“Would you like to add a milkshake or a basket of fries along with your burger?” You have probably heard this whenever you order an item at a fast-food franchise. Many hear the same every day, not just at fast-food franchises but also at several other retail establishments. 

When additional items are offered to you along with the items you purchase, it is a cross-selling tactic. But when you’re offered a burger slightly higher than what you’ve ordered, that is upselling. 

Per a 2022 survey of over 500 sales professionals, 72% who upsell and 74% who cross-sell claim it accounts for up to 30% of their revenue.  

Whether you’re a burgeoning entrepreneur or a seasoned sales professional, mastering the art of upselling and cross-selling can propel your business to new heights. Here, we’ll share a few upselling and cross-selling strategies to help you drive revenue. 

Understanding Upselling and Cross-Selling 

Upselling and cross-selling are B2B sales strategies that help businesses improve sales. 

Upselling refers to the practice of persuading a customer to purchase a comparable higher-end product than the one they are already considering. This sales strategy can help increase average order value (AOV). It shows visitors that upgraded models or versions of the product they are considering can fulfill their needs better. As a result, visitors walk away more satisfied with their purchase. 

Cross-selling, on the other hand, involves encouraging customers to purchase another product in conjunction with the primary product to satisfy the complementary needs unfulfilled by the original item. This sales strategy directs customers to things they would have purchased anyway by displaying them at the right time. 

Note that cross-selling is beneficial when you have established an initial relationship with your customer and know their desires very well. 

4 Strategies to Upsell and Cross-Sell Effectively

Here, we’ll dive into some tried-and-tested strategies that will help you master upselling and cross-selling:

1. Know Your Products Inside Out

A deep understanding of your product is essential before you start upselling and cross-selling. 

Familiarize yourself and your team members with the benefits, features, as well as potential use cases of your products. This will help pinpoint the perks of premium products over less expensive versions and identify complementary products for cross-selling. 

A comprehensive understanding of your products will allow you to tailor recommendations to your customers’ interests. Offering precise suggestions, especially during checkout, boosts sales as well as elevates customer satisfaction. 

2. Build Out Customer Journey

Building out the customer journey is another effective way to upsell and cross-sell products or services. Mapping out the various touchpoints and interactions a customer experiences throughout the buying process will help you develop the customer journey. Thus, you will be able to identify opportunities for upselling and cross-selling that seamlessly integrate into the customer’s experience.

Prolifiq advises businesses not to spend hours creating a relationship map manually. Instead, it asks them to automate the process using modern native Salesforce apps. 

Over 150,000 businesses from different industries use Salesforce to streamline sales processes, centralize customer information, manage marketing campaigns, and provide actionable analytics. 

This customer relationship management (CRM) platform collects and saves customer data, so businesses can have a complete and unified view of each customer. Businesses can identify individual behavioral patterns, preferences, and needs with the help of contact management and audience segmentation. 

Fifty-two percent of businesses saw an increase in lead volume after implementing Salesforce—no wonder it is the number one CRM platform. Consider leveraging it to understand your customer’s journey. 

A noteworthy feature of Salesforce is Opportunity Management. It collects all the details of the sale deal that takes place between the customer and the product or service provider. This allows the sales teams to manage all the deals effectively while being connected with stakeholders. 

Team members can access all the details in Salesforce Opportunity Management and share information required to close the sale from anywhere. Salesforce’s Opportunity Management also contains data about completed sales. This provides insight into improving processes so that future prospective sales can be completed more efficiently. 

3. Offer Tailored Bundles

Bundling or packaging items together encourages both sales strategies—upselling and cross-selling. Why not offer your customers bundles instead of standalone items? However, don’t just group random products. Instead, try to offer bundles based on specific customer segments or occasions. 

Leveraging data and insights from customer interactions, purchase history, and preferences will help you offer tailored bundles that resonate with the unique preferences of your customers. 

4. Keep the 25% Rule in Mind

Never should you try to upsell or cross-sell products that cost over 25% of the original purchase price. This 25% guideline helps maintain a balance between delivering value to the customer and avoiding sticker shock or overwhelming them with costly add-ons. 

Adhering to the 25% rule will enhance the customer’s experience without straying too far from their initial budget or expectations, boosting your odds of closing sales. 

To sum things up, upselling and cross-selling are powerful techniques that can drive revenue growth and maximize the value of each customer interaction. The above strategies will help you increase sales while delivering added value to your customers. 

However, keep in mind that it’s not just about closing sales, but also building long-term relationships and helping your customers achieve their goals. Thus, go ahead, unlock the power of upselling and cross-selling, and watch your business thrive.