What’s your “would you like fries with that”?
The $200,000,000 question!
I.e. What’s your UPSELL?
If your business is able to gain a loyal customer, it is more likely that they will consider purchasing additional products due to the trust formed between business and client. This is a relationship that has been built on a number of factors therefore its essential to take advantage of this. In 2006, online book retailer Amazon reported that cross-selling was responsible for 35% of its sales. Imagine how big your profit increase could be if you sold a single extra item with every purchase … Like McDonalds!
Customer retention can also decrease the expenses of a business, as it costs six to seven times more to acquire a new customer rather than retaining an existing one. Furthermore, there is a 60% to 70% probability of selling to an existing customer, compared to just a 5% to 20% chance of selling to a new prospect.
Are you cross-selling to your customers?
The power of digital and social media now gives you the tools to easily cross and upsell customers with items and services that they will feel valuable due to their purchase history. Run a fashion business? Someone purchases some trainers….why not cross-sell some jeans or tops which will go perfectly with them. This model fits perfectly into any business regardless of what product or service you are selling.
Interested to hear what up and cross-selling you guys do with your products and services!
This is an essential part of the strategy that we put together when working with clients as this is one that is often overlooked. Email me at email@example.com.