Beware the ‘Walking Dead’
One of the opportunities available to a multi-product company is to get a "bigger share of the wallet" i.e. sell more services to the same customer.
In theory, this works great. Whether the customer buys more of the same product or "trades up" to a higer value product, the value of these transactions is exponentially higher than new customer acquisition.
Indeed, cross-selling and up-selling are critical imperatives for e-business.
However, this study done at Wharton brings into question: who should you be cross or up selling to?
Usually, companies employ a shotgun approach to cross/up selling - try it with every customer; what do you have to lose? If you are of that mindset, then you must read this article. You do not want to wake up the "walking dead"!
Read the article>>
Posted on 06/02/2009 by