Up-selling, Cross-selling, and Packaging
One of the key foundational elements in what I present to you is the idea and principle that you have to apply the strategies in a systematic way and apply them consistently over time. And, you will continue to see this theme as we progress through the rest of the material. Our approach and the use of systematic, consistent marketing and sales strategies will ensure that you are building process and systems that generate BIG increases sales and profits for your business so that you can reach that dividend objective you started out to achieve.
And we base these recommendations on tested and proven strategies that generate BIG results FAST. For example, did you know that, at the point of sale, 1 out of every 3 customers will take up a special offer linked to their current purchase? That means that your opportunities to up-sell, cross-sell and create new packages and bundles is almost unlimited. Unless, of course, you aren’t asking your customers at the sale close if they would like to add anything to their purchase. One of the surest ways to gain additional sales and profits — and to increase your business FAST – is to offer upgrades or complementary items to your customers when they check out or pay for their items.
For example, if you are like most of us you can think of the last time you bought something (anything) and remember whether the clerk or businessman ask you if you wanted to upgrade, buy another item or try a new combination of products or services. And, we all have heard the question, “Would you like some french fries and a Coke with that?” Or, “May I include an apple pie with your order? They are sale today for only $0.99.” Yes, that’s right, McDonald’s is really very good at up-sell and cross-sell opportunities at the point of sale. Notice too that they are also very systematic and consistent. When was the last time you were in a McDonald’s and someone did not ask you if you wanted to buy another item or include a drink with that? Staff and employees are trained to always ask. Are your employees and staff trained that well? If not, you are missing opportunities and leaving dollars on the table.
There are several other examples and you can be creative on how you apply this step in your own business. If you are in a shoe store buying shoes, would you think it reasonable that one of the clerks would ask if you need any socks or shoe polish? How about when you stop at the petrol station? If the attendant asks, “May I check to see if your oil is at a safe driving level?” then he and the business owner are using up-sell and cross-sell to increase their sales and profits. One of the reasons this strategy is so important is because your customers are there buying from you anyway. If you can convert 30% (or 1 out of 3) to multiple purchases right there, on the spot, why would you not employ this tool? Think about your own business and plan out ways to train your staff and employees to consistently ask customers for that extra sale.