Upselling to Your Existing Customers
Upselling. The art of persuading your customers to spend a little more than they set out to. It can be a tricky business, but it is far more economical to convince existing customers to spend more than hunt for new ones. So how can you make the process of upselling easier?
LOOK FOR LIFETIME VALUE
In order to effectively upsell, you need to invest in your customers from their very first transaction. So the first time they come to you, look at it from a long-term point of view and offer them real value. Do not just offer them the ‘deal of the day’; demonstrate how your solution gives them tangible, long-term ROI. When you engage prospects in a selling experience focused on lifetime value, you build relationships.
KEEP IN TOUCH
This is a given, you must keep in touch with your customers if you want to upsell! Call them, of course, but it will also not hurt to use a CRM system to keep track of how frequently your sales team corresponds with customers. And when you call, do it just to see how they are doing and to check on them- without a sales pitch at hand. When you interact in this manner, you get to learn more about them and where they are at, personally and professionally. What are their concerns? How have things changed since the last time you spoke? What are their goals and plans for the next couple of months? Spend more time listening…you are bound to identify a few upselling opportunities that match their needs.
INFORM, AND OFFER SOLUTIONS
Once you build a relationship with your customer, you need to upsell by understanding their issues and trying to address them with your products and services as a solution. Give them a variety of options from your product suite and help choose the best solution. Not just options based on different price points, but based on various angles of the customer’s problem. You also need to educate them about the options in front of them- they need to fully understand these options and weigh the pros and cons. When you allow your customers to make informed decisions, they will value what you are doing for them and be willing to spend more.