Nowadays, salespeople are not the only ones responsible for closings. If you’ve observed, companies are onboarding Customer Success Managers (CSMs) that work on increasing the revenue of the customers. Sales can become one of their additional growth strategies. Cross-selling and upselling is one strategy every salesperson must include in their marketing plan.
Cross-selling and upselling are two methods that involve your current customers. You get to involve your current customers who help you generate more revenue. It might not be the same selling that involves cold calling or prospects, but it doesn’t mean it’s similar that it’s less impactful in any way.
If you’re into marketing, you already know the importance of retaining customers. Having a small business, and impressing your customers so that they end up coming back for your services seems like success in itself. If you’re into retaining customers, you’ll like the concept of cross-selling and up-selling.
As a CSM, you know that acquiring new customers is more expensive than retaining customers. Customer Support Managers (CSM) already know their customers. These details include what products/services the customers are using at one point & time, and what do they need to achieve their goals. Now that we’ve discussed the customers, it’s time to dig in further about cross-selling and up-selling.
What is Cross-Selling?
Cross-selling is all about purchasing something additional along with the primary product that you’ve already bought. Let’s say, your customer has already bought a marketing tool, when you pitch them another product, they might end up buying the other product/service.
Want another example?
Remember the last time you visited Mcdonalds. You wanted to get a cheeseburger, but you ended up getting an additional fried and drink with the meal too. Yeah, that’s what cross-selling is like. You might not be yearning for that additional fries and drink, but you ended up getting that anyway. You’d be already hungry, but that extra effort put in by the Mcdonald’s marketing manager made you end up with fries and drink. Maybe you didn’t even want that. That’s called cross-selling.
Let’s understand Up-selling now.
What is Up-Selling?
Upselling happens when you encourage your customers to buy something additional (and more expensive) apart from their primary purchase. Let’s say you’ve got the basic package of an app, the customer success managers would encourage you to upgrade to the premium package to improve the overall experience.
So what’s the difference between cross-selling and up-selling? Cross-selling can be just about investing in another product/service. However, up-selling is about getting something additional that’s more expensive than your primary purchase.
How to Cross-Sell and Up-sell?
CSMs get more involved in cross-selling and up-selling through indirect communication with the customers. This involves email communication, and telephone interactions, etc. The customers mention their interests in these channels by expanding into different verticals and demanding better functionalities of the products/services they’re using. This also means that they’re willing to know more about other options available to them. Take a look at some best practices, and learn more about how to cross-sell as a CSM:
1- Know your Audience
Like any other marketing strategy, you’ve got to invest in knowing your audience. You already know about buyer personas, psychographic, and demographics, understand your customers’ feedback to know what they liked and disliked about your product/service. This will help you with upselling and cross-selling that are more useful to them.
2- Map Out the Customers’ Journey
How does mapping out your customer’s journey help out, you ask. When you’re mapping out a customer’s journeys, you know at what point your customer will be getting results out of your product/service. That’s the point that gets your customers excited and they’ll be referring your product/service to more people.
That’s the right opportunity for you to cash-in and cross-sell/up-sell to the right customers. They’ll be listening to you about what you have to offer, and they’ll be willing to spend more on your brand.
3- Go For Problem Solving
Like we discussed in the previous heading, map out your customers’ journey and align it with problem-solving at your customer’s end. This is the perfect way for you to get an idea of the problems faced by your customers. This is also an opportunity for you to decide which one of your products do you want to cross-sell or upsell.
4- Try to Listen More Pro-Actively
Sales or marketing people are more into talking, but it’s important to understand that active listening helps them out better with getting more leads or improving their conversion rates. At times, the customers wish for getting a respective feature/ upgradation that makes the product/service perfect according to their interpretation.
We hope we’ve discussed cross-selling and upselling in a brief way for you to understand and apply them to your respective brands. We further hope you get the results you’re yearning for. Happy cross-selling and up-selling!