Becoming a Cross-Selling Sorcerer
We’re all familiar with the Value Meals that entice us at the fast-food establishments; you know the ones that are meant to give you a better deal. Now, it’s no secret that Value Meals are meticulously planned as a means to cross-sell more product at the point-of-purchase. Would you like to value-size that? The Value Meal is just one example of how businesses have thrived from cross-selling.
Read on if you want to know the secret art to becoming a cross-selling sorcerer.
The Value Meal Method
It’s simple psychology, really. The value of the product or service offered is seen as intrinsically more valuable than its actual value. By adding on that extra beverage or polycarbonate mobile case at whatever respective prices they may be, the seller is obligated with the cross-sell to offer you, or at least make you think that you’re getting, a good deal. It’s all about the cross-sale, and it works on a lot of customers. It’s what we like to call the Value Meal method.
Basic Cross-selling 101
So what are some of the finer points of cross-selling? For one, you must appeal to the consumer based on the product or service purchased. A common cross-sale these days can be found at your local mobile dealer. Let’s say you purchase a phone. They immediately inundate you with talk of “warranties” and “insurance”, or worse— some dedicated service savant will even go into great detail about the nuances of a hard polycarbonate plastic cover as they drag you through a selection of generally obnoxious and tacky mobile phone covers.
Generate Interest and Incentive
When confronted with a cross-selling scenario, customers are put on the spot and tend to use spontaneous judgement to purchase the additional product or service. The first thing you have to do is generate interest in the cross-sale. If nobody cares about your cross-sale promotion, then what’s the point? Give ‘em what they want! The aforementioned cross-sale examples perfectly illustrate the potential interest of the customer who wants a bit more to drink or has just purchased a very expensive and very unprotected mobile phone. But interest isn’t everything. You need to complement that with incentive. Why would someone pay extra for this? It goes back to the psychology that drives the cross-sale.
Perception of Value
When a customer sees the value in the cross-sell, they are more likely to make the additional purchase. This conversion happens in an instant, driven by the customer’s compulsion to get that deal at that moment. A good cross-sale targets that moment of vulnerability when the customer is most likely to convert. You got a great deal!
But Everyone Else Has One
Cross-selling has the greatest impact when the incentive is social, especially with the way people love to share their product or service experiences with friends on-line. By using social media to share various promotions with your audience, you can more effectively see what the audience responds to, and adjust your cross-sales strategy accordingly. People also tend to want what their friends have and will actively seek out a brand and its promotions if its popular within their niche crowd. It is important to know who your audience and their friends are, and to use social media to learn more about your customers.
That’s All for Now, Folks
This should get you started on the road to becoming a cross-selling sorcerer. Now, go forth and conjure up some cross-selling magic that will leave your customers dazzled and your competition in your wake.
Do you know of any effective cross-selling strategies? If so, share them with us. Alternatively, to explore sales training that incorporates the art of cross-selling, please give our sales team a call on 0207 043 1582. They may even successfully cross-sell to you…
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