There’s no need to reinvent the wheel. Instead, let’s make the wheel more effective. If something already works, try to improve it rather than starting from scratch. It’s so much more difficult to find new customers than it is to sell to people who are right there in front of you.
On today’s episode of The Sales Evangelist, we’ll talk about upselling as part of our monthlong conversation about closing. Specifically, we can increase sales faster by upselling.
McDonald’s uses its world-famous hamburger to upsell its customers. Once they have the customer’s attention, they work to sell the products that have higher margins. It isn’t that the company loses money on the burgers; simply that it makes more money off the fries and drinks.
Once the customers are in the restaurant, they encourage them to upsize their meals, which adds a couple of extra dollars to the overall bill.
That’s an important concept for sales professionals. We should focus on the customers who are right in front of us in addition to working to find new customers.
He was selling a product, and he went through his competition’s buying process to discover what they were doing. As he moved through the funnel, he noticed that the company worked to upsell him three or four times after he placed a product in the shopping cart.
If, for example, the product was $19.99, the company showed its customers how buying two or three bottles would save them even more money.
That makes sense for the customer because he is saving money, and he doesn’t have to come back and reorder next month. The customer came to the website to spend a certain amount of money, but he spent twice as much as he originally planned.
Now imagine doing that with multiple customers.
Encouraging people to buy more increases the company’s revenue tremendously.
Sales reps might be so focused on getting customers to buy a product that we overlook the opportunity to upsell them.
Maybe you’re trying to familiarize your customer with your brand or product and you need a strategy to invite them to purchase something more.
Here’s an exception: Don’t sell your customers something they don’t need. Understand your customers and their needs and focus on what they are trying to accomplish.
If it makes sense for them to buy additional products, it’s your moral obligation to invite them to do just that.
You’re their advisor. Your job is to help them solve problems.
Don’t focus only on money. Instead, help them find value by giving something they truly need. When you do that, you’ll benefit from it as well. You’ll make more money and hit your quota more easily.
McDonald’s gives its customers options. Are you giving your customers options or are you taking options away from them because of your insecurity or fear?
There’s always the possibility that your customers will say no to additional products, but if you never give them the chance to say yes because you’re afraid of rejection, you might miss an opportunity to provide even more value.
Consider whether there are complementary products that you can add to your customer’s transaction that will make it easier for them to implement your solution. If you’re selling a scanning software, can you sell the customer a scanner as part of the transaction?
Is there another product or service that customers typically purchase within 6 months of their original purchase? Is there a way to bundle that product with the original purchase?
If that isn’t possible, can you build your account management strategy so that you follow up with existing customers at month three to offer them this additional purchase?
McDonald’s successfully uses upselling. Airlines offer upgrades.
Not everyone will take advantage of the opportunity but a percentage of your customers will. Invite them.
This episode is brought to you in part by Maximizer CRM, personalized CRM that gives you the confidence to improve your business and increase profits. To get a demonstration of maximizer, go to the sales evangelists.com/maximizer.
Click on the link to get a free demo of what Maximizer CRM can do for you. Maximizer is intuitive, simple, and personable. Maximizer integrates your marketing campaign as well as your CRM, and it works whether you’re a small organization or a large one.
This episode is brought to you in part by prospect.io, a powerful sales automation platform that allows you to build highly personalized, cold email campaigns. To learn more, go to prospect.io/tse. It will help you with your outbound to expand your outreach and it allows you to set it and forget it. Your prospecting will never ever be the same.
We’ll use prospect.io in the upcoming semester of TSE Hustler’s League to focus on prospecting. We’ll give you insights and tools that will help you gain new customers and provide training and strategies that you can implement today to ensure constant flow in your pipeline.
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Sales reps in small firms often have to do much of their own work. They do their own prospecting, conversions, and account maintenance, and they have to keep track of a lot of things. When a prospect says “I want to cancel,” we find ourselves questioning our decisions and wondering where we went wrong.
On today’s episode of The Sales Evangelist, we share the story of one of our TSE Hustler’s League members who faced this very issue.
One of his marketing customers inexplicably cancelled the contract with him, and he was left wondering why.
When their business relationship began, they started from scratch. He created directories and set up an email platform to encourage customers to review her business.
In the midst of their efforts, the customer had a baby, so she was sometimes slow to respond to his need for information.
He set up tags in her emails so she could track her leads and prospects, and he set up her Google to sync with her CRM.
When it became apparent that she wasn’t very familiar with her own CRM, he learned the system himself so he could help her.
She told him she was happy with the emails he generated for her, and she referred him to other people. She even updated her credit card information with him.
Then, one month later, she cancelled.
When one of our members steps into the hotseat as part of TSE Hustler’s League, we first respond to the challenge by asking questions.
The client told him that she didn’t feel like she had seen any results from their partnership. He hadn’t met with her or spoken to her over the phone, and there weren’t any guarantees or metrics within the contract.
At this point in the Hustler’s League, we would typically provide our suggestions, and we’ll get to that on next week’s episode.
Today, though, I am asking for your feedback. What would you recommend he do in this situation? How would you respond?
We want to help sales professionals find more ideal customers, and go out each day and do big things.
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Hard fact: Your clients or vendors are not going to be with you your entire life. Either you may have to leave them or they leave you at some point. We gain clients, we lose them. Now, how do you handle this in a professional manner without getting upset or angry?
The good news is, this may in fact open up a whole new window of opportunity for you to explore your options and solidify relationships. So don’t let the breakup process beat you down.
Here are a few ways to help ease the breakup process with your clients:
Do what you can to make sure that your customer can easily have a great experience when they exist without you as they did when they were with you.
Make sure to be there for them in this process. Provide as much information as you can. Thank your client by sending them a thank you card or a marketing material from your company. Show them you appreciate them for the business.
Think about yourself in that same situation and do as much as you can to make them have a transition from you to another. I guarantee you will see results and benefits in the future.
Don’t burn the bridge, so to speak. The deal may end, but not the relationship. In fact, this could even open up more doors of opportunity since they can refer you to others. Think about the industry, the network, and the community. Sometimes,their decision to leave may come from the higher up and not from them.
Tip: Post a review on their website or tweet about the great experience you’ve had with their business.
Today’s Major Takeaway:
Recognize the power of being a human being and just think about caring for them and helping them. When you can be that type of person, you’re building an unmatched reputation for yourself which leads to great results in the end.
Get a free audiobook download and a 30-day free trial at audibletrial.com/tse with over 180,000 titles to choose from for your iPhone, Android, Kindle or mp3 player.
Today I have the opportunity of interviewing James Kinson, who is a software sales professional working with a major technical company selling software and hardware. However, James Kinson has an interesting situation, he has been working with one account for 21 years. Imagine the struggles that one would come across working with one client?
Well, James has seen some significant struggles, seeing he’s not in a traditional sales roles, and in this episode he shares how he was able to turn a $5 Million business opportunity to a $65 Million sale with this account he’s working with.
The other cool thing about James is the fact that he is an entrepreneur on the side focusing on educating consumers with buying “cash cars” as opposed to going into major debt. James has a podcast, blog and he also speaks at events across the country. You can check out his information here. Feel free to connect with James and learn how he’s succeeding with this one account he manages. Though James’ story is cool, the best way to learn from him is to APPLY what he teaches. By so doing, you will do BIG THINGS!