Getting the customer to say “yes” is important, but what comes after matters the most. Upselling can be easy when approached correctly, and it can be what helps a company succeed. Many new salespeople focus on the one-off sale. The salesperson thinks the sale has ended when the customer agrees, but an effective salesperson goes above and beyond by offering more value through additional products and services that will benefit the customer.
Upselling Leads to Additional Sales
Upselling, or offering additional premium items or an upgrade of the primary purchase, will increase your revenue and should be a huge part of your team’s sales strategy. There’s a tool that can make this much easier: Configure-Price-Quote (CPQ). Through guided selling, using a sales playbook, CPQ integrates upselling in the sales process and is a crucial piece of any sales team’s toolbox.
Gain Customer Insight Through CPQ
In order to have a successful upsell you need to understand your customer’s needs, wants, and desires. CPQ makes this easier because the software can track customers’ previous orders, make purchase recommendations, which help the salesperson become familiar with the customer’s needs.
In the past, a sales rep had to recall price points and inventory, as well as follow the rule of 25 during conversations with the customer. The rule of 25 dictates that you should never upsell upgrades or items that are more than 25% of the original price. A salesperson was expected to make calculations and recommendations quickly, often during face-to-face conversations with the customer.
With CPQ, a sales rep doesn’t need to track pricing information manually – the tool formulates and triggers the upsell instantly. A salesperson doesn’t need to make guesses as to what the customer may want. They can focus on having meaning conversations with prospects while listening to their needs rather than trying to figure out the best upsell in their head. Customers notice and want this helpful approach.
Configure CPQ to Be the Most Effective
In the past, a salesperson had to memorize a company’s inventory and pricing in order to offer items that met the needs of the customer as much or more than the original offer. They also had to produce those options and suggestions quickly during a sales call.
Proper software configuration takes these concerns away, and a salesperson no longer needs to spend time memorizing inventory. Sales are no longer dependent on a salesperson’s ability to produce rapid suggestions, in the moment. The software produces upsell opportunities so the salesperson can focus on creating the sales proposal. The upsells are tailored to each customer. These customized proposals delight the customer and give them higher satisfaction, increasing customer loyalty.
Sales teams can now sell upgrades, add-ons, and bundles as soon as the customer agrees to a deal. Your sales team can maximize revenue for your company. Salespeople are no longer focused on single sales, but what can come after the initial sale.
The probability of selling to an existing customer is 60-70% so upselling should be encouraged at every chance. With CPQ, the sales process is not just left up to your salespeople, but they have extra help configuring suggestions to ease the sales and upsell process.
To learn more about Configure-Price-Quote and how a CPQ solution can help your sales team increase upsells and accelerate your sales deals, visit DealHub.io.