Is your business missing out on “free money”?

What do I mean by “free money”?

The term comes from a previous relationship many years ago, if my partner found any change in my pants, she would call it “free money” and of course it would disappear! All she had to do was follow a process to make sure she had all pockets covered.

Are you asking for more at the point of sale?

I quote the McDonald’s mantas as something all tech companies should follow at every stage of the sale process.

Do you want fries with that? Cross-sell

Do you want a coke with that? Cross-sell

Do you want a meal deal? Upsell

Do you want to upsize? Upsell

The suggestion of buying more never kills the sale when you can show more value.

Your customer is still going to buy a meal. Yet they have the choice to improve upon it based on the options available, which they may not be aware of.

It’s not a high-pressure sales situation because the customer has already made the decision to buy.

Are you following a process around capturing upsell & cross-sell?

Do you automatically drive revenue from your existing installed base?

The hard part has been done, they are a customer already and they want to maximize the benefit of the technology they have/are purchasing from you. It’s your responsibility to make sure their investment is always contemporary.

Do you save your customer time and effort?

Reducing the time to research or shop around for complimentary technology or add-ons can save your customer many hours and increase your value as a trusted advisor.

Get better ROI for your marketing and sales efforts

The old school process of getting the prospect from cold to hot again for a new sale is no longer an option. Offering them more benefit over the lifetime of the technology keeps them perpetually warm.

I used this strategy in my IT Distribution businesses. I realised that the channel business model demanded upsell & cross sell. Without it I wasn’t providing my resellers the ability to offer the best customer experience.

It’s one of the reasons my business became so profitable (and I was able to sell it for a record amount).

Today’s market demands it even more. Your customers’ needs are complex, they’re relying on you to show them the way.?

Most tech solutions need other products or services to become optimized

Having upsell & cross sell strategies in place creates a complete service. The key is to make it an automated process so your people can focus on the customer relationship.

Even if only 20% of your customers say yes to the additional value, that can be a significant uplift to your bottom line.

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