Cross-Selling - Revision history

User at 01:08, 20 January 2023

2023-01-20T01:08:32Z

User at 17:45, 30 November 2021

2021-11-30T17:45:03Z

User at 17:52, 29 November 2021

2021-11-29T17:52:51Z

User at 17:01, 29 November 2021

2021-11-29T17:01:48Z

User at 16:58, 29 November 2021

2021-11-29T16:58:25Z

User at 16:34, 29 November 2021

2021-11-29T16:34:25Z

User at 14:21, 29 November 2021

2021-11-29T14:21:56Z

User: Created page with " '''Content Coming Soon'''"

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 *[[Advertising]]
 *[[Target Market]]
 == References ==
 <references/>

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 *As an agency, if you have a client who has just launched their social media accounts, you may offer social media management to help attract new followers. If a client just launched Google and Facebook Ads, you might offer post-click landing page design services to generate more traffic and leads.
 Ultimately, there is no exact time to cross-sell, but there are plenty of wrong times, and it’s up to you to determine when to make the call. Some sales may go well immediately after a client signs with you, whereas others are best saved for later in the relationship.<ref>When is the best time to cross-sell? [https://instapage.com/blog/cross-selling Instapage]</ref>
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 *Encourage cross-sales by creating spaces for interaction between customers: An online community for skateboard buyers may be as effective at encouraging sales of additional wheels and other parts as your direct marketing efforts.
 *Make use of social selling techniques: For example, [[Social Media|social media]] influencers are a valuable tool for reaching the widest possible audience in the current, predominantly digital sales environment. Offer incentives for influencers who already promote your products to mention supplementary products on their social media channels.
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 *A customer policy requiring the use of multiple vendors.
 *Different purchasing points within an account, which reduce the ability to treat the customer like a single account.
-*The fear of the incumbent business unit that its colleagues would botch their work at the client, resulting with the loss of the account for all units of the firm.
+*The fear of the incumbent business unit that its colleagues would botch their work at the client, resulting with the loss of the account for all units of the firm.<ref>Ethics and Barriers of Cross-Selling [https://en.wikipedia.org/wiki/Cross-selling Wikipedia]</ref>

← Older revision		Revision as of 17:52, 29 November 2021
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	**Pushy and aggressive perception		**Pushy and aggressive perception
	**Diminished reputation		**Diminished reputation
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		+	While there may be some ethical issues with cross-selling, in some cases they can be huge. Arthur Andersen's dealings with Enron provide a highly visible example. It is commonly felt that the firm's objectivity, being an auditor, was compromised by selling internal audit services and massive amounts of consulting work to the account.
		+	Though most companies want more cross-selling, there can be substantial barriers:
		+	*A customer policy requiring the use of multiple vendors.
		+	*Different purchasing points within an account, which reduce the ability to treat the customer like a single account.
		+	*The fear of the incumbent business unit that its colleagues would botch their work at the client, resulting with the loss of the account for all units of the firm.

← Older revision		Revision as of 17:01, 29 November 2021
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	'''Cross-Selling''' is the process of selling additional [[Product\|products]] or [[Service\|services]] to a [[Customer\|customer]] to increase the value of a sale. It encourages the customer to buy more: for example, when buying a cellular phone, the retailer may also suggest you get the phone case. In [[E-Commerce\|e-commerce]] cross-selling is common practice: complementary items are suggested on the product pages, in the shopping cart or during the checkout process. You may also get emails after the sale with suggestions of additional products that would complement your order.		'''Cross-Selling''' is the process of selling additional [[Product\|products]] or [[Service\|services]] to a [[Customer\|customer]] to increase the value of a sale. It encourages the customer to buy more: for example, when buying a cellular phone, the retailer may also suggest you get the phone case. In [[E-Commerce\|e-commerce]] cross-selling is common practice: complementary items are suggested on the product pages, in the shopping cart or during the checkout process. You may also get emails after the sale with suggestions of additional products that would complement your order.
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		+	Knowing when to cross-sell is just as important, if not more so, than the initial sale itself. If you try to sell to a client at the wrong time, it can damage your relationship moving forward or negate the original sale entirely. No single approach or rule dictates the best time to cross-sell. However, by remembering the central goal of cross-selling — to persuade a customer to purchase a service that complements their original purchase — you can time the sale just right. Simply put, the best time to cross-sell is when the sale makes sense. For Example:
		+	*If you were a video game store, a great opportunity to cross-sell video games would be when somebody purchases a new console.
		+	*As an agency, if you have a client who has just launched their social media accounts, you may offer social media management to help attract new followers. If a client just launched Google and Facebook Ads, you might offer post-click landing page design services to generate more traffic and leads.
		+	Ultimately, there is no exact time to cross-sell, but there are plenty of wrong times, and it’s up to you to determine when to make the call. Some sales may go well immediately after a client signs with you, whereas others are best saved for later in the relationship.<ref>When is the best time to cross-sell? [https://instapage.com/blog/cross-selling Instapage]</ref>

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-==How Cross-Selling Works<ref>How Cross-Selling Works [https://www.investopedia.com/terms/c/cross-sell.asp Investopedia]</ref> ==
+== Cross-Selling Techniques<ref>Cross-Selling Techniques [https://www.salesforce.com/eu/learning-centre/sales/cross-selling/#techniques Salesforce]</ref> ==
-Cross-selling to existing clients is one of the primary methods of generating new revenue for many businesses, including financial advisors. This is perhaps one of the easiest ways to grow their business, as they have already established a relationship with the client and are familiar with their needs and objectives.
+Once you have identified the customers you would like to approach and the products you would like to cross-sell, here are some techniques and cross-selling tips to keep in mind:
+*Offer the customer additional products and services that will genuinely provide them with added value: Think about cross-sales from your a customer’s point of view, not just in terms of how much revenue you think you can generate. If you are utilizing a [[Customer Relationship Management (CRM)|CRM]], fewer well-placed offers are far more valuable than a greater range of offers that don’t benefit your customer relationships.
-However, advisors need to be careful when they use this strategy—a money manager who cross-sells a mutual fund that invests in a different sector can be a good way for the client to diversify their portfolio. But an advisor who tries to sell a client a mortgage or other product that is outside the advisor’s scope of knowledge can lead to problems in many cases.
+*Find your customers at effective touch points on their customer journey: If they’ve used your [[Website|website]] to place orders, email or targeted ads might be the best method for cross-selling. If they’re more likely to visit a store in person, a salesperson is more likely to cross-sell additional products and services to them in person or on the phone.
+*Use your existing inbound marketing campaigns to promote supplementary products and services: If you have content targeting an audience that buys luxury cars, for instance, you can include ads for car accessories on your blog posts and product descriptions to encourage cross-sales.
-If done efficiently, cross-selling can translate into significant profits for stockbrokers, insurance agents, and financial planners. Licensed income tax preparers can offer insurance and investment products to their tax clients, and this is among the easiest of all sales to make. Effective cross-selling is a good business practice and is a useful financial planning strategy, as well.
+*Make effective use of the data your customers provide: The new generation of consumers expects personalized service, even when it comes to upselling and cross-selling, and the tools for providing that through solid data are out there.
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 *Make it easy for the customer to say “yes” by addressing potential customer objections in the cross-sell conversation. For example, a waiter showing diners the dessert tray can overcome, “I shouldn’t” by suggesting that diners share a dessert.
 Cross-selling in the ecommerce environment involves identifying related products and creating appropriate offers while in-person cross-selling could require training in effective approaches. In both cases, though, the goal is to make more money for the company while creating a satisfied customer.

← Older revision		Revision as of 16:34, 29 November 2021
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	'''Cross-Selling''' is the process of selling additional [[Product\|products]] or [[Service\|services]] to a [[Customer\|customer]] to increase the value of a sale. It encourages the customer to buy more: for example, when buying a cellular phone, the retailer may also suggest you get the phone case. In [[E-Commerce\|e-commerce]] cross-selling is common practice: complementary items are suggested on the product pages, in the shopping cart or during the checkout process. You may also get emails after the sale with suggestions of additional products that would complement your order.		'''Cross-Selling''' is the process of selling additional [[Product\|products]] or [[Service\|services]] to a [[Customer\|customer]] to increase the value of a sale. It encourages the customer to buy more: for example, when buying a cellular phone, the retailer may also suggest you get the phone case. In [[E-Commerce\|e-commerce]] cross-selling is common practice: complementary items are suggested on the product pages, in the shopping cart or during the checkout process. You may also get emails after the sale with suggestions of additional products that would complement your order.
		+
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		+	==How Cross-Selling Works<ref>How Cross-Selling Works [https://www.investopedia.com/terms/c/cross-sell.asp Investopedia]</ref> ==
		+	Cross-selling to existing clients is one of the primary methods of generating new revenue for many businesses, including financial advisors. This is perhaps one of the easiest ways to grow their business, as they have already established a relationship with the client and are familiar with their needs and objectives.
		+
		+	However, advisors need to be careful when they use this strategy—a money manager who cross-sells a mutual fund that invests in a different sector can be a good way for the client to diversify their portfolio. But an advisor who tries to sell a client a mortgage or other product that is outside the advisor’s scope of knowledge can lead to problems in many cases.
		+
		+	If done efficiently, cross-selling can translate into significant profits for stockbrokers, insurance agents, and financial planners. Licensed income tax preparers can offer insurance and investment products to their tax clients, and this is among the easiest of all sales to make. Effective cross-selling is a good business practice and is a useful financial planning strategy, as well.
		+
		+
		+	==Cross-Selling Best Practices<ref>Cross-Selling Best Practices [https://www.shopify.com/encyclopedia/cross-selling Shopify]</ref> ==
		+	Best practices for cross-selling success include:
		+	*Recommend the accessory required for proper operation or use of the product purchased, such as a power cord for a computer printer that doesn’t include one in the box.
		+	*Bundle related products so the customer doesn’t need to look for necessary components or accessories.
		+	Offer a discounted price on a bundled product offer to encourage immediate purchase with a temporary price savings.
		+	*Demonstrate how the additional products work with the product being purchased.
		+	*Make it easy for the customer to say “yes” by addressing potential customer objections in the cross-sell conversation. For example, a waiter showing diners the dessert tray can overcome, “I shouldn’t” by suggesting that diners share a dessert.
		+	Cross-selling in the ecommerce environment involves identifying related products and creating appropriate offers while in-person cross-selling could require training in effective approaches. In both cases, though, the goal is to make more money for the company while creating a satisfied customer.

← Older revision		Revision as of 14:21, 29 November 2021
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−		+	'''Cross-Selling''' is the process of selling additional [[Product\|products]] or [[Service\|services]] to a [[Customer\|customer]] to increase the value of a sale. It encourages the customer to buy more: for example, when buying a cellular phone, the retailer may also suggest you get the phone case. In [[E-Commerce\|e-commerce]] cross-selling is common practice: complementary items are suggested on the product pages, in the shopping cart or during the checkout process. You may also get emails after the sale with suggestions of additional products that would complement your order.
−	'''~~Content Coming Soon~~'''