3 keys to getting a bigger share of your customer’s wallet

3 keys to getting a bigger share of your customer’s wallet:

from EyesOnSales.com

Ask

Ask sales reps if they think they could get more “share of wallet” from current customers, and most will ’fess up to a lot of potential revenue available. 

Some reps hesitate to ask for more because they don’t want to rock the boat. But if you truly believe your products and services add value, you’re doing buyers a disservice by not offering them more.  

No high pressure is required. Sometimes, it amounts to little more than a “by the way...” approach. As in, “By the way, we have this other product or service you may be interested in.”  

Here are three keys to getting better at cross-selling your solutions. 

Get their attention Unless you are talking about a $3 add-on, you will need to have a serious conversation, and that requires their undivided attention.  

One good way to do this is with a  call to ask for their advice and input about your products and services. Customers are generally flattered to be asked for advice, because it gives them a chance to feel important.  

Begin with how you appreciate their business, why it is valuable to you and what you like about doing business with them personally. Since they are good customers, you should have lots of reasons. Be as specific as you can, and do your homework. 

Play to your strengths Ask whether they have any issues or concerns when it comes to your products or services. 

Be prepared to address those concerns right away. Two good reasons: (1) They are your best customers and deserve immediate response, and (2) they need to be completely satisfied, or it’s a waste of time to ask for additional business. 

Don’t stop there; dig for specifics. Ask about three areas where you think your company is doing an exceptional job, to confirm that this is true from the customer’s perspective.  

Such an approach will reinforce the value they are getting. Don’t shortcut this because it lays the groundwork for the “ask” that follows. 

Make the ‘ask’ After the customer has confirmed that they value your work, it’s time to ask for more of their business. But there’s a trick to it that you have to get right.  

Say something like, “Joe, you’ve said  we’re doing a good job for you on [Solution X] and we’d love to do more business with you on [Solution Y]. What advice can you give me on how we can move forward with this?”   

Asking the customer for advice makes a huge difference. You may find out more about their decision-making process, or you could end up with a test or limited implementation at one of their other divisions. 

If you’ve been angling for additional business for some time, try adapting this kind of language to your situation:  

“We’ve been discussing the possibility of [Solution Y] for months. Is this something you’d like to move forward with on a trial basis, or should we drop the whole idea? What’s your advice?”  

Asking them to “fish or cut bait,” as they say, will either result in a small step forward or a clear signal to stop wasting your time. You can either advance the sale or move on to other clients – without offending this one.  

Ask sales reps if they think they could get more “share of wallet” from current customers, and most will ’fess up to a lot of potential revenue available.
Some reps hesitate to ask for more because they don’t want to rock the boat. But if you truly believe your products and services add value, you’re doing buyers a disservice by not offering them more.
No high pressure is required. Sometimes, it amounts to little more than a “by the way...” approach. As in, “By the way, we have this other product or service you may be interested in.”
Here are three keys to getting better at cross-selling your solutions.
Get their attention Unless you are talking about a $3 add-on, you will need to have a serious conversation, and that requires their undivided attention.
One good way to do this is with a  call to ask for their advice and input about your products and services. Customers are generally flattered to be asked for advice, because it gives them a chance to feel important.
Begin with how you appreciate their business, why it is valuable to you and what you like about doing business with them personally. Since they are good customers, you should have lots of reasons. Be as specific as you can, and do your homework.
Play to your strengths Ask whether they have any issues or concerns when it comes to your products or services.
Be prepared to address those concerns right away. Two good reasons: (1) They are your best customers and deserve immediate response, and (2) they need to be completely satisfied, or it’s a waste of time to ask for additional business.
Don’t stop there; dig for specifics. Ask about three areas where you think your company is doing an exceptional job, to confirm that this is true from the customer’s perspective.
Such an approach will reinforce the value they are getting. Don’t shortcut this because it lays the groundwork for the “ask” that follows.
Make the ‘ask’ After the customer has confirmed that they value your work, it’s time to ask for more of their business. But there’s a trick to it that you have to get right.
Say something like, “Joe, you’ve said  we’re doing a good job for you on [Solution X] and we’d love to do more business with you on [Solution Y]. What advice can you give me on how we can move forward with this?”  
Asking the customer for advice makes a huge difference. You may find out more about their decision-making process, or you could end up with a test or limited implementation at one of their other divisions.
If you’ve been angling for additional business for some time, try adapting this kind of language to your situation:
“We’ve been discussing the possibility of [Solution Y] for months. Is this something you’d like to move forward with on a trial basis, or should we drop the whole idea? What’s your advice?”
Asking them to “fish or cut bait,” as they say, will either result in a small step forward or a clear signal to stop wasting your time. You can either advance the sale or move on to other clients – without offending this one.