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Cross Selling – The Quickest Way To Grow Your Business

Cross selling is possibly the most valuable business development tool available.

In the world of business development and small company marketing, the key question is how can I grow my business and what’s the fastest way to do it.
When most people think about growing a business, they normally think about winning new customers. While new customers are really important, the fastest and easiest way to grow your business, is to leverage your existing customers and cross sell them into other products.
Just think about it. Your existing customers have already decided that they like you and your products enough to buy from you. So when you offer them something new, as long as it’s something they need, in all likelihood they will buy it from you.
How often do you hear the refrain “I never knew you sold that”.

So as a business owner your mission is obvious. The best cross selling tip I can give is to say you must make sure that all your customers are aware of the full range of products and services you provide so that you’re giving them every opportunity to buy everything they can from you.

Gap Analysis To Identify Cross Selling Opportunities

In order to identify where the cross selling opportunities lie, one of the first things I do with my clients is to carry out a gap analysis.
What we do is we list all the products or services the company sells along the horizontal axis of a spreadsheet and then all the customers down the vertical axis. We then put a tick in the cells to show all the products each customer is currently buying. Then by using the detailed knowledge the client has of his customers we put a cross against those products which they don’t currently buy but which they realistically might buy, that they are currently either getting from somewhere else or they’re not buying at all.
This process identifies where the opportunities lie. It is now down to the marketing and sales functions to convert these opportunities.

For further help with cross selling call Business Development Advisors on 01483 200387 or email mikejennings@bda.me.uk