Sales Optimization: Upselling, Down-selling, and Cross-selling

A good salesperson never wants to leave their customer without making the best sale they can. So you need to learn the art of the upsell. And, for that matter, of the cross-sell and the down-sell.
The Book of the Course!
Sales Skills: A Management Courses Introduction
This book gives a broad introduction to the topic, for managers and professionals who don’t want or intend to specialize in sales and selling. And as a fast start for someone needing to make a start in selling, for whatever reason.
Get the kindle Exclusive book from: https://geni.us/TL5BKeD
Watching this video is worth 3 Management Courses CPD Points.
See below for details
Sales and Selling Skills
This video is part of course module 8.4.3
Program 8: Managing Customers and Clients
Course 4: Sales / Selling Skills
Section 3: Selling Techniques
Other videos in this section include:
You Need a Sales Strategy: Which One? https://youtu.be/oOsZg7tQcII
Cold Calling to Get a Sales Appointment https://youtu.be/WKL1IcRZzLk
The 1-2-3 of a Successful Written Sales Proposal https://youtu.be/WSQkW0MrFPE
Pricing and Fear of Price https://youtu.be/Sp6NTiFtzQE
Account Management: Account-based Selling https://youtu.be/YfyQFfEOCyk
The Complex Sale: 101 https://youtu.be/7ZelzJSnu8A
LESSON NOTES
An upsell is when you can persuade your customer to buy a more expensive product or service than they had already planned.
A cross-sell is when you can persuade your customer to buy an additional product or service that is related to the one they have already committed to buy.
A down-sell is where someone has declined to buy your product or service offer. So, you offer them an alternative product or service, at a lower price
6 factors combine to make upsells, cross-sells, and down-sells particularly easy and effective online:
1. User tracking and big data
2. Marginal costs of sale are low
3. Automation
4. Multiple tiers
5. Abandoned cart
6. Once hooked.
An order bump is an add-on product (a cross-sell) that your customer can add from directly within the order page. So, when they have confirmed a purchase, before the website processes payment, you can offer an additional product or service before your customer hits the pay button.
Why this works so well…
1. Commitment and Consistency
2. Weber's Law
RECOMMENDED EXERCISE
1. Next time you are shopping - look out for the upsell, cross-sell, or down-sell (1 MC CPD Point)
2. Notice the impacts that Commitment and Consistency, and Weber's Law have on you (2 x 1 MC CPD Point)
3. How can you implement these ideas into your own sales process? (2 MC CPD Points)
DOWNLOADS
Free Resources
CPD Tools - https://gum.co/MC-CPD
Paid resources
Management Courses Onboarding Kit - https://gum.co/MC-ObK ($3)
RECOMMENDED READING
There are many books that introduce sales and selling. These are the ones I have, and can recommend:
To Sell Is Human https://geni.us/L2EQmt
The Only Sales Guide You'll Ever Need https://geni.us/AEAVD5
The New Strategic Selling https://geni.us/Zt2Z9n3
SPIN Selling https://geni.us/Ir5xu
The Psychology of Selling https://geni.us/AjR8AA
Links to our book recommendations are affiliated through Amazon and help support our free videos
Managers Need a Basic set of kit to do your job well. Here are my top recommendations: https://kit.co/MikeClayton/manager-s-work-kit (the links are affiliated)
MANAGEMENT COURSES CONTINUING PROFESSIONAL DEVELOPMENT (CPD) POINTS
You can record your Management Courses CPD points on our free, downloadable CPD record log.
Download it at: https://gum.co/MC-CPD
Each video has two levels of MC CPD points. For this video:
- If you simply watched the video, record 3 MC CPD points
- If you also carried out all of the recommended exercises, score a total of 8 MC CPD points
CHAPTER MARKERS
00:00 - A good salesperson…
00:26 - Upsell, Cross-sell, Down-sell
00:37 - You’ve done the hard work…
01:12 - Why do we Upsell?
01:57 - What is an Upsell?
02:36 - What is a Cross-sell?
03:57 - What is a Down-sell?
05:15 - Upselling, Down-selling, and Cross-selling online - why it works so well
05:35 - Reason 1
05:59 - Reason 2
06:19 - Reason 3
06:33 - Reason 4
06:54 - Reason 5
07:08 - Reason 6
07:32 - What is an Order Bump?
07:55 - Why do Upselling and Cross-selling work?
08:37 - Weber’s Law
10:23 - Commitment & Consistency + Weber’s Law
#ManagementCourses #Sales #Upsell