Amazon.com reported that 35% of its revenues are as a direct result of their cross-selling and up-selling efforts.
What is the Difference Between Cross-Selling & Up-Selling?
Do you know the difference between the two? Up-selling is when you try to get someone to buy a more expensive version of the product they are already buying. Cross-selling is when you try to get them to buy something else along with the item they are already buying.
Both methods are wonderful ways to grow your business, increase revenue and provide your customers with more value. A perfect up-sell is a win-win for both parties. It entails providing a significant level of increased value to the customer in exchange for a moderate increase in spend.
To explain an up-sale, let’s use DVDs as an example. Say you are selling the new Blade Runner 2049 movie on DVD (assuming you are still buying movies on DVDs.) One could buy the Blade Runner DVD for $24.99. However, you might offer the Blade Runner Deluxe version which includes out-takes, a documentary on the making of the movie, a coupon for a free t-shirt and a number of other features related to the movie.
You can get all of this for only $5 more. This is an up-sell. A cross-sell on the other hand would be if you offered the original blade runner to them at checkout as well. Or, ideally a bundle with the original movie at $14.99 or get BOTH copies of the original movie and the new version for only $24.99 saving you $5.
Your Own Dedicated Up-Sales and Cross-Sales Professionals!
Most people think about up-selling and cross-selling within the context of an e-commerce website, but it is very relevant within the context of our answering service as well. Our virtual receptionists take thousands of orders over the phone. And, unlike a website, they have human intuition and can ask important questions to help the understand what up-sold or cross-sold products would be a good fit for the person they are speaking with.
Anyone who has ever properly managed in e-commerce site knows that this is true. However, too many businesses miss out on this revenue increasing tool when taking orders over the phone.
Even business owners and sales representatives can skip this critical moment in the conversation out of fear or worry that they might upset the customer.
At dedicated office, we do this type of thing every day. Our specialists know just the right ways to approach an up-sale or cross-sale in order to present it as a valuable offer to the client rather than a time waste.
Our virtual receptionists, however, won’t just attempt to meet the status quo. They will do their best to deliver strong results and exceed your expectations.
Imagine what a potential 35% uptick in sales could mean for your business.
Call or email is today!