Here, we’ll take a look at what upselling and cross-selling really mean, the pros and cons of each, and examples of how we implement these sales techniques for our clients at Diff.
Improve your customer retention strategy.
According to HubSpot, It’s 5-25x more expensive to buy phone number list acquire a new customer than it is to retain an existing one. And if you do retain a new customer, they’re likely to buy more frequently and spend more if you use upselling and cross-selling. When it comes to customer retention, existing customers are also 50% easier to sell to than new prospects.
That’s why getting the art of these sales strategies right can help boost your average order value (AOV). Upselling and cross-selling can increase revenue, in combination with other strategies such as implementing customer loyalty programs, discounting, or moving your store to an online DTC model. Especially relevant during high sales periods, such as Black Friday, upping your sales strategy game can incentivize your customers to add more products to their cart.
Personalization platforms, like Diff’s technology partner Nosto, also play a large role in helping merchants optimize product recommendations for customers. Nosto analyzes a shoppers’ online and offline activity using AI technology to understand what a shopper truly wants. This creates unlimited customization options that can provide relevant product recommendations across your online store, email apps, or in-store experience.