Up-Selling and Cross-Selling, how to increase sales thanks to Artificial Intelligence
When a consumer buys a product, they are completing a very long journey in which they have researched, read and heard opinions and, in the end, decided to purchase.
That moment is a starting point for the company, since from then on it will have to put in place strategies that are able to keep that customer loyal (we saw it here) and that allow it to increase its value over time.
Many of these strategies, in addition to being able to be developed over time, can be applied immediately, i.e. at the exact moment in which the sale is about to be concluded, allowing an immediate increase in the value of the incoming customer.
These strategies are called cross-selling and upselling.
Cross-selling consists of offering a complementary product or service to a customer who is making (or has just made) a purchase. For example, a nice cover to match the new smartphone you just bought, or a milkshake to end dinner on a high note.
With Upselling, however, the customer is encouraged to purchase a larger quantity of product than expected. Returning to the previous examples, it could be an even more powerful and slightly more expensive smartphone, or a larger menu to fully enjoy the final dessert with the milkshake.
Cross-selling and upselling are strategies widely used by companies, but they rarely succeed. This is because very often the consumer who is purchasing, precisely because they have researched extensively before proceeding with the purchase, already has a clear idea in mind of what they want to buy, the price they are willing to pay and any accessories or supplements which, if proposed in the right way, can be taken into consideration.
This means that companies must be able to get to know their potential customers in depth, because they must be able to enter that situation in which the consumer leaves open the possibility of a negotiation. Only in that way, and by managing to offer exactly what the customer needs, can companies then complete a cross-sell or an upsell.
In most cases, obviously, everything must happen in real time and, as you can imagine, the level of complexity of the situation rises.
For this reason, it is very likely that companies find themselves offering upgrades or complementary purchases to the wrong customers, with the wrong products, at the wrong times and with the wrong sales agent.
But is it possible to set up an analysis method capable of idetifying how and when to apply cross-selling and upselling strategies?
Yes, with Artificial Intelligence. Thanks to it, it is possible to analyse almost infinite quantities of data in a very short time, managing to outline the characteristics of incoming customers, as well as their purchasing propensities and preferences.
In this way, companies have the opportunity to know in real time the new customers and those within their customer base, so as to be able to set the appropriate sales strategy for each of them. By doing so, each customer will be contacted at the best time, by the most suitable operator and with the perfect product offer for them, i.e. the one capable of responding to their needs or problems.
Knowing your audience is fundamental because it not only allows you to increase sales, but also to increase the perception of your company in the market and among consumers. A company capable of having a proactive attitude towards its customers and capable of solving their problems before they arise represents the desire of every consumer, even more so in the modern world where competition is fierce and quality, often, diminishing.
How can you implement artificial intelligence within your business to increase cross-sell and upsell sales?
With BigProfiles, which provides its customers with an easy and intuitive artificial intelligence platform capable of analysing very large quantities of data in a very short time, suitable for both sector experts and those with no knowledge of coding.
Thanks to it, the team of data scientists, together with operations and marketing, will have the ability to predict customer behaviour within their CRM and consequently set up models capable of tracking, even in real time, the best strategies on incoming consumers and customers or within one’s own customer base, making it possible to increase cross-selling and upselling sales by 66%.
Do you want to know more about how to implement BigProfiles within your company and start harnessing the power of Artificial Intelligence?
Fill out the form below and request a free demonstration with one of our consultants!