Upselling Strategies: Don’t Leave Money on the Table

“Would you like fries with that, sir?”  Every single business can learn something from the phenomenal success of fast-food franchises over the past few decades.  That’s the power of upselling.

What is upselling anyhow?  Is it about selling more and
more to a client?  Is it about selling more of the same or
simply different product or services?  Is it about making
them aware of other products or services your company has
to offer, even if you don’t personally sell them?  Is it
about making them aware of products or services your
company doesn’t sell but could be of benefit to them?  It’s
all of the above and more, and you’re leaving money on the
table if you don’t learn how to upsell, and do it with
grace and ease.

Sometimes the simplest methods are the best, and with
sales, this is certainly true.  The foundation of all
effective sales is building a relationship.  Without a
strong relationship, your customer will not be inclined to
buy a second time, or to think of your company as one to
refer to friends and associates.  Upselling and
cross-selling are not only methods, but also tools to use
in the building of strong relationships.  Upselling
involves more than working hard to understand client needs;
it also requires a high level blend of empathy for the
customer’s business challenges and staying alert for
opportunities to move relationships forward in the sales
process.  Every time you talk to a client you have an
opportunity to service them that you aren’t taking
advantage of.  And many clients would buy more but they
don’t know what you have to offer, they’re not asked, or
they’re not asked in the right way.

So when and how do you present new ideas and offering to
clients?  There truly is no right or wrong answer to this.
It’s about being in conversation with your clients all the
time.  It’s about listening to them.  It’s about hearing
what they aren’t saying and what’s between the lines of
what they are saying.  It’s asking questions.  Salesmanship
is more about listening and questioning than telling and
selling.  Upselling simply takes this to a new level.

It is a fact that most customers have a higher level of
satisfaction when they receive a high-quality product or
service than they would ever have with a cheaper,
lower-quality version.  By listening to your customers and
matching their needs with your best product or service for
their circumstances, even if it’s a higher priced version
than they originally wanted, you will not only increase the
profit margin of your sale, but you will also boost your
customer’s satisfaction with your company.  And we all know
that a satisfied customer means a repeat customer - one who
refers your business to others.

So now we’ve established the importance of listening in
building a relationship with your customers.  But what do
you listen for?  What questions should you be asking?  And
how do you know when it’s the right time to present a new
sales concept?  The answer to these questions is bigger
than can be addressed in this article, but here are a few
hints:

1. Don’t simply sell them what they ask for - not only may
you be leaving money on the table but you may not be in
best service to the client.  Find out what they are trying
to accomplish (or the goal) by the purchase of the product
or service.  You may find out there is something else you
have that fits their needs better.

2. Each time you speak to your customers, gather
information.  Ask them questions about their business (or
themselves).  What do they see coming up for them in the
next 6, 12, 18 months.  What challenges are they facing?
What do they see as the biggest gap in where they are
versus where they want to be?  Create a list of questions
that are appropriate for your clients and will strike a
chord with them.

3. If you sell one line of products or services, but your
company sells additional lines, ask them if they use these
others.  For example - if you sell life insurance but a
colleague in your company sells long-term care, ask your
client if they sell/buy long-term care and if so who do
they do that through now.  If you sell to government, ask
them who handles the commercial side.  If you sell Toyotas,
ask them who they know that would buy a Cadillac.  You get
the idea.

Upselling isn’t a one time activity.  It’s a mindset about
being in service to your customers and clients all the
time.  It’s about thinking bigger than just the one sale in
front of you, and focusing on building long-term high trust
relationships.  It’s about genuine concern and interest in
the client/customer - who they are, what’s important to
them, how they think, what keeps them awake at night, their
challenges – and everything else about them.  Upselling
isn’t a technique, it’s an attitude.  Develop it and you’ll
make more sales, bigger sales and have those referrals
coming to you all the time.

Your customers have money that they will willingly spend
with you.  Don’t leave that money on the table!

—————————————————-
Linda Finkle, CEO of INCEDO GROUP, works with innovative
business leaders around the world who understand that
powerful upselling and cross-sellling methods are key to
profit growth and sales effectiveness.  If you’re ready to
power-boost your sales, make more money, and build stronger
customer relationships, check out Linda’s UPSELLING
STRATEGIES teleseminar:
http://www.incedogroup.com/events_1.htm