The Formula for Cross Selling Success
High performing, growth-oriented agencies benefit from a disciplined and strategic cross selling plan.
The Formula for Cross Selling Success.
If you are serious about a results-oriented cross sell system, there are 10 strategies that will guarantee success:
Strategy #1 – Cross Sell Plan. As with any successful initiative, you must have a plan. Cross selling success begins with a strategy map which responds to the questions Why? When? and How?
Strategy #2 – Understand the client’s concerns. The biggest obstacle to cross selling success is not knowing enough about the client. While agents and brokers have vast data, most lack a “discovery process” to understand the customer’s goals, passions and struggles. High performing organic growth agencies understand the importance of uncovering customer issues to position cross selling opportunities.
Strategy #3 – Fulfill each and every promise. The foundation for cross selling success requires you to excel on the initial project. You must solve the specific issue at hand before introducing a second initiative. You will consistently be rewarded for jumping over the bar with room to spare.
Strategy #4 – The principle of worthy intent. Cross sell experts always put the customer’s interests ahead of their own. Your cross sell initiatives should always be focused on improving the performance of those you serve.
Strategy #5 – Connectivity. Cross selling success involves connecting a subsequent sale to the initial engagement. It requires helping clients understand how decisions they make in one area uniquely position you and your Team to expand your role in other areas.
Strategy #6 – Know your capabilities and limitations. To effectively cross sell, you must feel confident with the products, services and capabilities of your firm as well as the limitations of your organization.
Strategy #7 – Trust others in your firm. Cross sell strategies often fail because people do not effectively work together. They have not learned to trust each other. To stimulate cross selling success, consider bringing your associates together to build knowledge, trust and respect.
Strategy #8 – Customer relationship management. High performing organic growth agencies have a disciplined customer relationship management system which fosters credibility, intimacy and knowledge. A customer must feel valued before the cross selling initiatives bear fruit.
Strategy #9 – The art of listening. Far too often, agents and brokers spend too much time demonstrating their level of expertise in the sales process. Their presentations are self-serving and viewed by the customer as “product dumps”. Cross sell success begins and ends with the art of listening to the customer.
Strategy #10 – Benchmarking cross sell performance. The success of your cross sell plan requires measuring and benchmarking plan performance in a variety of ways including revenue generation, cross sell hit ratios and retention.