Marketing

Cross-selling vs. Upselling

Developing a strong sales technique is vital for enjoying success as a business, and this is definitely something you need to focus on. It is important to build rapport with customers, and to maximise the sales potential of each interaction, and the two best ways of doing this are via upselling and cross-selling. Both of these are hugely important parts of the sales process, and each provides an important role in helping you to secure more sales success for your business.

It's key that you take steps to do as much as possible to help you achieve the greatest potential ROI from your sales techniques, and this is what makes it so vital for you to be able to use cross-selling and upselling to help you. There are a lot of things to consider here, and it is important to understand what each of these terms means, as well as why both of them matter, and how you can work with a top digital marketing agency in Kent to help make the most of them.

What is cross-selling?

Cross-selling is the practice of attempting to sell additional products that relater to the product a customer already owns, or is looking to buy. An example of this might be that a customer comes in to buy a television and the sales team looks to sell them a sound system to go with the television. This would be an example of cross-selling, and it is the cornerstone of retail business these days.

Why it is important

Cross-selling is important because it develops trust with the customer, as well as showing them that you sell a diverse range of products to choose from. You want to look to enhance their buying experience as much as you can by supplying them with optional extras that will make a big difference to the sales process. So, it is important to look for some of the best ways of implementing this into your company as much as you can. According to statistics, cross-selling can increase sales by 20% and profits by 30%, so this has a lot of positives for your business.

What is upselling?

Slightly different to cross-selling, upselling is the process of selling a superior and more expensive version of an existing product that the customer is planning to buy, or already owns. Perhaps they are in the market for a new TV, and the one they have chosen is fine, but you convince them to buy a superior model that costs more - this is an example of upselling.

Why it is important

Upselling plays a number of key roles in the business, and it is essential because of the fact that it can get your more money for regular sales, and you are encouraging the customer to replenish older items on a more regular basis. It can lead to more sales and greater profit margins, as well as bridging the gap between new and existing customers. Upselling is believed to be around 70% more affordable than acquiring a new customer.

There are plenty of excellent sales techniques out there, but by ensuring you are attempting cross-selling and upselling as often as possible, you have a lot that you can benefit from. It increases the likelihood of being able to complete sales, but can also potentially help you make more sales, as well as more expensive sales. What's more, both of these are integral to the sales process, and both of them play a major role in taking your business forward to new heights. Team up with a leading Kent digital agency to focus on ways of basing a marketing strategy around upselling and cross-selling.

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