Cross-selling is an essential strategy for boosting revenue. What would you do as a seller if you see a cross-sell opportunity with one of your customers, but the customer hesitates to have the conversation or provide referrals to other business units within their organization?
The benefits of cross-selling are:
-Increased revenue with reduced acquisition cost
-Improved Customer Lifetime Value (CLTV)
-5% to 20% higher win rate vs. new logos
-Shorter sales cycle because of familiarity with the customer
-10% lower churn risk because of deeper engagement with customers
A structured approach such as the RPTA Framework can help drive more cross-sells-
* Relevance: Ensure the product meets the customer’s needs and adds value to what they’ve already purchased.
* Personalization: Personalize the message based on the customer’s persona. Work closely with marketing to create tailored communications.
* Timeliness: Pitch the product at the right time, such as during quarterly business reviews or after delivering and acknowledging value.
* Assessment: Continuously assess and analyze the approach to ensure the value proposition is clear and compelling.
Identify cross-sell related specific objections from the customer and address them using the RPTA framework.
Additionally, the best time to ask for introductions or referrals is after delivering value and receiving acknowledgment from the customer on the initial product/solution. This could be during QBRs or after positive feedback in customer satisfaction surveys.
Happy Selling!
