Free Sales Training Video: Upselling and Cross Selling

Summary

The 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.