adds value to their experience.
- Offering the right products that meet consumer needs builds trust between the brand and the customer.
- Improved customer value over their lifetime.
- Balance growth between existing and new customers.
- Boosts customer loyalty.
- Lowers price and increases profitability.
- Sets an organization apart and gives a competitive advantage.
Cross-Selling Strategies
Reach Customers with Drip Emails
Taking help of a Drip campaign to reach out to the new customers is a good way to increase sales
Wait it out till you can score a "win"
Pick up the right time to offer products that will meet consumer needs. This will get measurable results
Provide additional services
Providing additional services is one of the best ways to build trust and retain customer loyalty
Offer items on a complimentary basis or "bundle sales"
Pooling items together is one of the best strategies to improve sales and generate profits
Use data to come up with suggestions
The company website has information about the customers' needs and their buying patterns. Using this data to offer required products will increase sales
Offer promotions
Ongoing promotions draw attention towards the products
Demonstrate to Customers
Demonstration from employees helps the customers to relate with the product and encourage impulse buying
Make use of inbound marketing campaigns
Inbound marketing campaigns are used to market supplementary products
Be a Sales Consultant Rather than a Salesman
When a salesperson acts as a salesperson he is more open to understanding customer needs
Cross-Selling Examples
1. Amazon
2. Apple
3. McDonald’s
This video is on Cross-Selling Strategy and it has the following sub-topics.
Time Stamps
0:00 Cross-Selling Introduction
00:20 Definition of Cross-Selling
00:41 What is Cross-Selling?
01:04 Cross-Selling vs. Upselling
01:16 Barriers to Cross-Selling
02:03 Advantages of Cross-Selling
03:09 Cross-Selling Strategies
03:13 Reach Customers with Drip Emails
03:29 Wait it out till you can score a "win"
03:40 Provide additional services
03:52 Offer items on a complimentary basis or "bundle sales"
04:04 Use data to come up with suggestions
04:13 Offer promotions
04:24 Demonstrate to Customers
04:31 Make use of inbound marketing campaigns
04:47 Be a Sales Consultant Rather than a Salesman
05:07 Cross-Selling Examples
