No matter where I’ve worked, I’ve come across the same topic: How do we maximize sales with customers we already have? The champions of the finance industry have been nailing it. They get that once you’ve opened a bank account, you’re a prime target for their credit cards, loans and other services. Once they’ve got their hooks in you with multiple accounts, you’re infinitely less likely to unwind all those services. The principle is universally applicable.
It’s the New Year and by now your sales team members have already submitted their sharp, concise plans for how they are going to build their business in 2014. Now is the perfect time to fold in a program like this.
1. Do (a bit) of the work for them
Start by taking each of your team members customer lists and break it down. Segment customers into verticals and products they already have. Identify which customers are missing your complimentary offerings. Do they have the home protection system but haven’t yet picked up your home automation offering? These are the prime targets.
2. Spend a little
Give your team a budget to spend. It doesn’t have to be much, but tie a dollar amount that they can spend to the campaign. Doing so will enable them and offer a sense of control.
3. Remove Obstacles
Offer a template to complete and clear instructions on what to do. Here’s an example of what to include:
- Identify the service or product to promote
- The vertical and horizontal to promote it to (ex: IT Directors at SaaS companies)
- Message they want to communicate and the platform in which to do it (ex: email, direct mail, event)
- Goals and expectations – what are the tangible results you are trying to accomplish?
Or, use the downloadable .ppt found here: Cross & Up-Sell Template
4. Hold them accountable
Give them two weeks to create a first draft of a plan. If you’re planning on leveraging your marketing team (as outlined in the template), make sure they have enough of a heads up.
5. Report up the Chain
Communication is key with projects like this so I’ve created an excel sheet that makes it easy to organize and distribute the information from the reports. You can download it here: Cross & Up-Sell Reporting Sheet
Focus on making this process as straight forward as possible for your team. Kick off with a team meeting that clearly outlines the purpose and goal of the campaign. Make it fun and rewarding. There is low-hanging fruit waiting to be added to your pipeline.