The most effective way of growing your business is by expanding your services to your existing clients. As competition increases in your relevant market, the cost of acquiring a customer is constantly rising and companies have to come up with a way to find new markets within their given customer base.
Cross-selling and Up-selling are a huge part of the retail game because your customers already love you. If they didn’t then they wouldn’t be buying your product in the first place. A study says you’re 14 times more likely to sell to an existing customer then you are to a new customer.
What is Upselling?
Upselling involves encouraging a buying customer to add to his purchases by offering an incentive to do so. For example, a fashion store can offer 30% off on a 3rd shirt for customers buying 2 shirts.
What is Cross-Selling?
Selling a different service of yours to a customer or prospect. For example, a sales representative at an electronics retailer suggests that the customer purchasing a digital camera also buys a memory card.
So how can you implement Upselling or Cross-Selling this festive season?
Upselling/Cross-selling is one of the best tools for a business owner to increase basket size and thereby his sales, and it involves no extra marketing costs. So don’t miss out on this opportunity.