Implementing effective strategies for upselling and cross-selling to existing clients is critical for increasing revenue and building long-term relationships. However, success in these endeavors is dependent on establishing trust, providing value, and understanding the needs of your clients. With the use of data reporting, education materials, discounts, and more, you can master the art of up and cross-selling to your clients. Keep reading to learn highly successful sales strategies that are used by the best salesmen and women.
Build Trust
Having a trusting relationship is crucial to upselling and cross-selling to your existing customers. Without it, there is a high probability that your client’s skepticism will shoot down your efforts.
Building trust with a client is easy, all you have to do is be honest, open open-minded, offer suggestions that actually benefit them, and create a good client relationship.
Implementing a client relationship management (CRM) system into your work routine can be highly beneficial to building trust since it offers many tools such as interaction tracking, data collection, and client preference recording. To maximize your CRM system, consider researching the best system for your industry. For example, Here you can find information on the best CRMs for architects to manage their client relationships.
Offer Discounts and Incentives
Everyone loves a good deal, especially clients who are already paying for your services.
Offering these discounts creates a sense of value that is hard to pass up.
Discounts and incentives also reduce the perceived risk for clients who are trying something new. In other words, they feel more secure with the decision to upgrade or expand because less money is involved.
Another added bonus of offering these deals is that it hits your clients with a sense of urgency. Whether they were already considering the change or not, they won’t want to miss out on the opportunity to receive it at a lower price; making them more likely to jump on board.
Educate Your Clients on Services and their Value
It’s important that you educate your clients on what you are trying to sell them. You want them to know how it works and why the upgrade is valuable.
When your clients are educated, they are less resistant, feel as if they can trust you, and understand how the change is relevant.
Use personalized data and research to show the value of the upsell. Explain why these added services or products benefit their needs specifically and how their business or life will improve after receiving them.
Explain new features, how the service works, and offer educational materials. The more your client knows, the more likely they are to agree to your up or cross-sell.
Understand Their Needs
Not every client has the same needs and it’s important to have a good idea of what those needs are before even considering having the upsell conversation.
With the use of personalized data and reporting, you can catch a glimpse into how your services are working for your client and use that information to create a personalized approach.
If you offer services to another company, you can go the extra mile by researching the company, looking at reviews, and finding their pain points.
Verify Satisfaction
Before trying to upsell to a client, you need to make sure they are happy with the services they are already receiving. This is important for two reasons. If they are not satisfied, they either need expanded services (upsell), or they are not benefiting from the services in place.
If your client is satisfied but needs more, the upsell will be quite easy. However, if they are not benefiting, an attempt to upsell could lose you a client altogether. In this situation, it is best to offer alternate services or solutions. Once things are tweaked and put in place for an appropriate amount of time, you can revisit the idea of up or cross-selling.
To determine satisfaction, you can have your client fill out a survey, or review interaction records.
Time the Upsell Wisely
Don’t try to upsell during the beginning of your relationship, give them an opportunity to experience your services and gain an understanding of their value.
There are many opportune times to attempt an upsell. Examples include:
- After the completion of a successful project
- When upgrades or new features have rolled out
- After receiving positive feedback
- When discussing a customer’s additional needs
- When it’s time to renew their contract.
Additionally, you can use data and reporting to choose the right time to upsell. If you notice a decrease in your client’s revenue, reach out. Have a conversation explaining that you reviewed their reports and noticed that you have a product or service that has the potential to solve their current issue.
