Free Sales Training Video: Upselling and Cross Selling
Summary
TLDRThe script discusses the art of successful upselling and cross-selling, exemplified by McDonald's iconic 'Would you like fries with that?' It emphasizes the importance of timing, relevance, and value addition in offering additional products or services. The strategy should be executed after securing the primary sale and should be based on customer needs and interests. The script also advises on leveraging company resources and web pages to promote associated products, ensuring a seamless and logical cross-sell approach.
Takeaways
- 🍔 **Cross-selling Success**: McDonald's 'Would you like fries with that?' is a prime example of successful cross-selling, generating millions in additional revenue.
- 💡 **Timing is Key**: Offer additional products or services only after the customer has decided to buy the primary product to maintain focus.
- 💸 **Value Addition**: Ensure that the upsell is relevant and adds value to the customer's business, not just a means to increase revenue.
- 🛒 **Customer-Centric**: Wait until the main product has been sold before introducing additional items that the customer has expressed interest in.
- 📈 **Budget Consideration**: Be mindful not to overload the customer's budget; secondary sales should be of value, not just to clear excess stock.
- 🔗 **Link Products Smartly**: Collaborate with your marketing team to link associated products and accessories to your main offerings on your company's webpages.
- 🗣️ **Seamless Conversation**: Mention in passing, during a friendly conversation, what other customers have added to their orders and the benefits they've experienced.
- 📝 **Review Customer Notes**: After securing the main order, review your notes for other opportunities that can be upsold or cross-sold.
- 📊 **Qualification Process**: Use your qualification process to identify and offer relevant upsells that fit naturally with the customer's needs.
- 💼 **Involve Management**: Consult with your manager to bundle additional products like headsets with IP desk phones if the customer shows interest.
Q & A
What is the significance of cross-selling in the context of McDonald's?
-Cross-selling in McDonald's is significant because it has been highly successful in generating substantial additional revenues and profits in the multi-millions of dollars worldwide. The practice is exemplified by the simple question, 'Would you like fries with that?' which capitalizes on the customer's buying mode to offer minimal additional expense while providing substantial value to both parties.
Why is it important to time cross-selling correctly in a sales process?
-Timing is crucial in cross-selling because offering additional products or services too early in the sales process can distract from the initial product and potentially lose focus. It's recommended to wait until the main product has been decided upon before introducing additional options.
How should a salesperson handle a customer's additional requirement during a sales discussion?
-A salesperson should acknowledge the customer's additional requirement but 'park' it until the main product has been sold. After closing the main sale, the salesperson can then reintroduce the additional product as a benefit to the customer and offer to include it in the sale.
What is the potential risk of overdoing upselling in a sales transaction?
-Overdoing upselling can risk exceeding the customer's budget, which might lead to the loss of a secondary sale that could have been of greater value. It's important to ensure that the upsell is relevant and adds real value to the customer's business.
How can a company ensure that its upsell is relevant to the customer?
-A company can ensure relevance by linking associated product resources and accessories to its primary product offerings, ensuring that the upsell is not a throwaway item but something that adds value to the customer's purchase.
What is the role of the company's webpage in facilitating cross-selling?
-The company's webpage plays a role in facilitating cross-selling by positioning links to associated products and accessories in a way that makes the cross-sell offer more logical and seamless to the customer.
How can a salesperson subtly introduce the idea of cross-selling to a customer?
-A salesperson can subtly introduce cross-selling by mentioning, in a casual conversation, what other customers have added to their orders and the benefits they experienced, but this should only be done after securing the order for the primary offering.
What should a salesperson do during the sales process to identify opportunities for upselling or cross-selling?
-A salesperson should ask the customer many questions to uncover, isolate, and address pain points. While focusing on the primary product offering, they should also check and scan their notes for other qualified opportunities that can be up or cross-sold.
Why is it beneficial to bundle accessories with a primary product sale?
-Bundling accessories with a primary product sale can be beneficial as it offers a lower cost option if bought at that particular moment in time, making the overall purchase more attractive to the customer.
How can a sales team work with the marketing team to improve cross-selling efforts?
-The sales team can work with the marketing team to link associated product resources and accessories to primary product offerings, ensuring that these are highlighted on the company's webpages and are part of the sales conversation.
Outlines
🍔 Cross-Selling Strategies at McDonald's
This paragraph discusses the effectiveness of cross-selling, exemplified by McDonald's famous upselling question, 'Would you like fries with that?' It highlights how this strategy can lead to significant additional revenues and profits, particularly when the customer is already in a buying mindset. The importance of timing is emphasized, suggesting that additional products or services should be offered after the initial sale to avoid losing focus. The paragraph also advises on the relevance and value of the upsell, ensuring it is connected to the customer's needs and not merely a means to increase sales or clear excess inventory. Furthermore, it encourages businesses to link associated products and accessories to their primary offerings, making cross-selling a seamless part of the customer's purchasing experience.
Mindmap
Keywords
💡Cross-selling
💡Upselling
💡Sticky sales
💡Customer buying mode
💡Additional expense
💡Value to both parties
💡Prime product offering
💡Qualification process
💡Bundle into the order
💡Linking associated products
💡Pain points
Highlights
Cross-selling can significantly increase revenues and profits, as exemplified by McDonald's 'Would you like fries with that?'
McDonald's has mastered cross-selling, generating millions in additional revenue worldwide.
Offer additional products or services when the customer is in buying mode to minimize additional expense.
Striking too early in the sales process with upselling can distract from the initial product.
Park additional requirements until the main product has been sold to maintain focus.
Offer to roll additional products into the sale after closing the main event.
Avoid overselling to prevent exceeding the customer's budget and potentially losing a secondary sale.
Ensure that upsells are relevant and add real value to the customer's business.
Cross-sell products should be relevant, useful, and offer a lower cost option if bought at that time.
Link associated product resources and accessories to your main product offerings within your company's web pages.
Encourage customers to consider additional linked products during the sales process.
Mention in conversation what other customers have added to their orders and the benefits they experienced.
Secure the order for the main product before attempting to cross-sell additional items.
Check and scan your notes for other qualified opportunities that can be up or cross-sold during the sales process.
Focus on the main product offering while uncovering, isolating, and addressing pain points with the customer.
Use the qualification process to naturally integrate cross-selling opportunities into the sales conversation.
Transcripts
UPS selling and cross- selling parts of
the sticky sales
series McDonald's simple question would
you like fries with that is probably one
of the best examples of how successful
cross- selling can bring in significant
additional revenues and profits here in
the multi-millions of dollars all around
the world McDonald's have managed to get
it just right the customer is in full
buying mode the additional expense is
minimal
but the value to both parties is
substantial who doesn't like a
chip you should only offer additional
products or Services when your customer
has already decided to buy striking too
early in the sales process will lose
focus on the initial product
offered you may already have elicited
another requirement when discussing your
Prime product offering but park it until
you've closed the main event then
quickly bring it in and remind the
customer what he has already mentioned
would be an additional benefit to him
and offer to roll that product into the
sale don't get carried away with
upselling too much or you will crash
your customers budget and what could be
a secondary sale of greater
value it should not be considered a
throwaway item with which to grab more
cash or get rid of excess stock make
sure that your upsell is relevant to the
customer and that it will add real value
to his business if your qualification
process has been executed properly this
should fall easily into
place your cross- cell products should
be relevant useful and offer a lower
cost option if bought at that particular
moment in time so if You' just closed a
deal for IP desk phones for example say
that you have headsets available that
you would be willing to bundle into the
order if the customer shows interest
just ask how many he
wants talk to your manager and marketing
team about linking Associated product
resources and accessories to your Prime
product offerings within your company
web pages and encourage your customer to
look at them this will position the
links in their mind and make your cross
sell offer more logical and
seamless you can mention quite
innocently and in convivial conversation
what other customers sometimes add to
their order and state the benefits that
they experienced of course this should
only be attempted once you've secured
the order for your Prime offering and
you've pre-checked that the items or
resources are
available during the course of your
sales process with the customer you
would have asked him lots of questions
in an effort to uncover isolate and
addresses pain points focus on your
Prime products offering but check and
scan your notes for other qualified
opportunities that can be up or cross
sold
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