Are you familiar with upselling and cross-selling?
When you go to McDonald’s and the kid behind the counter asks if you would like your meal “supersized,” that’s upselling. When that same kid then asks if you would like an apple pie to go with your supersized meal, that’s cross-selling.
Upselling means offering a higher grade or quality or size of the item that the customer may be interested in at the point when the customer is ready to buy.
Cross-selling means offering other products or services which complement the item the customer is interested in, at the point when the customer is ready to buy. Now here’s what most Business Owners don’t realise. 34% of prospects will buy additional products or services at the time of their original purchase…IF they’re asked to do so.
Most businesses NEVER ask them, and they lose out on this lucrative opportunity to dramatically increase their revenue. Let me show you a brilliant example of this.
The strategy here is to get yourself in front of your prospects as often as you can so you give yourself more opportunities to sell them more.
So, let me show you how this strategy will work for a dentist.
A dentist offers basic dental services like exams and teeth cleaning. That is NOT where they make their money. A dentist generates the vast majority of their revenue from cosmetic services, root canals, crowns, fillings and braces. So obviously the more patients they can get in front of, the more of these services they sell.
The problem for dentists is that most people already have a dentist, and 90% of them will never change unless their dentist either retires or dies.
So, what might convince someone to leave their current dentist? Consider these stats…
85% of the population have medical insurance, but only 50% have dental insurance. Among those without dental insurance, 44% said that was the main reason they didn’t visit the dentist. See an opportunity here if you’re a dentist?
What do you think might happen if some dentist specifically targeted families without dental insurance…and offered them virtually the exact same services as those with dental insurance…but without paying the expensive monthly premiums?
Do I have your interest yet how is this applicable in terms of upselling and cross-selling? Scroll down for a surprise.
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Upselling and cross-selling are VITAL to your business. But we will teach you about it
I am a Certified Value Builder, C- IQ Coach, Author, and approved Business Growth specialist, providing expert, tailored business and executive coaching in London and the UK.
I am passionate about business and service excellence, and I want to connect with the owners of SMEs, managers and corporate executives in the private, public and third sectors; individuals who are looking to achieve superior performance, and obtain guaranteed service improvements results, and increases in turnover and profitability.