Maximizing customer monetization is a critical lever in a holistic sales growth strategy while shoring customer retention. It helps build a competitive advantage while generating additional revenues for your company.
Upselling and cross-selling, when done right, will ensure you elevate customers from Apathetic to Acquiescent to Advocate.
This is accomplished via a cultural commitment to always ensure we listen to the customer and identify specific contexts and timing where we can help optimize their efforts. If they win, you win!
Our experience dictates the probability to close a deal with a new prospect within the industrial manufacturing sector in the United States is typically 5% - 20%. The probability of selling to an existing customer is 60% - 70%! Intuitively, it makes sense because people who know, like and trust you are always going to be more amenable to giving you an opportunity than someone who may barely know you.
We think there are distinct advantages for you to upsell or cross-sell to your existing customers. Key among them are...
We are strong proponents of learning the ‘Voice of the Customer.’ Listening, tracking and scoring customer engagements generates a tremendous amount of intelligence that can be used to carve a personalized journey for your customer. These personalized conversations help in identifying the appropriate time to pitch a cross-sell or an upsell opportunity.
Identifying their problems and pain points and crafting solutions within those contexts. Customers care more about solutions to make their lives easier than your products or services. This positions your company to be a trusted partner, thus building further credibility.
You are a subject-matter expert in your field. We help share your knowledge and educate them—give them news they can use. Helping them optimize their efforts are always received well thus positioning you as a thought leader and a trusted advisor.
A sale is a one-time transaction, a relationship for a lifetime! Ensure you have the trust of your customer and you will always have a loyal customer—a competitive advantage!
When done right, an upsell or a cross-sell strategy is just another lever you can use to help your customer win. If your customers win then you win as well and hence, the pitch needs to offer an unambiguous value proposition. This translates to ‘knowing your customer’ well enough to understand the ‘right’ context and the ‘right’ time to talk about upselling and/or cross-selling.
With over a decade of experience in working with hundreds of industrial manufacturing companies, our contribution and results speak for itself.
Industrial Manufacturing Clients
Million Attributable Revenue Impact
Successful Project Rate