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Episode Info: Subscribe to Modern Selling on the App of Your Choice! It may sound crazy to be talking about an upselling strategy in the midst of a world-wide crisis like Coronavirus, but the harsh reality is that companies and individuals who are not working extra hard to keep their revenue driving forward during a time like this will be left vulnerable. Upselling is one of the most powerful ways to increase revenue during lean times because it leverages the power of existing relationships with customers who already trust you and respect your brand. My guest on this episode is Victor Antonio, the author of 13 books on sales and motivation and the creator of the Sales Velocity Academy, a learning platform with 500+ videos. His new book being released soon is on the topic of upselling.  During this episode of the #ModernSelling podcast you’ll hear why he’s so enthusiastic about the subject. Plus, you’ll have the opportunity to pre-order his book so you can be among the first to read it once it’s released. This episode is sponsored by XANT, the enterprise leader in sales engagement. Xant has authored the Definitive Guide to Sales Cadence. Get your copy at www.SalesCadenceGuide.com It’s Not Surprising That Most Companies Have No Upselling Strategy The average company shoots for a 10% to 15% growth rate year over year. That’s pretty aggressive and sales teams are typically busting their humps to meet their quotas. Victor says that in light of that kind of pressure, why not approach existing customers—who are essentially warm leads—to generate new opportunities? It’s called upselling and while it’s not a revolutionary idea, it’s one that many companies have ignored to their own detriment.  In researching for his new book, Victor discovered that nine out of ten companies admit that upselling is not part of their training process. This shouldn’t be surprising since 30% to 35% of companies have no official sales strategy or referral process.  That means that upselling (and its close cousin cross-selling) is nothing more than an afterthought. In Victor’s words, “If it’s not part of the process, it doesn’t get done.” Coordinate And Compensate Sellers And Account Managers to Upsell More Victor says that much of the reason upselling takes a backseat to inbound and outbound sales is that in most compensation plans for salespeople or account managers don’t encourage upselling. When you structure compensation based on upsells that happen in an account, then sellers and AMs have a reason to work together to generate more revenue.  The Account Manager’s default attitude is often, “Service the customer. Make them happy.” That’s great, but additional revenue generation needs to be part of that mindset as well. The one-two combination of a great salesperson and an upsell-focused Account Manager could bring in tremendous amounts of additional revenue. In fact, Victor says it can generate up to 30% of all sales!  His point is simpl...
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