Encouraging current customers to buy products and services offered by the company that they are currently not aware of or purchasing. Typically part of a strategy to expand Share of Wallet or Share of Customer. For example, an insurance company might use a marketing communication to introduce its 401(k) investors to a new variable annuity product.
The strategy of promoting additional products to current customers, often based on their past purchases. Cross-selling is designed to achieve incremental sales by deepening the customer's relationship with the company and decreasing the likelihood of the customer switching to a competitor.
Showing an e-commerce customer other goods related to those already chosen. For example, someone who has chosen a laptop computer could be shown cases and other accessories relevant to that model. This is a merchandising technique supported by EDO Retail
Cross-Selling can be defined as the sale of additional products to existing customers. In other words, cross-selling is the attempt to use existing customer relationships to sell additional products. In a broader sense cross-selling includes as well the effort to sell products with higher cross margins to a customer (up-selling).
Selling a new product to existing customers. IXIâ€™s Investyles and WealthComplete coding data allow clients to identify opportunities for cross-selling among existing customers with money to spend.( Back to the top)
The practice of placing products that are linked together in the consumerâ€™s mind next to each other on a retailerâ€™s shelves; for example, the bacon next to the eggs, or the ties next to the shirts. Also, the attempt to sell one product to a customer who has already bought something completely different from the same seller â€“ when a bank that gave you a loan attempts to sell you insurance as well.
Cross-selling is the strategy of selling other products to a customer who has already purchased (or signaled their intention to purchase) a product from the vendor. Cross-selling is designed to increase the customer's reliance on the company and decrease the likelihood of the customer switching to a competitor.