When companies are looking to grow their business, they often start working on marketing to get new leads and encourage team members to convert on sales.
At the same time, they fail to recognize their most potent growth prospects: your existing customers. Upselling and cross-selling is the best way to grow your business. Both come under customer relationship management (CRM). Both will increase your sales, sell more products and fulfill your customer's requirement.
But the question arises, whether cross-selling is key to customer satisfaction? First, let us understand the difference between Upselling and cross-selling. It is straightforward. Upselling means when you convince your customers to purchase upgraded products, which are more expensive and higher version.
Cross-Selling means when you try to sell additional services or products to your customers.
We can see the best examples during shopping on e-commerce platforms such as Amazon, Flipkart, Myntra, etc. When you search for a mobile, the platform itself shows you some more expensive mobile and mobile protection covers as a recommendation. Here both the objectives are served.
Thus, if you use upselling and cross-selling to your customers who fulfill their needs and expectations, you eventually give them a better experience.
How Is It Going to Help Business Growth?
The main advantage of cross-selling is it helps increase sales revenue, improve customer satisfaction and increase Customer Lifetime Value (CLV).
Cross-Selling always works best for both; you and your customers. In most cases, your existing customers are not aware of all your products and services. It would help them to grow their business. Also, you may find them during their customer journey and recommend a product or service. In this way, you can increase your sales and customer satisfaction because the suggested product or service performs better and fits both.
How Is It Going to Help Customer Satisfaction?
Your key objective is making your customer feel like they’re also winning in the upsell or the cross-sell and the decision they have taken to get something of great value out of it. If you’re not able to fulfill this objective you probably are doing something wrong with your customers and may lose them in the future.
Using Customer relationship management (CRM), is all about knowing your customers – Who they are? What do they like? How will your suggested products or services help them achieve the business goals?
Are you looking for the perfect CRM software? You can go through this list of the best CRM software selected by the experts at Goodfirms. Here, you will find in-depth information about each software and authentic users’ reviews that can help you choose the CRM software compatible with your business needs.
The 10 most popular CRM software you can consider are - HubSpot CRM, Salesforce CRM, Zendesk Sell, Keap, Zoho CRM, Pipedrive, NetSuite CRM, Freshworks CRM, ActiveCampaign, and Insightly. But, if you are looking for pocket-friendly software, you can go for free and open source CRM software.
If you are in a dilemma about which CRM software would be the right option for you, just go through the buyer’s guide to CRM software to help you make the right selection.
We generally can see the importance of CRM while doing an online purchase. They show us the related products, options, and best offers. And if the item is listed on Wishlist they keep us sending the reminders as a notification with attractive offers. With specific offers, you can target your customers. Personalized follow-ups can increase sales.
The objective is to retain the customers and do business. These can also be implemented in big software developing companies as well.
For example, you are a software development company and you are developing account management software for your customers. While developing and understanding the customer journey, you may suggest your customer to integrate the payment services, online invoice generation, sending bills or invoices to customers, and many more additional services. These all services come under cross-selling. Here not only do you increase sales but also give a value proposition solution to your customers.
If your suggestion once implemented gives better results to your customers, it not only retains your customers but also enhances their experience with you or your company.
Onboarding a new customer is a sign of business growth but losing an existing customer is very expensive for any business. Your existing customers are a great chance to grow your business and give profit more than any other prospects. But at the same time to keep your existing customers satisfied you always need to give a value proposition solution to them. It may be up-sell or cross-sell. And for this, you have the support of CRM which will act as a backbone of your business.