3 Upselling and Cross Selling Tips you can Learn from Target
1. Cross Selling via Product PlacementUpon entering any Target store, one of the first sections you will encounter is the “$5 and under” section. More often than not, customers are willing to stop by this section just to see what cool and new items are available. Because everything in this area is low-cost, it is easy to throw a couple of $3 items in your basket and keep it going.
While digital products do not have a physical storefront, you’ve seen similar experiences virtually with pop-ups or banners. Good product placement puts the product directly in front of your customers when they are in a buying mood. For SaaS Sales teams, this means sharing your latest product updates or company press on LinkedIn, Twitter, or over email.
2. Upselling via F.O.M.O.The fear of missing out, abbreviated as F.O.M.O., can be used as an upselling tactic to appeal to your customer’s emotional buying patterns.
When Target places items on sale, they say “Limited Availability” or “Clearance and can do so as quickly as two weeks after merchandise is released. Labeling it this aggressively communicated the necessity to buy this now because it might not be here later.
Creating a language that appeals to a customer’s F.O.M.O. is key to upselling digital products. Words like “upgrade today” create a sense of urgency, meaning customers are more drawn into making a purchase.
In SaaS Sales, upselling via F.O.M.O. can be accomplished by offering your customers an incentive if they upgrade in a time window or sign before an expiration date. By including an additional feature or digital item, you make it harder to resist their fear of missing out on a one-time offer.