We all know that it’s easier to keep than to get a client, right? We also know that existing clients are very likely to buy something else from you if they are happy and satisfied and if they believe that you have their best interests in mind. And, the one I love the most is the recommendations and/or social proof that these clients can provide not only to actually work with someone but to get ‘bumped’ for organic likes (reach) on social media … because your audience genuinely supports you and comes storming into uplift your messages.
That said, what are you currently doing to nurture existing client relationships? What are you developing as additional products/services?
Have you considered cross-selling or upselling to increase revenue?
The good news is that you are not limited to one or the other. In fact over time and with a strong and loyal customer base you can be very successful at providing both to your clients.
The key, as always, is in the type of relationship you build with your clients.
is when you offer and provide related items to the product or service that has been purchased.
is when you offer and provide a more expensive version of what your customers already bought.
Cross-selling or upselling?
- upsell: Going from group coaching to one-on-one coaching
- cross-sell: Going from providing paper towels to a customer to also offering napkins and toilet paper
8 Keys to successful cross-selling or upselling:
- Understand your products and make sure that all members of your team know every aspect of the product/service and the sales cycle.
- Know your clients– build rapport and trust so that you can offer upsells or cross-sells without being perceived as pushy.
- Ask your customer what they need. What could make this experience/product/service better?
- Couch all upsells or cross-sells as added value and benefit. Being seen as a resource goes a long way to building relationships. What can you offer for free first?
- Understand and appreciate that not all clients will benefit from an upsell or a cross-sell.
- Core values check: Only offer products or services that are in line with your company culture and core values.
- Be creative and think in terms of your client’s vision; pitch IDEAS not just new products or services. Make it easy for your clients to see the link between what you are offering and what they need.
- Be mindful of timing–pretty obvious, but worth noting: wait for milestone achievements to offer something new. This is why it’s so important to review expectations and milestones during the client onboarding process.
The benefits to your business of cross-selling and upselling:
- Address/reduce customer acquisition costs: selling to existing customers is less expensive than acquiring new ones.
- Build and nurture stronger customer relationships: Your clients are your best resource for what is working and what is not working. They also become your biggest advocates and do your marketing for you online and in person when the opportunity presents itself to recommend your type of services or products (as long as you stay top of mind!)
- Great way to do market research and test new products or services: knowledge is key. Getting honest feedback from your clients is worth its weight in gold.
- Differentiate from your competition and be a trendsetter. Learn how to follow trends and spend time noodling over how to get creative with what you have and how you can make it work in a more ingenious way to get the edge on your competitors
Thinking creatively and strategically will help you provide innovative solutions for your clients. They will reward you with loyalty, referrals and continued opportunities to sell to them and to serve them.
Of course, you have to keep up your unwritten end of the bargain – keep up with the trends and provide excellent results – but I didn’t need to tell you that 😉
A little about me, G. Nancy Allen:
As the President of the WBDC of FL, a WBENC Regional Partner Organization (RPO), I oversee the certification that a business is in fact women-owned so they can access contracts specifically available for Supplier Diversity initiatives.
Another hat I wear is as Chief Trainer & Consultant of HERcompany, where I have the opportunity to assist women in business achieve an elegant transition from being an executive or somewhere along the chain to owning their own business. I show women how to monetize that ever-present glass ceiling. I also have the opportunity to serve as a representative at some amazing events where the movers and shakers are congregated and where we are making a difference opening doors for more women to add a product or service that is women-owned.
Always happy to help, I’m just a ping away!
This content is also published at: https://www.linkedin.com/pulse/cross-sell-upsell-which-one-right-your-women-owned-business-allen/.