We'll go over all you should know about: in this post:
Upselling, Cross-Selling, and Down-Selling: What Reps are Doing
How are reps upselling?
How are reps cross-selling?
How are reps down-selling?
How do upselling and cross-selling impact revenue?
Upselling, Cross-Selling, and Down-Selling: What Reps are Doing
Prioritizing connections with current clients above new ones is the third most popular goal for sales professionals in 2022, according to HubSpot's 2022 Sales Strategy Report, which they'll do by upselling and cross-selling.
Only 27% of salespeople downsell while 88% of them upsell, cross-sell, and use both methods. So, a review of the terminologies could be useful.
Upselling promotes the purchase of an upgrade, improvement, or premium option that would increase a customer's buying price. One illustration is allowing a consumer to add cheese to their burger.
Cross-selling encourages customers to buy an additional good or service to go along with their main purchase. The simplest illustration is enticing people to get a milkshake with their burger.
Offering them a less expensive and more affordable option is known as downselling.
How are reps upselling?
Make sure to get your timing perfect, as it's a crucial component of upselling. For instance, upselling a customer on the third day after the purchase might not be as successful as upselling a customer who has a history of success and has used your product to achieve their goals.
As a result, the optimum times to upsell are when the consumer has achieved their goals, when you have discovered a problem or need that your company can address, and when you are defining goals with the client.
The best tactics for reps who are trying to upsell include:
Recognizing consumer requirements and objectives
Creating a relationship of trust (the most important strategies are being attentive and staying engaged, staying positive, and finding common ground).
Providing discounts and incentives through bundling or referral bonuses (which offer the most high-quality leads)
"Without passion, you don't have energy. Without energy, you have nothing." – Warren Buffett
How are reps cross-selling?
When salespeople cross-sell, they are most successful when they:
Offer discounts/promotions
Recommend related or complementary products
Email follow-ups (here are some email follow-up templates you can leverage)
When it comes to discounts and promotions, upselling and cross-selling do overlap. The best sorts are product bundles, customer loyalty programmes, extended payment terms, extended use periods, and free shipping.
How are reps down-selling?
The most appropriate time to use leverage down-selling, it's vital to remember, is when you are certain that a prospect won't purchase the good or service at the price you're asking for.
Reps are most successful when they suggest new goods, express secondary offers on exit intent, and narrow the scope of client goals when they are at the ideal time to downsell.
How do cross-selling and upselling impact revenue?
Upselling generates between 3% and 10% of a company's income, according to 72% of salespeople who engage in it.
In contrast, 74% of cross-sell practitioners claim that the tactic accounts for 1% to 10% of their business's revenue.
It's your turn
Depending on the year and the company, sales objectives and strategies can vary.
The practise of upselling and cross-selling is still widespread, and if the objective of your company is to provide priority to current clients, they will aid in that endeavour.
Comments