Our current market challenges have sent all industries into a period of flattening sales pipelines and slow revenue growth. So, what do we do during this forced down time?
Let’s start with a few essential reviews of the foundation of our cross-selling as well as up selling strategies where the analytical and organizational implementation hurdles can be overcome. Action in these times may not be seen immediately but will definitely benefit your company in the long run.
Our enterprise value would benefit from a strong focus on cross-selling and upselling. I hear you say that you are already doing this, but truly institutionalizing cross-selling as an essential element of the sales process that can unlock a tremendous opportunity. You're 60-70% more likely to sell to an existing customer. Naturally with change comes new challenges, what could these be?
We have looked at few key approaches:
Align and communicate results and incentives to reinforce adoption and desired behaviours throughout the organization.
Success involves preparing the organization for transformation by ensuring stakeholder buy-in and engaging executive sponsors to support the change before, during and after its implementation. When stakeholders are motivated to change, risks and rewards are understood and the change embraced as beneficial, then only can change be sustained.
Identify high probability targets through analytical modelling
We must understand the most profitable customer segments, how their behaviors and preferences have changed over time, the products and channels they use. The real economic value of these segments must be calculated so that target strategies are created where profit is tangible. High-performing sales teams are 2.1 times more likely than underperformers to have these systems in place.
Conduct a rigorous customer and prospect segmentation to identify the most valuable customer attributes
Knowing how the customer’s product usage has changed over time, how they have migrated among products, and which triggers or leading indicators caused changes in behavior is essential for designing effective share-of-wallet strategies.
When implementing a cross-selling program, it is about leveraging your existing sales teams to expand the reach and value to your customers.
Conditions are right for companies to reinvigorate their cross-selling strategies. It’s now up to managers to harness the wealth of customer data, the power of digital channels and advanced analytic skills.
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28 July 2020
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