Holding back the Ace card in your hand is a masterful way to win twice but it takes timing and technique. Waiting for the right moment to place an up-sell in front of a client is key and the way in which it is presented should be approached tactfully in order to achieve the double victory. Obtaining new business from new prospects is one half of the deck, however it can be more lucrative and effective to target existing customers who are happy with the product/service and are ready to upgrade or in a position to purchase something else. The sales people in your company should be able to spot these moments and pounce with grace and potency to take make the most of the situation and create the up-sell.
Here are 3 reasons why you should include the art of up-selling in your sales training program:
- Increase the Average Value of a Customer
After consistently up-selling existing customers, the average value of each transaction becomes significantly higher. This eases the pressure on quantity and places priority over quality of calls and interactions instead. The overall value of the business also rises as the existing customer base is now worth more.
The cost of obtaining new business reduces while the revenue received through up-selling increases as existing customers are upgraded to a product or service which has a higher value.
- Customer Loyalty
Clients are more likely to stay loyal to a company which serves more than just one of their needs. If you can satisfy a client in multiple facets through services and products; you have gained their trust and demonstrated great responsibility. As the relationship strengthens, the client feels like they are a partner in the business more than a pawn, this perception will encourage the client to be an unofficial ambassador for the brand and recommend to his or her friends and family.
These are a few reasons why up-selling should be a part of your sales team’s game plan and the next article will describe how you should play your cards perfectly to achieve it.