Brands are always looking for ways to maximize revenue and profits. Upselling and cross-selling are two strategies that brands within the service industry should be taking advantage of. While marketing looks to bring in new customers, don’t ignore your current customers and the ability to get ahead of competitors and provide value to your customers.
What’s the difference between upselling and cross-selling you might ask? Upselling is where you’re encouraging customers to purchase comparable higher-end products in place of the ones they already have like an upgrade or even add-ons. Cross-selling is where you’re encouraging customers to buy items that are related to one another or that complement each other. They both are beneficial to any company and help to maximize value to customers and increase revenue.
Here are some of the benefits your company can get from implementing upselling and cross-selling in your customers’ experience:
It helps give customers a more personalized experience.
Product recommendations made with upselling and cross-selling are personalized to the customer’s needs and based on previous purchase history which persuades customers to purchase even more.
Increases sales and revenue
While it can be costly to try and attract new customers, cross-selling and upselling are great cost-effective ways to help you increase revenue and maximize profits.
Gives customers more options they may not be aware of
Customers may not even be aware of some options that your company has to offer, but when you implement cross-selling and upselling they’ll be made aware of other options that would be of interest to them such as offering wine samples or an add-on of dessert from a restaurant perspective.
Give more convenience to the customer
It allows you to give the best shopping experience to your customers which helps make the decision-making process much simpler and less time-consuming. You can even bundle products to make their shopping experience more convenient.
Increases customer loyalty and lifetime value
Upselling and cross-selling will not only bring an increase in profit but also increase the overall customer lifetime value and customer loyalty. When the experience is more customized with something as simple as tailoring product offerings and recommendations to their needs and wants, this helps the customers feel valued, increases loyalty, and creates repeated buyers.
Great use of promoting popular products and promotions
Another great benefit is that you can use cross-selling and upselling to help promote sales events, sale promotions, and new or popular products. It’s another method of advertising that is easy to implement.
As you can see, there are a ton of benefits to upselling and cross-selling. Our EZ-Chow platform puts control of the user experience into the hands of the brand. Our solutions allow your brand to upsell and cross-sell within the user experience.