B2B Upselling/Cross-selling for More Sales: 2021 Guide
Any marketing plan should include upselling and cross-selling. If you're a B2B company that isn't making use of this type of strategy, you might be missing out on a lot of money. To keep it, all you have to do is be proactive and present your consumers with the appropriate offer, presented in the right way.
It's always easier and less expensive to sell to an existing customer than it is to sell to a new one. You're already ahead of the game because you know your consumer, you know what they enjoy and don't like, and you know how what you're selling may improve their business.
Amazon is an excellent example of a firm that is a master at cross-selling. If you're a client of theirs, you've probably noticed a variety of strategies in action, such as the 'other customers purchased this' feature. Ensure that every possibility for a sale is pursued, including ones that clients haven't even considered!
Knowing how to properly upsell and cross-sell may help you increase the lifetime value of your clients, resulting in a stronger funnel and bank account. So, when it comes to B2B upselling and cross-selling, what's the secret?
What exactly is upselling?
Upselling has become the norm, especially in today's environment of SaaS (software as a service). Software is frequently sold in a variety of packages, each with a distinct price tag. This is the most fundamental form of upselling: providing the same product but with more features and at a higher price. Upselling in the consulting business may imply that a consultant successfully sells a 12-month contract instead of a six-month term. It simply implies boosting the client's first choice.
What is cross-selling, and how does it work?
When you cross-sell, on the other hand, you're not boosting a current product choice; instead, you're selling a similar product or service. This may mean selling additional training in the SaaS environment, or a marketing firm offering PPC alongside a content production contract. Upselling and cross-selling might take place at the moment of purchase or at a later date. Let's take a look at some B2B strategies that will help you reach your goals and boost your bottom line.
Your sales funnel
If you're acquainted with content marketing, you'll already have your buyer personas in place, as well as a map of your consumers' path. Make a matrix of all of your different sorts of clientele, as well as the items and services you provide. Not all goods are right for everyone, but by approaching it from this perspective, you might be able to find some chances you hadn't noticed previously.
The issue is, how well-thought-out is your sales funnel? Does it include measures for increasing sales both during and after the sale?
B2B sales cycles are often protracted because it takes time to establish the mutual trust that is necessary for a successful commercial partnership. Going in with your greatest offer might not be the best option; instead, search for ways to get them to commit with less risk.
It's a mistake to ignore your sales funnel just because you've made a transaction. Instead, bring together your marketing, sales, and customer care teams to brainstorm ideas to improve and expand your sales funnel. You could come across an entirely new service that would be a wonderful complement to what you presently provide.
Whether you're adding a new product or enhancing an existing one, the key to success is to make sure they all work together. It must make logic, and the items must complement one another. Also, don't overload your customers with too many options. Make it simple for any customer to obtain more of what you have to offer. For example, if your customer service personnel is well-trained, they should be able to detect extra sales possibilities via their interactions with clients.
It may be worth its weight in gold if they can promote an additional product or service at precisely the perfect time. We're not talking about them selling (although they might), but rather just sowing the seed and passing the lead on to sales. While upselling and cross-selling might be lucrative, resist the urge to have salespeople pitch something at every opportunity.
Provide excellent value
If you currently sell in a consultative manner, thinking about value will be second nature to you. Indeed, with this strategy, upselling and cross-selling opportunities are already built-in, because what counts most is determining what a customer actually requires and then providing it.
You should be able to spot chances well ahead of time, but remember that timing is everything. Just because it's obvious early on in your conversations with a lead that they'll need the whole shebang, doesn't imply they're ready for it. Relax if this happens; you know you've got a monster fish on the hook. Focus on being really helpful. Don't ask for too much upfront, and give excellent service. Further sales will virtually inevitably occur as a result of developing a connection in this manner since it will be a natural development.
Make sure you have a thorough understanding of your target market. Do your research and figure out which items and services will benefit them the most. With this information, you'll be able to talk about value rather than price and continue to score greater victories. Rather than being a product or a service to your client, strive to be a solution. Demonstrate that you care about their well-being.
Nurturing
Whatever sales methods you choose, the usage of intelligent software is critical to successful B2B marketing. With the appropriate tools, you may automate elements of your relationship development and uncover what a customer might need and when. You should divide your existing customer list in the same manner that you would segment a list of leads in order to promote to them and close a transaction. The larger your customer base, the more automation you'll require.
We're talking about something more than a simple monthly corporate newsletter, which only a few people will read. This is about providing proper nurturing via all channels available to that consumer. This keeps lines of communication open and allows for the presentation of fresh prospects at various stages along the route.
If you're utilizing account-based marketing (ABM), you'll want to make sure you're aware of every opportunity to strengthen your existing customer relationships. For example, depending on your offer, getting to know the decision-makers in different departments may be beneficial. You will be able to create these relationships with attentive nurturing.
Make sure you've submitted a list of your current clients to Lead Forensics and that it's being watched for activity. When a customer comes to your website on their own, it's a sure indicator that they're interested in whatever else you have to offer. You should be able to figure out what that something is based on the information stored about which pages they visit. Upselling and cross-selling provide a significant possibility for B2Bs in any case. If you don't presently provide any extra items or services, now is the time to start. Consider whether extra ones could be beneficial to you and your company's growth.
Advantages of upselling & cross-selling
Upselling and cross-selling are primarily used to increase a merchant's sales and total profit margin. But it's not just about the money; it's also about giving customers actual value. Here are some other ways in which these sales techniques may assist you:
Putting your own stamp on it. While quality and price are essential, buyers today value a personalized approach. They want you to anticipate their desires, thoroughly comprehend their requirements, and provide appropriate recommendations. The customer's preferences and previous purchases are used to determine cross-selling and upselling opportunities. As a result, you may increase personalization for a better client experience by using these approaches.
Increasing the value of a sale. Existing clients have a 60-70 percent better chance of buying from you than new prospects, according to statistics. Loyal customers are willing to pay 31% more than first-time purchasers. Cross-selling and upselling are strategies for retaining existing customers by providing them with bonuses or enhancements to their purchases.
Increasing the lifetime value of customers. Clients who are exposed to appropriate suggestions are more likely to buy from you and bring more money into your business.
Increasing trustworthiness. Customers will trust your brand even more if you cross-sell something that meets their wants. Why? Because a customer recognizes that you are concerned about their needs.
To put it in a nutshell
When it comes to growing sales, cross-selling and upselling are absolute winners. If done correctly, you'll gain loyal consumers and a higher profit margin. However, you must behave cautiously to avoid customers who are unaware of your deals. Make a list of your products and the items you can cross-sell and upsell with them before you begin. Then put them all to the test.
The greatest advice is to test as much as possible. The more you test, the better your results will be. Remember that successful sales are always accompanied by quick and simple online payments. Your conversion rate is ruined by any error or malfunction at the checkout stage. Don't overlook the necessity of including a tried-and-true payment mechanism on your website.
Upsell & cross-sell your customers by offering extra products, related products, and automatic free gifts through a one-click, tactful upsell popup.