According to research by Bain Consulting, selling to existing accounts can be as much as 6 to 7 times more profitable than landing new customers. In addition, closing sales to existing customers can be from 2 to 5 times faster, and with better margins with less competition.
Despite these advantages, many sales professionals lack the skills, methods and tools to be successful cross-sellers and up-sellers in customer accounts. As a result, too many organizations experience:
- Too much revenue coming from a limited number of offerings in the available solution portfolio
- Lower margins as a result of higher selling costs
- Insufficient volume of opportunities in sellers’ pipelines to achieve sales goals
- Lower average transaction size, requiring more sales resources and time
- Lower than expected salesperson quota achievement rates, resulting in lower seller retention and higher turnover
The industry analyst group, SiriusDecisions, identifies cross-selling and up-selling skills as critical competencies for sales organization success, and that few sellers pursue these incremental opportunities in a consistent and effective way.
SPI’s Cross-Selling and Up-Selling Skills program provides your sales team with a consistent and reliable approach to sell more products and services to both new and existing customers. It enables sales people who need to identify incremental opportunities and position your capabilities to help each customer realize more value from your entire solution portfolio.
Cross-Selling and Up-Selling Skills is a hands-on, practical program that finds real opportunities your teams can pursue and win quickly, driving immediate ROI.
Cross-Selling and Up-Selling Skills is designed for use by anyone that seeks to improve sales of all available capabilities to customers: sales, marketing, customer success and product management professionals. The program can help cross-functional teams improve in a highly coordinated manner by developing specific individual and organizational skills to cross-sell and up-sell more effectively.
Is Cross-Selling and Up-Selling Skills right for your team?
Clients who get the most value from investing in cross-selling and up-selling development share these common characteristics:
- They believe they have considerable opportunity to sell more into their customer base, but they are not currently successful in doing so
- They offer a comprehensive solution set with several components or modules that address many challenges faced by their customers
- Different customer stakeholders buy various components of their solution set
- Their customers may not always buy centrally
- They are behind plan and need to create opportunities and pipeline quickly that will close in short amounts of time
This program is delivered via a one-day, interactive, instructor-led workshop. Participants complete a short pre-work assignment. The workshop emphasizes immediate application to real-world customer accounts..
Workshop Topical Agenda
- Define cross-selling and upselling
- Articulate how cross-selling and upselling can manifest itself across a customer lifecycle
- Describe basic principles associated with cross-selling and upselling
- Exercise: Introductory Positioning and Challenges
- Identifying Cross-selling and Upselling “Solutions”
- Identify potential cross-sell affinity items within your “solutions”
- Identify common upsell situations within your environment
- Articulate a process for identifying and evaluating cross-selling and upselling potential
- Exercise: Create Your Solution Affinity Matrix, Part One – Identify Offerings and Accounts/Units
- Exercise: Create Your Solution Affinity Matrix, Part Two – Rate Each Fit
- Exercise: Create Your Solution Affinity Matrix, Part Three – Identify Upsell Scenarios
- Identify Potential Cross-sell and Upsell Opportunities (White Space)
- Define key terms related to white space analysis
- Describe and contrast the process for identifying potential XSUS opportunities in:
- a strategic, assigned account
- a defined territory
- Explain when white space analysis is optimally applied within the customer lifecycle
- Exercise: Conduct White Space Analysis
- Prioritize the Portfolio and Select an Opportunity
- Formulate criteria for prioritizing white space opportunities
- Create a prioritized portfolio of opportunities (select an opportunity)
- Exercise: Determine Criteria and Prioritize Opportunities
- Conduct a Cross-selling and Upselling Sales Conversation
- Contrast cross-selling (XS) actions to take for proactive engagements versus reactive ones
- Contrast upselling (US) actions to take for proactive engagements versus reactive ones
- Describe a process for preparing questions for XSUS sales conversations
- Exercise: Prepare for a Cross-sell / Upsell Sales Conversation
- Exercise: Conduct a Cross-sell / Upsell Sales Conversation
- Create Early and Late Interest in Cross-sell and Upsell Offerings
- Describe elements of effective demand creation messages
- Create messages intended to stimulate interest in cross-sell or upsell (potential) opportunities
- Describe how cross-sell or upsell capabilities might be positioned to address implementation issues
- Describe how post-sale sales resources can identify and create interest in potential cross-sell or upsell opportunities
- Discussion: The Roles and Actions of Post-Sales Resources
- Getting Started
- Describe the activities for applying cross-selling and up-selling back in their daily routine
- Record actions to take to personally reinforce and execute cross-selling and up-selling
- Discussion / Exercise: Turn Lessons into Actions
The Cross-Selling and Up-Selling Skills workshop is designed to support adult learning principles. The program’s instructional materials facilitate participant understanding by using a mix of media to transmit and reinforce key learning points. SPI provides full-color training content in electronic interactive workbooks, for use on participants’ mobile devices or laptop computers, as well as color reference charts, animated presentations, and video content, where appropriate.
Cross-Selling and Up-Selling Skills is hands-on and practical, and immediately identifies several new opportunities. Realization of the return on investment should be immediate.
If you’re ready to unlock the full value of your existing accounts, then please contact us. An SPI sales development expert will assist you in designing and implementing a cross-sell / up-sell solution that drives highly profitable sales in the shortest possible time.