What is cross-selling?
Cross-selling is a sales strategy where you promote additional related or complementary products from your partners to an existing customer. The aim is to increase the value of the sale, offer a more valuable solution to the customer, and strengthen your partnerships.
For instance, let’s say you’re a retailer that partners with a technology company that sells hardware and software solutions. When a customer purchases one of their laptops, you could cross-sell them a software package or an extended warranty as well. This increases the value of the initial sale while also providing the customer with an enhanced product experience.
Some ways to encourage cross-selling to your customers include:
- Offering product bundles and discounted combos
- Upselling to customers in personalized emails or ads
- Sharing “Customers also bought” recommendations
- Setting up in-store displays for related products
- Cross-selling through chatbots or virtual assistants
- Creating themed or seasonal collections
- Creating loyalty programs or rebates for partner products
- Upselling at checkout with add-on items
- Using pop-ups online to suggest related products
- Featuring related products in the digital checkout process
As a strategy, cross-selling can lead to increased sales and higher revenue per customer. By offering additional, relevant products, you can help customers get more value from their purchase. And, when customers see you as a provider of comprehensive solutions, they’re more likely to stick with you in the long run.
For these reasons, cross-selling requires a deep understanding of your customers’ needs and the products and services your partner offers. It’s a vital skill for partners who want to maximize their sales and build stronger relationships with their vendors and customers.