Up-selling and cross-selling are a key part of sales in any company. It is the perfect way a company capitalises on its existing base of customers. It is easier to up-sell to existing customer than acquiring new ones altogether. Since you already have an established relationship with your customers, they are likely to buy that additional service or product your telemarketing agents pitch them. Most companies that outsource their telemarketing services have processes specifically tailor made for the purpose of up-selling for revenue enhancement.
Before we go any further, let’s really get to know what the fundamental difference is between up-selling and cross-selling.
Up-selling: Up-selling is a strategy where your customer service agents talk to a customer that has an existing service plan with your company and try to convince him or her to upgrade that service to a more expensive package. This is generally found in the cases of telecom, broadband and cable service providers.
Cross-selling: Cross-selling is where your agents try to sell an additional item or service to the customer along with the one already purchased. Like when you buy a new smart phone and you are prompted to buy a scratch proof back cover with it or when you are subscribed to a cable package but are suggested to get an additional sports package.
Both these strategies are an integral part of the sales efforts of any business. Now let us get down to the five best practices that can help your telemarketing efforts.
- Never push your customers
There is a fine line between trying to convince a customer to upgrade and compelling them. If your telemarketing agent seems too pushy, it will damage the reputation of your company a great deal. You may lose that customer forever and say bye to the annual revenue brought in by him. Try to make the customer understand the benefits for them in upgrading rather than just bombarding them with scripted sales pitches.
- Capitalise on customer analytics
Use the data you have regarding previous purchases made by the customer. It will give you an insight into the buyer’s purchasing behavior. Using this knowledge you can pitch them the right product or service based on their interests. It increases the chances of them making the purchase. This strategy adds intelligence to your up-selling efforts thus improving results.
- Set a limit for up-selling
When dealing with high-value customers, it is important that you don’t make them feel pressurised by giving them the recommendation to upgrade their services at every encounter. You need to set a limit for each customer within a given time frame and make sure your customer service agents don’t exceed that limit at any cost. This gives a more professional outlook to the company and makes the customer take notice when you actually so try to up-sell.
- Do not ignore your customers
As mentioned before, always take into account your customer’s preferences. Do not try to cross-sell products that they have no interest in or have never shown interest in. Doing so would simply be a waste of time and effort. It is like following a blind sales strategy that has no intelligence or direction. It always makes the customer feel that your company has no regards for their interests and is only focused on making money rather than delighting customers.
- Follow the 1/4th rule
This rule is simple. When you are cross-selling a product, make sure that it is approximate 1/4th the value of the original product. This rule stems from nothing but common sense and experience gained by telemarketing service professionals. If someone wants to buy a sofa, you do not try to sell him a new house; rather cushion covers for that sofa.
By following these five telemarketing best practices, you can ensure that your company’s profits increase along with your customer’s satisfaction with your services. Outsource your telemarketing needs to Right Prospect Ltd to ensure a steady growth in profits and an exponential reduction in costs. To know more, contact us today.
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