What is the best definition of Cross-selling?

By Jon Ane

Cross-selling is a marketing tactic meant to upscale sales volumes of actual customers by offering them additional complimentary products, related ones, or any others that might interest them on top of what they have already chosen. The company takes advantage of the customer’s trust and the time-limited shopping opportunity to pile more products on the shopping trolly. Cross-selling commonly takes place near the end of the buying process. Those products could be complimentary, discounts on large quantities and other products of interest.  

According to Forbes, the advantages of selling to existing customers includes the following:

1. Attracting new customers is five times the cost of retaining existing ones.
2. Existing customers are 50% more likely to try a new product.
3. Existing customers spend 31% more than new customers.
4. The probability of selling to an existing customer is 60 to 70%, while a new prospect is 5 to 20%.

Do make sure all tactics and means in use would create synergy with your G-POST. Or else you might jeopardise it all. For more information, visit Jon Ane, The Rosetta Stone of Strategy.

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