By Chris on Aug 16, 2018, 5:56:33 PM
We all know that, in eCommerce business, it might be quite a hassle figuring out what products offer to your clients when you already know who is buying. But don’t worry! We offer our help for you to decide which goods suit best with your goals.
Do you want to increase your sales? Then you have two options: find new customers or sell more to the existing ones. The last statement is definitively the easiest and the one with the highest ROI - also known as Cross-selling. If you’re currently selling products, we recommend you to jump into it.
Definition of cross-selling
HubSpot defines cross-selling as:
“The practice of suggesting or persuading an additional product or service related to an original purchase to generate more revenue.”
So, in other words, the idea is to make your customer spend more by making him purchase more products than he actually thought he would (the typical “Would you like to add some fries?”).
Think about selling cell phones. If you want to cross-sell them, you must offer complementary products - screen protectors, cables, headphones, cases, among others. In short, offer something that helps them get more out of their cell phone – and also results in a more profitable sale.
Unlike cross-selling, upselling stands for offering your clients an upgraded version of the product they’re already purchasing. The best example of this is iPhones and the variety of models Apple offers - (they also cross-sell when they offer accessories).
Why should I cross-sell?
There are some benefits of cross-selling in your business. Keep reading and learn why you should go for it!
- You know the customer
As we said before, when you cross-sell, you suggest an additional product to a customer.
Usually, you already know your customer - you know what they want and how they want it. But wait! This doesn’t mean you are always going to sell to customers you know. Anyway, the probability of selling to a new prospect is 5-20%, and the likelihood of selling to an existing customer is 60-70%.
- Increases consumer´s loyalty
When you cross-sell, you offer your customers what they need. Therefore, they will trust you and appreciate that you´re looking out what they want. Who wouldn't love it?
- Sell your “undiscovered” products
Cross-selling is an excellent opportunity for bringing to light those products that might be unknown in your business.
- Optimizes your costs
Administrating just one order will always be cheaper than managing different orders with one product.
- Allows your brand to be known
If you offer your clients other products, you are automatically helping them to interact within your website. Consequently, it reinforces SEO due to your bound rate.
How to turn your cross-sell successfull!
If you want a fruitful cross-sell, take into consideration the following tips:
- Don't offer irrelevant products - be sure they realate.
- Offer discounts when buying more than 2 products.
- Make your cross-selling offers sound natural - “Customers who bought this item also bought” or “Frequently bought together” are great examples.
- Bundle products in order to induce consumers to purchase the whole set of complementary products.
To sum up, cross-selling is an incredible choice for turning your products profitable. Plus, a customer who once said yes to one of your products, is ready to open their wallet again. Include cross-selling in your eCommerce and take the best out of your company!