How To Upsell/Cross-sell To Clients & Customers And Increase Your Retention Rate

Gaining new clients and customers is always a must for businesses in order to for them to succeed and grow, and so a lot of effort gets put into advertising and marketing. But you don’t want to forget about current clients and customers. You want to keep them loyal and keep them coming back, too. To do that, you should do what you can to keep them happy. Loyalty programs, great customer experiences, special perks, and the like can go a long way in retaining clients and customers. Another thing you can do to increase you retention rate is to upsell and cross-sell your products or services to your clients and customers. How so? Your current customers are already know and trust you, and so you can more easily go to them with new products and services and have an opportunity for an upsell or cross-sell. When you upsell, you try to sell a better version of something or add extra features or add-ons. Cross-sell is to sell something a little different or related to what the customer already has or is buying. Along with increasing retention rate, upselling and cross-selling to current customers can give you a higher profitability than new sales, can provide stronger customer loyalty, increase referrals, and created shorter sales cycles.

How do you go about upselling or cross-selling? Here are a few ways you can do it.

• Make upselling seem like the customer is “winning” by getting something better. Everyone likes to win, after all. If the customer feels like they win, they’ll be happy, and a happy customer is a returning customer

 

• Use the “shopping cart” to upsell, but do it right. Offer simple upsells related to what they’re purchasing. They’re ready to check out at this point, anyway, so it’s a great time to make the offers.

 

• Try to upsell during customer support interactions. You’ve probably come across this tactic when contacting your cable company or phone company about something, and they try to sell you on some sort of new deal they’re offering. But don’t let your up-sells replace your customer support. If you can fix a problem without an upsell, do it.

 

• When you release a new product or service, reach out to your current customers first. They’ll appreciate being first to know and having first shot at getting something new from you. One possibility is, if you have some new service that is related to a current service, you can offer them the current service, plus the new service for a small additional fee.

 

• If you have a supplemental product or service that will enhance the customer’s experience, you can try to cross-sell it. For example, if they’re buying a TV, you can try to sell a game system or video player along with it.

 

• Place cheap, impulse items near the checkout lanes. You see this all the time at grocery stores and the like, and it usually works to get the customer to buy a little something extra. Try using the cheapest items that will complement your most-purchased products.

 

• You see the “Customers who bought this product also purchased” or the “Frequently purchased” on websites like Amazon, and it works rather well by pairing up people with similar taste and recommending items to them.

 

• Incentives like free shipping on a certain amount or offering bundle deals are a great way to get people to buy more when they feel like they’re getting a deal.

 

You can learn more about upselling and cross-selling by visiting this article, this article, this article, this article, this article, and this article.

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