example of cross selling in banking

Cross Selling and Upselling Strategies

We guarantee that if you apply the strategy we are about to talk about to your website you will see an immediate 20% to 30% increase in your sales. The best part is that:

• It won’t cost you anything, and

• It will take you less than a couple hours to set up.

This magic strategy is called cross selling. The bottom line is that if someone trusts you enough and likes your product or service enough to buy from you once, then they are comfortable enough to buy from you over and over again.

The main obstacle you need to overcome when you are trying to convince someone to buy from you is gaining their trust.
Cross Selling Techniques
Cross Selling Techniques

That’s why upsell products are so critical. We have learned through testing and experience that if you present a customer with a second offer while they are placing their first order, at least 20% of them will buy the second product as well.

This upsell can be as simple as asking a customer to check a box in order to claim their product and automatically receive the second product (and you will automatically receive the extra profits).

What’s great about this technique is that everything happens automatically for your customer. Basically, it’s like you’re asking, “Do you want fries with that?” For example, if you sell printers, then your cross sell offer could be, “Do you want ink cartridges with that?”

It’s really quite easy-all you need to do is offer a second product that fits naturally with the initial product.

You can also offer more of the same product at a discounted price.

Perhaps one of the best places to locate your “add fries” offer is on your order form.

Your customer has just purchased something from you, they have their credit card out still, and you’ve already earned their trust and convinced them to make the buying decision.

That means now is the best time to make your second offer. For this reason, it’s very effective to add your second offer directly onto your order page so that your customer will be presented with it while they are filling out your order form.

Your average cross sell rate if you use this strategy will usually be between 20% and 30%, although we have seen rates as high as 40% or 50%.

The key to making your cross sell offer successful is to make sure the second product you are offering is closely related to the original product that your customer purchased. You should also offer it at an appropriate price.

In our experience, the best price point for an upsell product is about 30% of the price of the original product. For example, if you sold someone a $45 winter coat, then they would probably be willing to buy a $15 winter scarf.

You can include text that says something like,

“Check this box to add [second product] to your purchase at a special discount of 25%.” Then write a few paragraphs to describe how the second product compliments the original product and why your customer will benefit from getting both.

Don’t forget to state the price of the cross sell product, and mention your guarantee again too (to remove the risk of buying).

You can increase your sales by another 10% if you add complimentary product offers to your thank-you-for-your-purchase page.

This is a very simple upsell strategy that too many businesses overlook.

When you consider that customers are most resistant to purchasing right before they decide to buy, and are more inclined to buy after they’ve finally decided to make that initial purchase, it seems hard to believe that every business doesn’t take advantage of their thank-you pages to cross sell.

The hard part is done, you’ve convinced your customer to buy, now all you have to do is present them with another, complimentary offer!