Thursday, May 21, 2015

8 Steps to Profitable Cross Selling Through CRM Solution

8 Steps to Profitable Cross Selling Through CRM Solution
Cross selling have been proven to increase sales by at least 30% with no additional costs. However, do it wrong and you will see it backfire with customer dissatisfaction, then attrition etc.

Here’s how CRM solution can help improve your cross selling ratio.

Step #1 Find the most engaged customer
With the help of analytics, customer buying behavior, interactions etc., identify which customer or segment of customer was most engaged during a particular time frame. This will help you to deploy targeted marketing campaigns that are attuned to customer activity. For example, in financial services you can use the below statistic.
The 21% provides a great opportunity to boost cross selling
Step #2 Understand customer needs
Product/service relevancy is the foundation for increasing cross selling ratios. When customers interact with you over multiple channels like social, web, mobile, call center etc. Try to be an active listener and determine their needs. However, be tactful so as to not to irritate them. CRM solution helps you to capture complete customer data and present a 360 customer view, thus aiding in finding relevant requirements.

Step #3 Collate main product with relevant add-ons
You will have a core product/service, which may have additional sub products/services/add-ons, to offer to your customers. With the help of deep product knowledge, you can club similar product/service into one single offering. Such ‘packages’ have been known to increase cross selling numbers.

Step #4 Demonstrate testimonials
It pays to showcase great customer testimonials when you are pitching for cross selling. Back up with story based case studies to impress and assure him of the veracity of your claims.  It also helps to improve the credibility of your brand. 

Step #5 Make timely pitches
Choose the right time to make your cross selling pitch. For example, if a customer purchase basket has reached $560, your executive can contact him and offer him a special discount of 20% above purchase of $600. Such tactics can increase sales by as much as 40%. Also, when your CRM software hints at the customer needing products on an urgent basis, you can offer your core product along with relevant and helpful add-ons bundled as a package. You can also employ white space advertising technique with the help of CRM.

Step #6 Employ CRM data for negotiation
Your CRM solution should ideally capture all the relevant customer data, which then can be utilized during negotiations. With information like buying behavior, trends via social integration, the executive can find out the best offer price for a particular customer, thus leading to increased conversions. 

Step #7 Conduct sales training focused on cross selling
Training your sales force with the best pitching and selling practices is fine, but unless you conduct special training dedicated to cross selling, it will be very difficult for them to learn the nuances of cross selling. CRM solution can provide you with a centralized repository where in you can prepare and store presentations, training videos and other medium with gamification principles etc. Failure to train can lead to confused customers, longer sales cycles etc.
What happens when there is no cross sell training
Step #8 Recognize and reward top cross sellers
After training, reward your best performers with incentives that will motivate them to push harder. Your CRM solution can present clear numbers, performance incentives, accompanying rewards, peer standings etc. Throw in gamification, and your executives will look forward for a satisfying workday. 

Every marketing effort of yours should be directed towards offering customers the 4 Rs (Right Product, Right Time, Right Price, and Right Channel). CRM solutions can empower you with the right insights towards achieving that goal.

Friday, May 15, 2015

7 Finest Ingredients for a Happy Customer Experience

7 Finest Ingredients for a Happy Customer Experience
Your customer today is intelligent, networked and most important for you, fiercely fickle. Thus, delivering an exceptional customer experience is not only important but critical for your brand existence.

For this you need to know what goes into making an experience that your customers will brag about to their friends or loved ones.

Thursday, May 14, 2015

5 Steps to Identify Customers at Risk & Avoid Churn

5 Steps to Identify Customers at Risk & Avoid Churn

It costs 80% less to retain a customer than acquire a new one – Harvard Business Study

In most business scenarios, corporate achieve more revenue and growth from existing customers rather than new ones. Hence, it becomes all the more critical to identify customers at risk and take corrective measures to retain or let them go.

Monday, May 4, 2015

How to Identify & Sell to Different Customer Personalities? Part 1

How to Identify & Sell to Different Customer Personalities? Part I

The art of selling hinges its success on human interaction. But sadly, the nuances of identifying and dealing with varied personalities you encounter in your sales journey is ignored during sales training.

To be a great sales professional, you need to be aware of different personality types, its characteristics and the best way to put your product/service across.