Selling to a new customer will cost you four times than selling to an existing one. According to Marketing Metrics, the probability of selling to an existing customer is 60-70% and selling to a new prospect is 5-20%.
By cross-selling to your customer roster, you can sell more products and drive revenue,cutting down the cost of sales. But the challenge here is, sales people are often not interested in cross-selling. The concerns include but are not limited to “I don’t have time”, “I will not get incentives for selling other products”, “I don’t know enough about other products”, “I am not confident of when to cross-sell” and “ I am nervous”.
So how do we address these challenges; well the key is training. I would like to discuss these concerns in detail and share how product eLearning can help you improve your sales force’s ability to cross-sell.
I will not get incentives for selling other products
Sales people have tight deadlines and are always in a hurry to achieve their targets. Between all these, they tend to neglect pitching in for cross-selling. To motivate them and make them realize cross-selling opportunities, you must inform the team about the importance of cross-selling and how it creates more growth opportunities for the company.
To create this awareness quickly, we can use byte sized product eLearning or micro learning modules introducing the big picture, with icebreakers or a series of questions that make them think. We can also use videos from the CEO or the top sales manager, communicating the importance of cross-selling.
I do not have enough knowledge about other product lines
Having comprehensive knowledge about various products offered by the company can help the sales force cross-sell. Generally what happens is, product training mangers organize training for just their respective teams, only on their products. For example, the team that sells laptops will be trained only on laptops and not on other accessories such as pen drives, mouse, etc.
Training teams on other products will need huge investments, if it is to be done in a classroom. But with online product training, once the course is created, it can be given to any number of people, any number of times. ELearning provides many opportunities to make learning simple, effective, and stick for a long time.
I am not confident of when to cross-sell
When selling a product, sales people generally get stuck without an ideaof how to introduce or talk about another one. This sort of practical learning can be imparted effectively through scenario-based eLearning courses.
You can gatherdetails, parameters, or real life contexts and weave them into courses. These scenarios will make it easier for the sales person to understand the situation, make decisions and explore how to use the opportunities. For instance, when a salespersonselling laptops,shouldintroducethe anti-virus software application to the customer can be best explained through scenarios.
I am nervous
Identifying opportunities and having more knowledge on other products will make the sales person more confident.
If you want to jump start on motivating and improving your sales force’s ability to cross-sell, you can take the advantage of online product training. Do share if you wish to add to the list.