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!
Most companies focus primarily on generating new customer leads to grow their company and increase their bottom line. However, we focus on an often forgotten demographic – your current customers!
Current customer sales in manufacturing is a prime target area where you can concentrate on providing extra value to your customers with upselling or cross-selling opportunities. By understanding what your customers need and providing solutions to make their lives easier, you can provide sales opportunities they will be interested in.
But why focus on selling to current customers in manufacturing? Because these are people you already have a relationship with, they already know you, and they already trust you. Most of the hard work is done since you don’t have to convince them to work with you in the first place. What you are providing these customers with is a clear value-added proposition, so they win with products and services that make their lives easier and you win with increased manufacturing customer growth.
Selling to current customers in manufacturing is a critical step in developing deep relationships and promoting organic growth over the long haul for your company. While developing new customer relationships will always be a key part of manufacturing customer growth, providing value-added cross-selling or up-selling opportunities for your current clients is just as important.
You might be surprised by how much your bottom line could increase by focusing efforts on upselling and promoting current customer sales in manufacturing. We’ll help you learn your customer’s needs, pain points, and journey so you can meet them with solutions when they need it most.
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.