How to Create a Cross Selling Strategy: 5 Ways to Sell More and Increase Revenue

 

If you’re a business owner, chances are you are always strategizing ways to increase revenue at low cost to your company. Staying within budget and making sure income is flowing is one of the main stressors that keep you up at night. Without sufficient income, the company can’t support itself or its employees, and before you know it you’re dumpster diving for stale Cheetos with Blockbuster.

Cross selling is an excellent way to increase sales and revenue for minimal effort or investment on your part. Perhaps you’ve considered working it into your sales strategy, but you’re not confident on how to make it a successful endeavor. 

We’re here to give you the low-down on creating and implementing your own successful cross selling strategy.

 

What Exactly is Cross Selling?

Cross selling is the practice of adding on additional products or services to a sale already being made. These items are usually related to the original purchase or complimentary. 

Think about the last time you made a purchase on Amazon. As you’re reading the product description and scrolling down through to the reviews, you are given multiple opportunities to view “products related to this item” and a string of items that are “frequently bought together” or “recommended based on your shopping trends.” 

This is a perfect picture of cross selling. You went on the website for a birthday present for your niece, and by the time you’ve proceeded to checkout your cart is stuffed with a unicorn hoodie (for your niece), a My Little Ponies bento box (for your daughter’s first day back to school), a five-pound container of coconut oil (it was on sale) and a bunch of tiny erasers that look like sushi (because SUSHI).

How did this happen? Are there Jedis at Amazon using the Force to work their mind tricks on your poor defenseless brain?

Probably. But they are also experts at implementing a cross selling strategy into their business model. And considering the fact that they are consistently one of the top revenue-generating companies in the world, we’d say they are #crushingit. 

 

What is the Difference Between Cross Selling and Upselling? 

It’s pretty simple. While cross selling adds additional complimentary items to a sale, upselling adds to the original sale by encouraging an upgrade or adding items directly to the original product itself. 

Upselling is like going to your favorite fro-yo shop and increasing the price of your tasty treat with the addition of toasted coconut, whipped cream, and those little boba pearls that are so weirdly appealing. 

Cross selling is like purchasing a cup of fro-yo, AND a whoopie pie, AND an extra pint from the discount freezer to take home for later. 

Makes sense? Craving fro-yo now? 

…Yeah, us too. 

 

How Do You Create a Successful Cross Selling Strategy?

The biggest thing to remember when implementing a cross selling strategy is that your sales team can make or break this endeavor. If they know your products/services inside and out and are skilled in listening, understanding the client’s needs and problems, and offering them the best solutions, it’s likely that your strategy will be profitable. 

However, if your team is already maxed out, not confident, or lacking training, you will need to address those issues head-on before taking any steps forward. Otherwise, you’re starting on a very shaky foundation. If your salespeople don’t listen well and suggest an item that your lead really doesn’t need or doesn’t address their problems, trust will be broken and your lead will go to a competitor where they feel heard and understood. 

That’s super sad and totally not for you so we’re moving on to the good stuff. What are our top tips for creating and implementing a great cross selling strategy?

1. Gather Data to Guide Your Cross Selling Strategy.

The best way to start off building your cross selling strategy is to gather as much data as you can on your current customers and their unique sales journeys. The more information you have, the better you can anticipate need and the opportunity for cross selling.

Consider:

• Customer browsing history
• Purchase history
• Call records
• Web chat messages
• E-mails
• Survey results
• Feedback
• Testimonials

Compile all your data to create a clear customer profile, map out the customer journey, and note which clients might be ready for a cross selling campaign.

2. Consider Your Products/Services.

When developing a cross selling strategy, it’s important to take inventory of the products or services you offer. Figure out which items work well together and complement each other. This makes it easier for you and your sales team to visualize the perfect pairings and be ready when the right clients come along.

Make sure to take the time to train your team members on how to combine products or services in a complementary way that makes sense and best serves the current client. 

3. Understand and Build Relationships with Your Target Audience. 

The most successful sales strategies involve knowing your audience and building relationships with them. Beyond simply facts and need, sales are made because of an emotional response elicited from the buyer. Logic alone doesn’t motivate human decisions. Leads convert when they FEEL they can trust a company with their money and are understood and cared for in a personalized way. 

The better you know your customers, their needs, their preferences, and where they are on their customer journey, the better you can anticipate their needs and reach out at just the right time to meet that need and score sales. 

4.  Stay Focused on Serving the Customer and Providing Value.

When it comes to engaging in a cross selling strategy, there’s the temptation to try to make a bunch of sales and a lot of moolah in one fell swoop. But it’s important to not become clouded by greed and the opportunity for a large chunk of income. If you really want your company to stand apart from the competition, keep the heart of your sales efforts beating for your customers. 

Customer-centric selling is focused on the customer, serving them, and listening well to determine their problem and seek to solve it. Most leads can sense when a salesperson is only focused on making the sale. It’s a HUGE turn-off. Nobody likes it. But when a salesperson shows they are passionate about making the customer’s life better, easier, and happier…well, magic happens. 

Studies show that people buy more from people and companies they have established trust and built relationships with. And that trust is created when they KNOW you are in this for THEM, not your own bottom line. 

Once you’ve proven and established that level of trust and care with your clients, they are far more likely to return to you for purchases and be open to hearing about new/complimentary products or services that you think will help them. This in turn makes your cross selling strategy more effective.

5. Let Squeeze Prepare Your Leads for Closing.

It’s clear that any successful sale comes from a lot of work accomplished long before your lead even comes in contact with your sales team. The nurturing and engagement you provide for your clients every step of the way can make all the difference between a successful cross selling strategy and a failed one. 

We are in the business of success. Specifically, YOUR success. We bridge the gap between marketing and sales, contacting, nurturing, and qualifying your leads so you know every lead that comes down the pipeline to your sales team is hot and ready to close. 

You’ve got the strategy. We’ve got the skillz to make it happen. 

 

Squeeze is Ready to Support Your Cross-Selling Strategy!

Your dream team is only a click away. Contact us today and let’s do this!