How to start developing your upsell or cross-sell strategy:
- Understand your current customers’ behavior when they purchase or license additional products (understand their needs)
- Look at your current customers who are purchasing another product and understand the reasons they decided to invest more in your products/services
- Find customers with similar characteristics and are likely to purchase additional product.
- Have customers from #2 be part of the sales process – have them share their stories, be a references, etc.
- Consider discounts for those who purchase more products — it’s harder to get a new customer than an existing customer :grinning:
- Aim to personalize your programs. (Who wants to be sold to by a seller who doesn’t know your name : )
- Measure and track success – but also understand the upsell / cross sell journey so you can identify potential issues and outages.
Bottom Line: How to start developing your upsell or cross-sell strategy:
- Learn form your existing customers and then apply those learnings to your programs.
- Leverage your current customers as references and integrate them into the sales process
FYI: Amazon uses several methods to upsell its customers, including:
- “Frequently bought together” or “Customers who bought this item also bought” sections on product pages that show related or complementary products.
- “You might also like” or “Related to items you’ve viewed” sections on the website that show similar products based on a customer’s browsing history.
- “Sponsored products” or “Sponsored brands” that are shown on search results pages or on product pages and are tailored to a customer’s interests.
- “Subscribe & Save” program that allows customers to schedule regular deliveries of items they frequently purchase and receive a discount on them.
- “Amazon’s Choice” badge that is placed on products that are highly rated, well-priced, and ready to ship.
- “Recommendations for you” section on customer account page, showing personalized suggestions based on purchase history and browsing history.
These methods are designed to show customers additional products they may be interested in buying and increase the chances of them making additional purchases.