Cross-selling is a sales technique used to get a customer to buy another product that’s related to what they’ve bought already.
OK… How’s That Different To Upselling?
Upselling is a little bit different, though it’s another great strategy to get customers to buy additional products or services.
When you’re upselling, you’re asking your customers to buy a more advanced – and more expensive – version of the product they’ve got.
Usually, this more expensive version will come with a whole host of added benefits that are unavailable with the more basic model.
Cross-selling, on the other hand, doesn’t focus on a replacement. Instead, it shines the light on a complementary extra to the product the customer already has.
Done right, cross-selling makes you look like a super helpful company, while bringing in extra profit on the back of the product/service you’re trying to sell.
How About An Example?
Amazon is the master of cross-selling… and we should all take a leaf out of their book.
If you’ve ever seen a stream of products underneath the tagline “Customers Who Bought This Item Also Bought” or “Frequently Bought Together”, then Amazon has targeted you for a cross-sale.
Bought a camera? Amazon will offer you a memory card.
Need a laptop computer? Amazon will suggest a mouse and external keyboard to go with it.
These aren’t alternatives to your chosen product. Rather, they’re helpful extras designed to make YOUR life easier.
And, with Amazon helping you, you, in turn, are helping Amazon – with a big wad of extra sales.
Why Should I Be Cross-Selling?
If you’re building your sales-funnel on a single-sales basis, then you’re definitely leaving money on the table.
Whether you’re B2C or B2B focused, cross-selling is a major influence on customer loyalty and net growth.
Luckily, cross-selling doesn’t need a surge of extra effort on your part. Once a prospect has gone through your funnel and hit the thank you page, it is 50% easier to sell them another product or service – as opposed to advertising to completely cold traffic.
You’ve warmed up your lead via the sales funnel and given them the solution they were looking for (the service or product).
But, as they go to click off the Thank You page, they notice you’re advertising something else. They feel a tiny pin-prick of doubt.
Are they getting the full experience? Will this other product make their lives any better?
Are they just going to end up looking it up again anyway? Will buying now save the effort?
All it takes is one moment of hesitation or one flicker of curiosity. The lead will make the extra click, and you’ll get an additional lead practically for free.
Can I Cross-Sell Through Multiple Clients?
If you’re in the lead generation industry, then you should be working with clients in the same niche.
As you won’t be upselling – aka, offering another client’s “better” product – but cross-selling(suggesting another client’s complementary product to the one already purchased), you’ll be killing two birds with one stone.
You’ll be generating leads basically for free with one client, and making the other client look super-helpful, boosting their credibility.
Just remember, it’s always best to check with the clients first.
If you’re uncomfortable cross-selling through multiple clients, you can always practice your strategy through one. Advertise a client’s second, relevant service, and ask for a report on how it boosted their sales.
If just 5 out of 100 people buy the second service, you’ve already added heaps of value for your client – again, almost for free!