Tip #440: The Secrets To Cross-Selling And Up-Selling

Cross-selling and up-selling are among the best ways to improve your sales. In fact, it is easy if you just think about it. Additionally, cross-selling and up-selling can not only improve your customer retention but also your bottom line.

The Definition Of Cross-Selling And Up-Selling.

Cross-selling means you are offering the customer a product or service related to (or integrated into) something they are already purchasing. Up-selling means you are offering a customer another product or service during their buying process.

 

How Do You Know When It Is Appropriate To Cross-Sell And Up-Sell?

 

By the time you close a sale, you should have a fairly good idea of what type of product or service the customer needs. And at the closing of a sale, a cross-sell or an up-sell can feel like a natural part of the sales process. Approach this from the standpoint of educating the customer on other ways to assist them. Remain focused on the customer instead of the product or service. Plus, you can always give a buyer a choice, especially with up-selling, during the buying process.

Cross-Selling And Up-Selling Can Improve Your Customer Retention Rates.

Try to take an objective look at the products and services you offer. If you have physical marketing materials, spread them out on the table so that you can actually view a representation of each product or service. As you consider each service, determine which of your products are related to one another. Are there specific needs you could easily meet?

Let's say you are selling computers. Now think about what a customer would most likely need when they are buying one. Could they be interested in purchasing additional RAM, flash drives, back-up service, printers, cables or a larger hard drive? How about an extended service agreement? Do you carry these items? If not, why don't you?

5 Ideas For Better Cross-Selling And Up-Selling Success

1. Consider bundling a product with a service.
2. Make an expert recommendation, i.e., amazon.com's process when buying a book/item.
3. Offer a range of prices, i.e., Sears Roebuck and Company; Good, better and best.
4. Stay relevant to someone's needs/purchase.
5. Train your employees in cross-selling and up-selling techniques (and remind them that if they don't ask, the answer is "no").

Executive Summary: Implementing a formal cross-selling and up-selling program at your business will create an immediate value for your customers. Additionally, sales and customer service associates will feel much more comfortable selling additional items when they realize how they make life more convenient for the customer. But most importantly, train your team on natural ways to cross-sell and up-sell.

 

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Tip #439: Why Changes Fail 70% Of The Time (and how to avoid it at your business)

Change is inevitable in any organization, including yours. In fact, innovative companies such as Apple are particularly great at adaptability. Not only do they make computers, they also make MP3 players, smartphones and tablets (and the soon to be announced Apple TV).

 

Regardless of the type of business you own or work at, there is a good chance you will go through at least four significant marketing changes in 48 months. What does this mean? It means that you have probably when through some type of re-branding efforts and/or updated your marketing messages/materials.

Change Fails 70% Of The Time.

In Dave Guerra's book Superperformance - New Profound Knowledge for Corporate Leaders, he references research indicating that over 70% of change initiatives actually FAIL to achieve desired results in time to make a difference. So why does change fail so often? It is because 1) Leaders fail to communicate their changes effectively; 2) Leaders do not implement their changes with precision; 3) Their vision of change is rushed and 4) Their vision for change is too "big picture" to work.

 

7 Ways To Ensure Change Doesn't Fail At Your Organization:

 

1. Communicate Your Goal(s): Communicate your vision of change in a way that inspires everyone.

 

2. Get Everyone Involved With The Process Of Change: This will allow your staff to work more closely with the change and to feel part of it.

3. Ensure Progress Is Measurable: When you explain your goals, provide metrics in simple terms, like this: "This change aims to increase revenue by 12 percent."

 

4. Acknowledge Acceptance Of Change: Individuals and departments who embrace change and conform to new procedures should get special recognition.

5. Offer Coaching And Training: Everyone involved in the change will need some coaching, whether it's as simple as reassurance for a job well done or guidance on how to do things effectively under the new rules.

6. Encourage Flexibility: As change happens, everyone needs to remain flexible. Recognize this and encourage everyone to remain as flexible as possible.

7. Move Forward: Move forward in formalizing the change. Set an example and make it clear that you expect others to do the same.

 

 

Executive Summary: Most people will resist change. Therefore, the best way to handle change is to implement it with a set of procedures and timelines. And as your company experiences change(s), take note on what works AND what doesn't. Do this, and you can improve things the next time change happens.

 

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Tip #438: 6 Ways To Improve Your Performance

If you interviewed 100 people in business today, most will tell you that they are accurate 95% of the time. However, when you consider a 95% accuracy rate for doctors, bankers, pilots, air traffic controllers and corporate billing centers, the results could be (and often are) rather disastrous.

Consider These Shocking Statistics.

• 22,000 checks will be deducted from the wrong bank account in the next 60 minutes.
• Each day, 12 babies will be given to the wrong parents.
• The O'Hare International Airport will receive two unsafe plane landings today.
• Each day, doctors perform 107 incorrect medical procedures.

These facts demonstrate that improvement should be a never-ending process, regardless of your industry. Not only does this improve the customer experience and potentially save money, continual improvement will reduce the amount of stress you endure when your company makes mistakes.

 

Over time, organizations sometimes fail to make changes or audit procedures because what they have in place seems to be working. However, executives must frequently review these processes - even if something works well, there is usually a place in the procedure for added value to the client or customer.

6 Ways To Help Your Organization Improve Its Performance.

 

1. Audit And Ask - Ask questions as you evaluate each department and procedure. If you don't have all of the information, you could do more harm than good when making adjustments to procedures.

2. Measure The Right Metrics - You need to ensure that your organization measures the appropriate metrics. Once you do, you will be able to see what areas need improvement. You can also track the improvements and reward employees for a job well done. Use this data to set new standards.

3. Manage Expectations - When performances and procedures are audited, it's natural that employees feel scared or insecure. Be honest with your employees - tell them why you are doing the audit and encourage their participation. This should be an organization-wide effort.

4. Keep In Mind The Big Picture - Even if you are only focusing on the improvement of a specific department, make sure to analyze and consider how this will affect other departments and the overall organization. Do not lose your sense of synergy as you improve.

5. Provide And Implement Solutions - If you hire an external consultant to analyze and provide suggestions for improvement, you must still remain heavily involved in the process. Although many consultants perform well because they have an objective view of the organization, real change must occur from within. If you do not buy into the change, your employees will not, either.

6. Fine-Tune Your Teams - Teamwork requires time, effort, and scrutiny. Are your teams working together effectively? Make sure your teams are performing at their peak. If not, determine what you can do to support teams to work together more efficiently and effectively.

Executive Summary: Successful improvement is collaborative and team-driven. Everyone must buy in to the fact that change will improve process, productivity, and corporate culture. To do this, you must analyze and present data about present areas needing improvement. Inform your team about the reasons for your analysis of their productivity.

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Tip #437: How To Maximize A Third Party Relationship

Many businesses depend upon the services of a third party business partner to succeed and grow. This could include vendors, suppliers, other businesses, the government and consultants. However, the age-old question is this: How can you get the most out of that business relationship?

Click here to read Google's Advertisers Guide To Working With A Third Party Partner.

Third Party Relationships Require A MUTUAL Commitment.

When partnering with a third party organization, you need a level of commitment from everyone in your organization AND everyone in the other party's group. This means keeping the lines of communication open (especially with all decision makers), planning carefully and meeting expectations.

8 Things To Do Before Entering Into A Third Party Business Relationship.

If you want your outside business relationships to run smoothly, you need to work out the details before entering into the business relationship:

1. Get It On Paper And Signed: Detail and outline all agreed upon services, procedures, parameters, marketing commitments and deadlines. Make sure it's official, approved by both parties and also on paper with the necessary signatures.

2. Perform A Background Check: It's a typical business practice to ask for references when considering a business partner. Check their website for testimonials and follow up with anyone listed there. Using Google, high-profile business professionals should not be hard to find.

3. Work Out Expense Details: Who pays for what expenses? Expenses can include transportation and shipping fees. If you hire a consultant, will she want you to compensate her for travel time and lodging? Find out before you sign an agreement.

4. Check Scheduling: Ensure that the outside vendor can meet your schedule and deadlines.

5. Interview The Third Party: Talk directly with a representative of the third party. If possible, try to speak with the business leader or CEO.

6. Keep It Confidential: Since your third party isn't directly employed, he is free to work with your competition unless it's otherwise agreed upon. Even if it is, you should ensure that all third parties sign confidentiality agreements.

7. Detail Your Expectations: Make sure you and the outside party's decision maker understand exactly what is expected and when. The best way to meet expectations is to understand them AND put them in writing.

8. Employee Commitment: Make sure your employees are aware of your relationship with the third party. They also need to know what they need to do to ensure your commitment.

Executive Summary: Working with a third party can increase your efficiency, profits and customer satisfaction. After finding a third party that can do this for your business, make sure you take the time at the beginning of the process to ensure a smooth business relationship.

It is also recommended to confirm each other's commitments and deliverables in writing.

 

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#436: 6 Components To Creating An Effective Team

After working with different teams, have you ever wondered why some teams complete goals efficiently and successfully while others fail? When components are missing, a team can end up elongating a process instead of completing a task. While every team is different, is it possible that there is a magic recipe for success?

Click here to access a link to a number of team-building games.

The 6 Components Of Effective Teams:

 

1. Active Team Members: Your team will not function effectively unless each team member is willing to put in an effort. You need team members who are proactive and understanding of their own parts in the larger process.

2. Demonstrated Leadership: If one or more team members demonstrate leadership qualities, you can delegate duties to them (and simply supervise the team). And as you can imagine, this is a more efficient use of a leader's time. Additionally, a good leader will:

 

• Inspire the best work performance from others.
• Describe and communicate visions and goals (clearly and often).

3. Integrity: An effective team is guided by an overarching sense of values. Completing work with integrity means sticking to the company guidelines and mission statement. Workers with a strong sense of integrity do more than simply avoid rule-breaking practices; they ensure the highest quality on all work presented. Examples of this include:

• Double checking all work before turning it in.
• Sharing processes with their coworkers.

4. Goal-Oriented Thinking: To succeed, a team must be able to keep a goal in mind. Future-oriented team members can visualize how their work efforts will create a better future. This type of thinking really galvanizes a team, resulting in a higher level of focus and an emphasis on teamwork.

5. Enthusiasm: Teams always work more efficiently when they are not bogged down by negativity. Successful teams consist of members who maintain realistic perspectives while tackling all problems with enthusiasm and positive attitudes. Keep the FUN in doing business.

 

6. Ability To Connect: The ability to work well with others is an asset to any team. When team members aren't buried in interpersonal conflicts, they focus on achieving goals. Workers who demonstrate this quality can:

• Work well with someone even though personalities clash.
• See diversity as an asset.
• Maintain positive relationships.
• Include the entire team in success.

Executive Summary: Does your team possess these essential qualities? If not, a good leader will work diligently to make a team work together in unison. Additionally, solving problems effectively and efficiently in a team environment requires a number of conditions to be met: Experience, attitude, willingness and motivation. But most importantly, valid coordination.

 

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