BY NICK BROWN
If you think the difference between cross-selling and upselling is merely a matter of semantics, you could very well be undermining your full sales potential. Learn how to apply the extremely successful fast food approach to cross-sales and upsells to witness major results in the credit union industry.
If you can’t tell the difference between a cross-sell and an upsell, you aren’t alone. For many salespeople it can be confusing. Many might even ask, “Why does it even matter as long as I talk to the member about the products and make a few sales?” The answer is because to be successful at both cross-selling and upselling, you need to understand the difference and how to effectively approach each sales situation.
When learning about cross-selling and upselling, we often think of the fast food industry, and rightly so. They do it extremely well. A combination of the two is a major factor that has made the fast food industry so successful. Well, that and the addictive nature of empty carbs and trans fat of course. But ask yourself: When have you been in a fast food restaurant and not heard something like “Would you like to supersize that?” or “Would you like fries with that?” The approach works so well that we spend the extra $2 and ask for the fries ourselves the next time we go in. Why? Because we are satisfied with the product we received and how those fries made us feel.
So how can we capture those same results in the credit union industry and serve our members’ needs better? How can we ask for those cross-sells and upsells that will increase both our members’ loyalty and the value we provide to them? It starts by first understanding your products and services.