As a business owner, it is important to be aware of the different cross-selling opportunities available to you. Cross-selling refers to the process of suggesting related products or services to your customers in an attempt to increase sales. There are several ways to approach cross-selling, and the best approach will vary depending on your business and customers. By being aware of the options available, you can create a cross-selling strategy that helps improve sales and customer loyalty.
According to a customer’s needs and/or past behavior, a seller may propose better, related products using the cross-selling method. Consider the scenario when you already have a sheep. When the merchant provides you the opportunity to purchase a haystack, that is cross-selling opportunity.
Benefits of cross-selling
- Increase revenue: When it comes to advantages, the first thing you should be aware of is that cross-selling is a tremendous opportunity because you are selling to current clients who already have a good relationship with you and trust you. Additionally, if your recommendation precisely meets the needs of the customer, you will earn extra money.
- The cost of lead acquisition is high. You are 14 times more likely to sell to an existing customer than a new one, per Marketing Metrics data.
- Create stronger relationships with customers: If you provide customers with value, they will undoubtedly tell others about your brand. By doing this, you are not only creating leads for your company but also receiving referrals for real leads. By the way, a happy consumer will spread the word to many others about their excellent experiences.
- Boost customer lifetime value (CLTV): The longer you maintain the consumer, the more profit you will make. One of the most efficient ways to raise customer lifetime value is through the proper application of a cross-selling strategy.
- Increase customer retention rate: Your ideal customers don’t merely purchase a product and disappear forever. They keep making purchases from your brand. Cross-selling is an excellent strategy for attracting customers who will keep coming back.
Learn to recognize these 3 cross-selling opportunities
Offer rewards for purchasing bundles of items
People enjoy the sense of financial savings. Consider offering a discount to customers who buy two or more of your products.
Cross-sell to your email list
You can communicate with your customers directly via email and offer them something they might be interested in purchasing from you. To approach customers who abandoned their shopping carts, for instance, you can decide to set up an autoresponder.
A bundle of two or more of your products may be recommended in addition to the item they wanted to purchase on their previous visit in the abandoned cart email.
Add testimonials from customers
Customers place greater trust in other customers than they do in brands. Therefore, you can utilize client testimonials or favorable customer reviews to demonstrate to clients how they can use the additional item you’re recommending to accomplish their goals.
Have you tried cross-selling in your business? If not, it’s definitely worth a try. Cross-selling opportunities can increase your sales without too much extra effort. And if you’re looking for an easy way to start implementing cross-selling into your business, we suggest using OrderBooster.
OrderBooster is a simple product recommendation app on BigCommerce that makes it easy to recommend related products to your customers. With OrderBooster, you can quickly and easily add cross-sell and upsell recommendations to your online store. Give it a try today and see how it helps increase your sales!