What is cross-selling?
TRANSCRIPT
This is Stuart Webb Business Success Mentor, Author, Podcast host, Speaker, CEO and Founder of the Complete Approach - with another 1 take video blog - all the mistakes stay in
What Does Cross-Sell Mean?
A cross-sell is the sale of an additional product or service that is related to the primary purchase that a customer, client oe patient makes. Perhaps the most well-known example of cross-selling is the fast-food sales line, “Do you want fries with that?”, encouraging the customer to purchase fries in addition to the main course of their meal.
Cross-selling occurs across all industries and at both the wholesale and retail levels. Selling additional products to an existing customer is usually much easier than acquiring a new customer to purchase products. It’s a widely recognized fact that consumers tend to make purchases with the same businesses that they’ve purchased from in the past.
Cross-sells are considered one of the best and easiest methods of generating additional revenues for a business. In addition to generating more income, cross-selling may also carry the advantage of strengthening customer relationships. However, if the cross-sold product or service doesn’t enhance the value of the customer’s primary purchase, then a cross-sell may end up damaging, rather than strengthening, a company’s relationship with a customer.
The practice of cross-selling is often combined with the practice of upselling which we discussed last time.
How Cross-Selling Works – Examples
Ok. so let’s talk about some examples - they are obvious and you will recognise them as soon as you hear them.
Cross-selling is focused on the sale of products or services that offer additional – usually complimentary – benefits beyond what the primary product or service purchased provides. For example, at a health spa, a client purchasing a manicure might be cross-sold a pedicure.
One of the most common examples of cross-selling is the sale of additional batteries with electronic products that require them.
Another example - the sale of various accessories, such as a mouse, webcam, or laptop computer case, along with the sale of a personal computer
If you are running an online businessyou will have related products presented at checkout related to a customer’s selected purchase. One or more related products are presented below or alongside a customer’s already selected item, and all that customer needs to do is check a box to add the cross-sold product(s) to their order.
Cross-Selling vs. Upselling
How are cross-selling and upselling related? There is a simple, distinct difference between the two practices.
Cross-selling, is the sale of products or services that are considered complementary to a primary product that a customer is purchasing or has already purchased. In contrast, upselling refers to the sale of an upscaled, more expensive version of a product or service that a customer intends to purchase.
For example, a customer in an electronics store selects a television to buy. The Upsell here would be a slightly more expensive model with enhanced features such as better picture quality. The Cross-sell would be to an accompanied TV sound system.
Both cross-sells and upselling share the same objectives:
Provide the customer or client with enhanced value
Increase revenue for the business
OK that’s it for today. If this is helpful please comment and why not get a review of your cross-sell with our Scientific Marketing Review by clicking on the link at https://link.thecompleteapproach.co.uk/smm
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