We all have been sometimes or the other on the receiving end of pushy sale pitches, and hence know why up-selling and cross-selling often gets a bad rap.
However, if it is done effectively, with a robust QuickBooks CRM software both these marketing strategies are actually great weapons to grow your business by leveraging on your brand’s existing customer base.
Therefore, primarily, let us clarify the difference between up-selling and cross-selling before we talk about the great strategies that can make it happen in reality.
First thing first, Up-selling happens when you encourage and convince an existing customer to buy a more expensive item, version, or an upgrade of their intended purchase. A classic example of up-selling is when someone asks you in a restaurant “Would you prefer potato-chips with that?”
Here up-selling happens as the customer has already purchased one food item and adding fries to the menu just makes it a more delicious and expensive combo.
On the other hand, cross-selling happens when you try to persuade your customer to buy add-on products or services that complement the customer’s initial purchase. For an example, when you purchase a two-wheeler, the seller will encourage you (hopefully) to add a fog-light and a helmet in the interest of the buyer’s safety.
Hence, regardless of whatever that your company sells, the act of selling becomes more effective at up selling, whereas cross-selling aids in generating repeat business and increase your revenue.
Are you now ready to get started?
Then, keep reading or download this PDF to learn how best CRM for QuickBooks online like ConvergeHub makes it easier to achieve these goals.
While up-selling and cross-selling your products or services, your customers must never feel like they have been tricked into spending more. Therefore, advice your employees using your QuickBooks CRM for sales teams, to be upfront about what the add-on offering(s) will cost before telling the benefits of buying the products or services. Remember customers always appreciate honesty, and so they are more likely to consider the value of your proposed offerings if they are not distracted by unknown numbers.
It is always helpful to present your customers with an estimate that provides a line-by-line pricing break-up of your offerings.
Using QuickBooks CRM software allows your sales executives to create estimates easily directly within the easy to use CRM software, without requiring to wait for someone else to access the QuickBooks.
Bundle related offerings together
Here is the reason why “Would you prefer potato-chips with that?” is so very effective. Prospective customers always love a good deal, and it is typically cheaper to purchase a combo offer, than to buy, their burger first and go back again for potato chips later.
Now, if you find that your customer is debating whether to include an additional item to their purchase, try offering a time-bound discount on the combo offer, which certainly provides an incentive to buy now rather than waiting.
Therefore, if you want to refer to the regular prices of items in your selling list before making the big promises, QuickBooks CRM software platforms like ConvergeHub, allows your representatives to easily view your list of offerings and their usual pricing without leaving the CRM.
Know your customers’ preferences
According to Marketing Metrics, one of the leading market research firms focusing solely on advisor-sold investments and insurance across the world, states, “the probability of selling to an existing customer is 60 – 70%, while the probability of selling to a new prospect is 5-20%”.
This happens largely because if you are using an easy to use CRM software, your employees already know who your existing customers are and what they prefer to buy at large.
Therefore, using a best CRM software for QuickBooks like ConvergeHub that offers QuickBooks CRM integration free your employees can track your customer’s past purchases and preferences, which can be thereafter used for identifying up-selling and cross-selling opportunities that are most relevant to their likings.
Using a QuickBooks CRM software like ConvergeHub not only provides a 360-degree picture of a customer’s history with your businesses, but it also provides every single personal detail and past communications with the customers which include notes, phone conversations, their response to your customized email campaigns in a centralized location, before formulating a new sales pitch.
Understand your customers’ journeys
Pay attention to the storyline that led to your customer’s first purchase, Even if you find them busy and focused on eliminating one problem or achieve a goal, they may have also mentioned other pain points that are related to that cause. Therefore, taking note of these long-term plans of your customers opens up opportunities for up-selling and cross-selling, when the customers are ready to take their next big step.
Hence, always encourage your employees to record every single communication with their customer interactions as a mandatory activity and ensure that everyone on your sales, marketing, and customer support teams has an access to the customer information to assist the customers on their journey with your brand.
Hence, up-selling and cross-selling need not always have to be a shady affair, since the key to both these strategic approaches focuses on delivering vales to your customer.
Luckily, a QuickBooks CRM software like ConvergeHub, makes up-selling and cross-selling strategic approaches focused on delivering values to your customers, which consequently increase your revenue.