Maximizing profits through offering low-priced products and cross selling is a renown phenomenon. It is called?
Answers
Listen to your customer. ...
Ensure your offers make sense. ...
Offer discounts and bundles. ...
Keep the total amount within range. ...
Remember: Timing is everything. ...
Stay in the picture between sales calls.
Explanation:
Cross selling and Upselling is one of the most widely discussed concept in marketing analytics. Every other day when you visit a supermarket, restaurant to purchase something, this concept comes into live action. This concept is being taught in every marketing class across the world, thereby students are expected to know of it.
You may be curiously wondering why we have selected this topic of “Cross-Sell”? Well, the answer to this is very obvious. In our experience (spawning several decades) of setting up and training teams, we have conducted hundreds of interviews. And guess what? For our standard interview question of “Elaborate on a project you have worked on from start to end”, the most frequent response has been a Cross-Sell Model! However, when a lot of people were quizzed around the basic concepts of cross-sell / up-sell, they were unable to provide satisfactory answers. They would know the code used, but were unable to explain this simple concept.