Young and happy couple having a deal, shaking hands with financial consultant or real estate agent at the luxury office
From repeat purchases to potential referrals, there are many reasons why retaining existing customers should be a central goal of your marketing efforts. In addition to helping your business succeed today, these customers are also prime catalysts to help it grow in the future.
That’s where cross-selling comes in. Cross-selling expands a sale by adding products that complement the initial purchase. For example, customers might add a bike helmet onto the purchase of a new bike or an ink cartridge subscription onto the acquisition of a new printer. These sales help customers explore other areas of your business while increasing the value of their order. Cross-selling is often easier with established customers, as research indicates that they are 50% more likely to try new products compared to recently acquired customers.
It’s important to remember that a customer’s relationship with your business can change and evolve over time. While they may have purchased from you for a specific purpose to begin with, they may be open to exploring different products or services down the road, so cross-selling opportunities may arise at many different times over the course of the customer lifecycle.
Here are a few tips to help you cross-sell effectively.
- Put the customer experience first. According to the 2022 annual Broadridge study, 77% of consumers say they would spend more money at a company that provides a better customer experience. Make it a priority from day one to deliver a streamlined, customer-centric experience to keep consumers satisfied and earn their loyalty.
- Offer solutions that make sense and add value. Mapping out the customer journey is a valuable exercise to understand how customers are using your products and services and where they may be most open to learning about new ones. Be careful with offering too many additional products too soon, as customers may find this overwhelming.
- Use personalization to create a strong connection. Customers like to feel special, and investing in targeted communications provides that extra touch they’re drawn to. Almost all consumers are more likely to shop with brands that provide them with personally relevant recommendations. Don’t worry about going too far; 73% said they have never received brand communication that felt too personalized!
- Consider special offers or promotions to increase awareness. A well-timed direct mail campaign with a coupon or limited-time promotional pricing may be just the thing to convince customers to give an additional product or service a try, especially if they’ve been pleased with the overall value from your company in other areas.
Matrix offers reliable digital and print communications to help you retain loyal customers and cross-sell to them strategically. From digital channels that open new doors for you to better market products and services to hyper-personalized direct mail that cuts through the clutter, we can help you deliver a customer experience that keeps them coming back for more.
Are you missing opportunities to sell new products to existing customers? Let us create personal, attention-grabbing campaigns with tangible business impact. Contact us today to get started.
