Upselling exists in various forms but the principle almost always remains the same. As open forum explains, you should always offer customers the opportunity to purchase an additional item to benefit, enhance, supplement or otherwise improve upon their current purchase experience.
“Strategic entrepreneurs understand that customers are far more likely to increase their purchase while already in ‘buying mode.’ These incremental gains can be key to generating profits.”
As a sales representative, the same methodology can be applied when selling to your customers. As Forbes explains, if you gain a customer through marketing efforts but lose one you already had because you weren’t paying enough attention to them, you end up with the same number of customers. The only difference, lower margins - because it costs far more to gain a new customer than keep an existing one. In fact, Donna Fenn found acquiring a new customer is five to 10 times the cost of retaining and existing one, and the average spend of a repeat customer is a whopping 67% more than a new one. So as a sales representative, how can you successfully upsell to current customers?
1. Know your customers inside out
Study your customers.Understand who they are, what they do, where they want to be in 5 or 10 years time.. Take the time to listen to their needs. What are their pain points? From there, offer advice and services to address these points. Be a true consultant for your customer. By knowing your customer inside out, not only does this grow loyalty, it leads to credibility and trust. Like in the example outlined before, the barrister took the time to get to know my situation, and provided a helpful solution to my needs.
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