Cross-Sell and Up-Sell
Cross-Sell and Up-Sell More Effectively
Selling into existing customers is supposed to be easy. Yet for most companies, the penetration rate of multiple products in the existing customer base is less than 20%. In many sales organizations, reps are provided a customer list and a CRM tool and told to “go fish.” This can lead to unfocused cross-selling and up-selling efforts and low rep productivity. Many reps gravitate to cross-selling the products they “know” (i.e., understand and have sold successfully before) or over-harvesting existing relationships with “easy” accounts.
These days, successful cross-selling and up-selling requires considerably more insight, research and analysis to know which specific product(s) the customers are most interested in, how much value a deal would represent, and how to position the product to the customer’s buying needs.
In fact, your sales reps must keep continuous tabs on numerous internal systems (e.g., what was the customer’s last purchase, why did the customer call the service center, did the customer attend last week’s webinar) and external data sources (e.g., Google Alerts, news clippings, Facebook, LinkedIn) and then study the resulting data to identify trends and patterns across hundreds of accounts. Then, they synthesize the data and create notes to prepare for an effective outbound sales call. All of this takes time – time they could be spending in front of customers.
Imagine having an ongoing capability to provide comprehensive cross-selling and up-selling intelligence to your reps, enabling them to engage the most receptive customers in the most compelling ways. Top reps know:
- Communicate why purchasing the more expensive option or the additional products will make their lives better
- Describe how the cheaper option will actually cost more money in the long run
- Explain the results or consequences of the cheaper product or not purchasing the additional products
- Personalize the experience and make their customers feel special by offering an insider feel
Empower your entire sales team to know when and how to most compellingly engage customers with salesPRISM from Lattice, the only tool designed to turn Big Data into real-time insight your reps can act on.