Sales and marketing professionals primarily focused on new customer acquisition may be overlooking one important area of sales potential: cross-selling and upselling to existing customers.
In Kevin Temple's experience working with tech companies, the president and founder of Enterprise Selling Group sees a huge opportunity for growth through cross-selling but also sees salespeople missing potential sales by ignoring possibly lucrative add-on products.
"Everyone gets focused on that flagship product, when in fact all the growth could be coming from all these other products that they've created or added or acquired," Temple says. "It happens all over the place."
Learning to cross-sell your product line better increases your company's revenue—and adds value to your relationship with the customer. The more value your customers get out of your relationship, the more likely they are to be loyal.
And because it takes more effort and resources to acquire a new customer than to retain a loyal one, the return on investment you get from cross-selling and upselling is tangible.
How cross-selling adds value
Cross-selling your product line isn't about tacking on extras that your customers don't want in the first place. Nor is it about selling them a more expensive solution when it's more than what they need.
Instead, cross-selling is about getting to know your customers' business so well that you're able to help them solve problems in unexpected ways. To do that, a salesperson needs to communicate with the customer.