If you are an eCommerce Marketer, you love to think about cross-sell and upsell. While many eCommerce platforms offer effective tools for cross-sell and upsell while browsing products or checking out, viewing this as the singular moment in time is myopic.
Consider the customer that purchases a new set of custom golf clubs from Acme Golf. The customer begins using the clubs effectively and happily. Let’s assume for a moment market research indicates that 20% of new custom golf club purchasers also buy a new putter within 45 days of their custom clubs purchase. This provides a perfect opportunity for a targeted sales follow up within 30 days of purchase with an offer on a new putter.
Let’s consider another example at Acme Golf. Acme understands that 30% of customers that purchase a beginner-level set of golf clubs, end up upgrading those clubs within 9 months of purchase (Fictitious statistic for all you golf stores reading). Within 3 months of purchase of any beginner set of golf clubs, Acme begins upselling a new set of clubs to this customer segment. They even implement a buy-back upgrade program to stimulate additional sales.
When cross-sell and upsell is decoupled from the point of initial browsing and purchase the possibilities become endless, yet few companies capitalize on this opportunity.
These opportunities exist in every business and the smartest marketers are the ones that correlate customer data to create new business opportunities.
CRM is the central system where this data lives and follow-up action coordinated. Marketers and Customer Service teams working together to deliver new business opportunities is a beautiful thing.
Another beautiful externality created in this effort is increased customer satisfaction and retention. After all, Acme is the company that is providing the assistance for their customers when they need it and how they want it!