There are only two ways to grow revenue: get more customers or sell more to the ones you already have. Selling to existing customers can itself be divided into two parts: getting them to continue buying what they have already been purchasing (up-sell) and selling something they have not previously purchased (cross-sell). Upsell is a continuing process; it is what keeps the business alive. But cross-sell generates new revenue. Cross-sell is so important because it grows revenues and builds businesses.
Cross-sell is more important than upsell, and unfortunately it is also a lot harder to do. With up-sell, you know from transaction data what a customer has been buying, so you know what to offer. Cross-sell is all about a potential buyer’s preferences, and you need to discover what those preferences are, customer by customer. It’s not easy.
But powerful cross-sell is absolutely possible. It’s not guesswork, and there is no magic or mystery to it. Rather it is driven by analyzing transaction data to predict what individual customers will likely buy, and then using those predictions to create individualized marketing campaigns in which customers are offered products which interest them. The relevance of these offerings creates high response rates (often in double digits) and that elusive business-building revenue. Here’s how to do it… Download to read more.