Selling industrial equipment isn't always easy, but there are ways to boost your revenue potential from each prospect that you might not be fully utilizing now.
What in the world is cross-selling and how it can be used to generate more revenue for your business? The term “cross-selling” refers to the act of presenting and/or advertising products or services that are frequently purchased together. A material handling company might propose racking system to go along with the conveyors they will be supplying. You can implement a similar strategy by cross-selling similar industrial products together. Another example might be selling a forklift, and offering accessories like fork extensions, brush sweeps, drum handlers, fork covers, etc.
Offer Service/Maintenance Plans
Another way to generate more revenue with industrial reports is to offer service and maintenance plans on equipment. If a customer is going to spend $15,000 to $20,000 on an electric forklift, he or she may also be willing to purchase an extended service plan. Upselling these “extras” can yield huge improvements in terms of revenue. And besides, the worst that can happen is the customer says “no, thanks.”
Leave a Message
According to the folks at Industrialego, you can expect roughly 70% of your prospecting calls to go unanswered. Instead of hanging up the phone, however, you should leave a voicemail. Not every prospect is going to return your voicemail, and even fewer will make a purchase, but even if a fraction of your messages convert into sales, it's well worth the time and effort. It doesn't have to be a long, drawn-out message, rather leave a short message explaining who you are, why you are calling, and how the prospect can reach you. Be sure to mention the industrial project that you are calling about; you will be perceived as a well prepared sales person.
Know Your Prospects
The more you know about a prospective customer, the better your chance of scoring a sale. If you know the prospect's name, company size, project requirements, etc., you can recommend personalized equipment and services that are tailored towards their specific needs. Customizing your sales pitch based on this information will yield a stronger response with more sales.
Rather than taking a passive approach and hoping that customers send referrals your way, you should actively seek referrals from your existing customers. If they are happy with your work, they'll be more likely to recommend your services to other like-minded industrial professionals. However, you can go one step further by offering some type of incentive for referral, such as special discounts, free products, credit, or even cash.