Up-selling is a great way to boost revenue in B2B sales. Once a client has expressed interest in a particular product or piece of equipment, you can attempt to sell him or her a relevant “add on.” For instance, clients who are interested in buying a forklift may also be interested in attachments like a drum handler. If the client intended to use the forklift to move and manipulate large drums, a drum handler will certainly prove useful.
Generating B2B sales leads is tough, and in some case the cost for 1 lead can be several hundred dollars. In order for a sales executive to justify using any lead generation tool, the ROI has to make sense. Plus, you've already got the relationship with the prospect, why not maximize revenue?
Step #1) Facilitate the Original Purchase
The first step to up-selling is to facilitate the client's original purchase. You can't expect to upsell a client without first satisfying his or her original needs. So, work on selling the initial product or equipment, and then you can attempt to sell the client an add-on. The up-sell comes toward the end; and in some cases after the initial sale.
Step #2) Introduce the Add-On
Next, you'll want to introduce the add-on product or equipment. The key to achieving a positive response with add-ons lies in your choice of product. Add-on products should be relevant and closely related to the initial product or equipment. Attempting to sell a client a forklift attachment for a bulldozer isn't going to work. However, attempting to sell this same client “bucket teeth” for a bulldozer will yield a stronger response while subsequently increasing your chance of generating a sale.
Step #3) Explain the Benefits
The third step in add-on selling is to explain the benefits. In other words, explain to the client why they should purchase the add-on item. Rather than listing its features, however, you should focus on its benefits. How can the add-on item benefit the client? If it's bucket teeth for a bulldozer, then perhaps the client can use it for excavation more efficiently than traditional non-teeth buckets.
Step #4) Close the Deal
The fourth and final step is to close the deal. The good news is that you should have a relatively easy time convincing the client to purchase the add-on item IF you explained the benefits and why he or she should buy it.
Add-on selling is an exact science. Sure, the steps remain the largely the same, but you'll need to customize your approach based on the client. If the client tells that you that he or she isn't ready in purchasing the add-on item just yet, make a note to follow up at a later date. By nurturing your leads, you'll have an easier time with add-on selling.