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How to use your CRM for upselling and cross-selling
Between 60-70% of CRM implementations fail to meet expectations. http://www.mycustomer.com/topic/new-learning-implementing-crm-successfully
A further 10-25% of CRM projects just about meet expectations, but don’t deliver the terrific upswings in sales and conversions customers expect. http://www.accenture.com/SiteCollectionDocuments/PDF/Accenture-Connecting-Dots-Sales-Performance.pdf
The rest deliver great ROI, strong user adoption and a more complete view of customer relationships. A successful CRM implementation will benefit your business in a variety of ways, so we’ve created this slideshare to show you how to make your implementation a success.
CRM is not the product, it’s the people.
It doesn’t matter how innovative the application or how elegant its code, CRM isn’t about software. It’s about the people who use it. Understanding their needs, answering their motivations, encouraging their hopes and dreams.
More than half of CRM projects fail due to lack of customer insight (53%). Every organisation adopting CRM understands that customer insight is what will elevate them from the failing 70% and the mediocre 25% and into the 5% for whom CRM is delivering payback. http://www.merkleinc.com/sites/default/files/whitepapers/Customer-Centric-Transformation_WEB_4%2030%2014.pdf
Cross-selling is turnover, up-selling is margin
Cross-selling is the art of selling your customers different but related products and services. If you sell cars, sell servicing plans. In financial terms, cross-selling is about increasing turnover: your topline sales.
So together, cross-selling and up-selling boost two important metrics: sales and margins.
Here are some tips on achieving both.
Identify opportunities by looking for patterns The standard dashboard of any CRM application creates charts and graphs across your entire database. But an average is just that: average. What do averages do? They hide all the interesting traits and factors that show up when you slice your total dataset into smaller parts. http://www.bain.com/publications/articles/management-tools-customer-relationship-management.aspx
Ask your people their opinions Get your team together, even if you have to take an awayday. Ask them to describe what tips and tricks they find most useful before approaching a customer. Many of these tips and tricks can be hardened into reusable cross-selling and up-selling techniques.
Segment to unite, not to divide To make your people fanatical about CRM marketing, segment differently. Customers don’t divide themselves into sectors and sizes: databases do. Start looking at your data in terms of human factors. https://www.gartner.com/doc/2846818
Communicate methods, by sharing models Over a third of companies have been forced to delay CRM projects due to poor data problems, so you need to motivate Sales by showing them what’s worked and how to achieve it with a new system. http://www.gartner.com/5_about/news/crm_sample.pdf
Show how value is added if everyone’s on board This is the right point in the adoption process to demonstrate these benefits come when everyone uses CRM - no exceptions. Ideas gain value when they’re tested against data - all data, not a subset.
Execute with an eye on continuous improvement Embed the business processes that consistently deliver these opportunities and information to everyone involved. That’s where CRM really shines.
Automate your best practices What worked in one sector can work in another. So if a sales person’s anecdote turned into a productive contact strategy, roll out that CS to all customers united by the same criteria. http://futurecmo.org/2013/08/25/from-marketing-to-service-automation/
Spread the word across social media The best CRM applications work with more than a single database: they see connections outside that database. They can look at news feeds and flag when a name appears. They can track social media and alert you when a follower in your database ‘likes’ you. All are signs that your prospect is moving down the sales funnel. https://econsultancy.com/blog/64545-what-is-crm-and-why-do-you-need-it
Up-selling and cross-selling is an important sign of successful CRM. Discover more about how you can achieve this by downloading: The Ultimate Guide to: Using CRM for data driven marketing success Download Now The Ultimate Guide to: Using CRM for data driven marketing success An eGuide with practical steps to apply data-driven marketing using CRM ULTIM ATE SE R IES