What is Cross Selling?
What is Cross Selling?
Cross Selling is the action or practice of selling an additional product or service, related or complementary to an existing buyer who’s already committed to making a purchase.
Why is Cross Selling Important?
Cross selling is important as it is a great strategy for a business to increase revenues scientifically without acquiring new customers, meaning there is no additional expense in marketing activities as it is far easier selling to existing customers than gaining new ones.
What is an Example of Cross Selling?
Cross selling example most people have encountered no matter where they are in the word is the McDonald’s iconic cross selling offer starting with the phrase: “Would you like some fries and drinks with your burger?”.
Another example for cross selling is when a person buys a new car and the car sales person is offering to add special magnesium rims.
What are Cross Selling Benefits?
Cross selling has three main benefits, customer retention, increased profitability and enhanced customer experience:
Customer Retention: The best way to guarantee that your business stays profitable is to retain the business’s customers. Cross selling is highly personalized and provides additional value to existing customers, helping to strengthen that relationship.
Increased Profitability: Cross selling is generating additional sales and revenues without the marketing expenses associated with selling the customer first time. This means that these cross selling products or services have a higher profitability.
Enhanced Customer Experience: Cross selling is all about convenience and flexibility where customers do not want or need to spend time on searching to find the complimentary products or services. By offering cross selling offers, you are enhancing your customer experience making them happier customer.
What is the Difference Between Cross Selling and Upselling?
Both upselling and cross selling’s goal is to maximize the value of a purchase as well as to improve the customer’s experience by creating additional value. While upselling focuses on getting the customers to purchase a more expensive, upgraded or premium version of that same product or service, cross selling focuses on promoting additional products from related product categories.