One of the most common questions that I get asked is how to generate more revenue.
One of the answers to that is to start cross-selling.
I mean, it’s no secret that we’re all in this game to make a lot of money or- at least- quit our boring day job. So, I am going to let you in on some juicy ways you can start cross-selling to increase your revenue.
What Is Cross-selling?
Cross-selling is the action of selling an additional product or service to an existing customer. The objective is to increase the income derived from the client.
For example: I went to a shoe shop to buy a gorgeous pair of red heels for $99.00. Before I knew it, the sales lady started sell me on the matching bag they also had on display for $80.00. I now had a pair of red heels and a matching bag ready to purchase and go.
As a approach the lady at the register, she asked me if I had their leather waterproof spray for $20.99 at home to make sure my shoes and bag stay in perfect condition. I didn’t so I was sold again.
See where I am going with this?
What could have just been $99 sale, turned into a $199.99 sale.
How To Start Cross-selling
1) Always Have Complimentary Products Ready To Go
Complimentary products are key in cross-selling. For example, if you’re selling laptops, you can offer them a laptop bag for half the price. It’s important you always cross-sell a product that is cheaper than the original product. Furthermore, something that will only take the customer a few seconds to make a decision about.
2) Position Is More Effective Than You Think
Have you noticed that nearly every supermarket or convenient store offer different types of candy right near the checkout counter?
The purpose behind this is to encourage impulse buying.
Which means, you too should offer the cheapest product that compliment the original product at checkout. For example, when a customer selects a product, you could use popups to offer a complimentary product.
3) Persuade Them With Numbers
The more other people buy it, the more likely we’re going to buy it.
One of the best cross-selling strategies is to let your customers know how many other people have bought the complementary product with the original product.
For example, you could say something like “customers who bought this product also bought XXX”. This strategy will really increase your money.
4) We All Love A Good Discount
Offering a discount on complementary products is a great way to increase your revenue and build a better relationship with your customer. Sites that offer good deals tend to retain customers better than place that do not offer discounts.
So, start offering a discounts and track your result.
5) Use Incentives
Incentivising your customer is also proven to be effective. Persuade your customers to buy more products by offering free shipping, discounts or gifts cards for orders over a certain amount. This is a great way you can increase your revenue.
Use A Marketing Tool To Increase Your Profits Even Further
Cross-selling is one way to increase your revenue but also using a marketing tool like Click.org to track, test and optimize your traffic will add even more value. I can not begins to stress the importance of using a tracking tool when you’re selling multiple products. It will not only give you insight into your visitor data but will help you improve your campaign strategies. Furthermore, you will be able to see which products convert the best so you can remove the ones that are not performing. You can even use it to create popups.
Finally, now that you have a few ideas about how to start cross-selling, you can put them into action and begin increasing your revenue. If you have any further question regarding cross-selling, please, don not hesitate to contact me.