Every agent strives to capture new leads and obtain new customers. But many forget that they have a huge, untapped market hiding right under their nose with their current client base. As a successful agent, you have an entire portfolio of product solutions at your fingertips, which makes cross-selling these loyal customers one of the most effective ways to grow your business.
The price of cross-selling an existing client is far lower than the cost of acquiring a new lead since your business is already familiar with the client. You have already established a relationship with the decision-makers. Therefore, cross-selling will yield higher responses, elevated sales, and a shorter sales cycle. In fact, Marketing Metrics predicted the odds of making a sale to be 60-70% for existing clients, compared to only 5-20% of new prospects.
The key to cross-selling is offering clients additional products that complement the services they already plan to purchase from you. So what’s the ideal solution to add to your toolbox in 2021? Vivial’s marketing solutions. Our comprehensive online, mobile, and social marketing tools are the services your customers need to promote their business.
Not sure where to start? Here are a few tips to get you going.
1. Start With Your Best Customers
Start your cross-selling journey with your best customers. You know their business, and they know they can trust your recommendation. Beginning with your best customer is also a great way to gain valuable input on bundles, value-adds, and more.
2. Show Customers the Value
Cross-selling is most effective and profitable when there is a clear and valuable relationship between the additional service and the original purchase. Testimonials, case studies, and ROI calculations are excellent resources to tap into when cross-selling to consumers. The more you can draw tangible parallels and showcase the added benefits, the greater the likelihood of success.
For instance, one successful agent has found bundling Vivial’s solutions with phone and internet service highly lucrative. After all, businesses not only need the means for consumers to contact them (aka phone and internet), but they need to create awareness and drive traffic to their business (aka Vivial’s marketing solutions).
3. Use Predictive Analytics
As with any business decision, data and analytics play a huge role in cross-selling. Because cross-selling is all about the added value and benefits, the best way to determine what will resonate best with your customer base is data and predictive analytics.
For example, a customer who recently purchased a new mattress will not typically respond to continuous messaging for new mattresses. However, they will respond to offers that complement that product, such as bedding, pillows, nightstands, and headboards.
Data collected about customers – purchase history, industry needs, etc. – is invaluable for agents hoping to cross-sell with their current book of business. It allows you to use tailored messaging and solutions that speak to the customer’s wants and needs.
PRO TIP: Leverage Vivial’s bundles to solve common marketing challenges.
Challenge: Need help managing basic business information online?
Solution: Vivial’s STARTER Package.
Challenge: Want to build an online presence?
Solution: Vivial’s PRO Package.
4. Follow Up
One of the more valuable times to capitalize on cross-selling is after a customer’s initial sales cycle. Make it a regular practice to follow up with your customers after closing a big purchase. You can use this time to check-in regarding their satisfaction or remaining unmet needs. It gives you the perfect segway for suggesting appropriate and valuable cross-sells while also building a strong customer relationship.
To start your cross-selling journey with Vivial’s Marketing Solutions and grow your business revenue, schedule time with a Vivial Channel Manager to learn more about how you can incorporate our online, mobile, and social marketing solutions into your selling strategy.