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WholeLife Matrix: Financial Viability / Marketing
“You don’t close a sale, you open a relationship if you want to build a long-term, successful enterprise.” – Patricia Fripp
Many businesses don’t have a strategy in place for up-selling their customers, yet up-selling can be beneficial for both the customer and the company, when done effectively. The customer can benefit from having a new product or service introduced to them that will enhance their experience, and the company can benefit by boosting its revenue, experience, and client base. The following tips will help you to get started with creating an up-sell strategy.
1. Which Clients Could Benefit From More Services?
Review your database of existing clients and identify the ones that may need additional services. Only attempt to up-sell a client on a service if you know that the service will benefit them and will help them to achieve their overall goals. The service you up-sell may be something that the client is missing in their plan or something that they are attempting to do on their own but without success due to insufficient training or resources.
2. Establish and Track Goals
You should understand the short and long term goals of your clients when you start working with them, generate good results for them from the beginning of your relationship, and review their goals with them occasionally to assess whether the goals need adjustment. You may need to adjust your services as goals change and you may also identify opportunities for up-sells. Make sure to establish milestones and track progress for projects. Tracking will help you to identify areas where improvement is needed, and possibly, new services.
3. Create Plans for Up-sells
If you believe that a client would benefit from an up-sell, don’t just tell them that they need to spend more. Instead, present a plan to them that demonstrates how the up-sell will benefit their goals and include transparent pricing. One of the best times to present an up-sell is after you have helped a client with a big win since you have proven yourself and they are happy with the results. Keep track of the type of clients you have up-sold, what they bought, and when they bought it, so that you can also up-sell similar clients in the future.
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