You can simply and easily increase the average value of your sales by cross selling and up selling.
When you increase the average value of a sale you generate more revenues in less time. You’re happy, your boss is happy and your client is happy. Regardless of whether your sale is complex or simple, all it takes is a little bit of finesse and timing.
The Complex Sale Timing
For more complex sales (i.e., a sale that has a higher ticket price, a somewhat longer sales cycle and perhaps a number of decision makers) the absolute best time to up sell or cross sell is about half way through the first sale. Typically, complex sales take a while to implement. Midway through the implementation (and provided it is appropriate to the clients’ needs) is when you should make your recommendation and suggestion; not at the completion of the first sale.
You ask at this point because your client is typically very receptive to any suggestion you might have for four compelling reasons:
- The client is appreciative and grateful for your effort and work
- The client trusts you because you have ‘delivered’ on your word
- The client knows you and is comfortable with you
- The client is ‘aglow’ with satisfaction i.e., happy because there has been nothing to sully the purchase
Assuming your first sale is progressing well your client, at the very least, will listen attentively and seriously consider your recommendation. You don’t have to worry about rapport building and dealing with hidden agendas or competitive inroads. Now is the time to make your next sale.
The Simple Sale Timing
For a simple sale (i.e., a routine, transactional purchase, usually a lower priced item that typically does not require a lot of thought and typically has a single decision maker) the best time to up sell or cross sell is literally seconds after the client says ‘yes’ to your close.
Clients are receptive to your offer at this stage because the ‘major’ decision to buy has already been made. In effect, the wallet is open and the client is more receptive to any suggestions you might have. It is psychologically easier to spend and the buyer tends to be a little more impulsive. Provided your offer is relevant and provided it is reasonably priced (no more that 25% of the value of the original sale), you stand about a one in five chance of succeeding. Good odds.
Be alert to cross selling or up selling opportunities. Be sensitive to the timing and present an appropriate offer. Then watch the average value of your sale begin to increase.