Increasing revenue streams is a key focus for any business. Mike Stromsoe’s Unstoppable Profit Producer Program can help you grow your business by leveraging a range of techniques to benefit your revenue. Today we’ll focus on a little tidbit that can power your sales–upselling and cross-selling as a package deal.
Upselling refers to offering levels of a product or service–such as offering a “basic” free service package with a range of additional paid options. Free trials also fall into the upselling category. Start a customer out on the basic level, give them a product they like, and they’ll want to advance to related products with greater functionality.
Cross-selling refers to the practice of selling multiple products or services to the same customer. If you have more than one account with the same bank, you’ve been on the receiving end of a cross-sell.
Upselling provides service tiers to let customers adjust their purchases to meet their needs quickly and easily–but it can mean fewer people purchase your premium products or services. Cross-selling can help you move more product but opens you up to increased risk if one account fails.
Using both techniques lets you minimize risk and maximize profit. Build customer loyalty by providing convenient packages and “advancements” (upselling) as well as by offering a range of products that meet their combined needs (cross-selling). You’ll notice an uptick in your sales and your customer satisfaction.