Let's analyze 2 well-known techniques that will help you make more money from each customer and how to get them right...

​

1) Cross-Selling = You sell a different product/service to your existing customer. It doesn't mean you need to be the one who fulfills it.

​

2) Up-selling = Persuade your customer to buy something additional to his first purchase or upgrade to a better package. (I will talk about this in part 2).

​

Here are 3 ways (with examples) to cross-sell. Read them carefully!

​

1) Sell a product/service to solve THE NEXT problem that will appear after the first purchase. 

2) Sell a different product/service to SUPPORT the first purchase! 

3) Sell an extended guarantee to cover or eliminate the HIDDEN FEARS from the first purchase. 

​

Let's start!

​

1) Sell a product to solve THE NEXT problem that will appear after the first purchase.

​

"Every solution creates a fresh problem and the cycle repeats itself as long as the desire is on fire. It only stops when the wallet or credit card is maxed-out."

​

What I call "The Cycle of Needs"!

​

You take the bus to work. You decide to get your driver's license. 

​

Now you need a car. You also need a loan for the new car. You also need insurance. You also need a garage to park your car. You also need new tires after 3 years. You also need maintenance. You also need cleaning services for the car. 

​

Now you need a new car because, well, the one you have it's 5 years old.

​

Do you see the game?

​

The best way for you to understand what to cross-sell is to design the "cycle of needs" your customers have and sell them on their wants.

​

A need can be satisfied by multiple wants!

​

Ex: I need food because I am hungry. I want a pizza, not a burger! ;)

​

Once you know their needs, you figure out who can fulfill them. You don't need to fulfill everything yourself. 

​

Ex:

You are a car salesman who just sold a $120.000 Mercedes. You know your customer’s needs and you search for somebody to fulfill them.

​

Let’s say you find a garage that provides the following services for a monthly fee:

- 24/7 security for your car.

- Maintenance check.

- Cleaning services.

- Airport pick up when you travel abroad.

​

You ask the following questions:

​

"How much does a customer worth to you? How long (on average) do you keep the relationship?

​

The garage owner replies $XX dollars and the average stay is around 8 months.

​

Ok. 

​

How much would you give me if I brought you a customer who just spend $120.000 buying a new Mercedes and he will probably need your services?

​

What is the discounted price you will give my customer for the first month as an incentive to park his car in your garage?

​

If the garage owner understands the money he is going to make from such a customer, he will hardly refuse the proposal because he is getting a new referral with almost zero advertising cost.

​

And that referral is a $120.000 one. All referrals are not worth the same!

​

You, as a salesperson, will keep your percentage from the car sale and get another "bonus" from the garage owner to whom you referred your client.

​

You don't fulfill the garage service, somebody else does that, but you get to make more money with less headache.

​

And your client gives you a 5-star review for your service!

​

2) Sell a different product/service to SUPPORT the first purchase!

​

I bought a 60 inch TV screen. 

​

Well, sir, do you like movies? Which movies do you like the most? Action? The Expendables?

​

Oh, can I show you something to support the TV you are going to buy?

​

This home theater will give you such an experience that I doubt you will visit cinemas in the near future... 

​

You will feel like the hero inside the movie. 

​

Just visualize the experience for a moment. 

​

Lights off, TV and home theater turned on, popcorns ready and you press the "play button". 

​

At one point, you see a helicopter inside the movie and you can hear it so clearly you believe they parked the helicopter on your roof.

​

(Customer is smiling because he is visualizing the experience…)

​

So, what do you think? Would you give the home theater a try?

​

3) Sell an extended guarantee to cover or eliminate the HIDDEN FEARS from the first purchase.

​

Before we purchase, there is a lot of fear. After we purchased there is a bit of fear because we are not sure if we took the right decision.

​

One of the best info-products you can sell and increase your bottom line is an extended guarantee for your service or product. 

​

Everybody does it and it's pure profit as long as you know that during the extended guarantee period, your product/service will probably last.

​

Even if some won't last, again, it's a safe bet if you calculate the numbers.

​

That's all with cross-selling. The next post will be on upselling!

​

To your success,

Alex.

"Sell a product to solve a problem and sell another product to solve THE NEXT problem that will appear."

- ALEX MITRIS

-Read the other blog posts here.

-You can find free and useful resources here.