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Cross-sell
Cross-selling is a sales technique involving the selling of an additional product or service to an existing customer. In practice, businesses define cross-selling in many different ways. Elements that might influence the definition might include the size of the business, the industry sector it operates within and the financial motivations of those required to define the term. The objective of cross-selling can be either to increase the income derived from the client or to protect the relationship with the client or clients. The approach to the process of cross-selling can be varied to include two teams within the same organization or two organizations partnering to cross-sell or co-sell a client. Unlike the acquiring of new business, cross-selling involves an element of risk that could disrupt the relationship of existing clients. For that reason, it is important to ensure that the additional product or service being sold to the client or clients enhances the value the client ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Up-selling
Upselling is a sales technique where a seller invites the customer to purchase more expensive items, upgrades, or other add-ons to generate more revenue. While it usually involves marketing more profitable services or products, it can be simply exposing the customer to other options that were perhaps not considered. It is distinct from cross-selling, in which a seller tries to sell something else. In practice, large businesses usually combine upselling and cross-selling to maximize revenue. Upselling vs cross-selling Upselling is the practice in which a business tries to motivate customers to purchase a higher-end product, an upgrade, or an additional item in order to make a more profitable sale. For instance, a salesperson may influence a customer into purchasing the newest version of an item, rather than the less-expensive current model, by pointing out its additional features. A similar marketing technique is cross-selling, where the salesperson suggests the purchase of add ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Technique
Sales are activities related to selling or the number of goods sold in a given targeted time period. The delivery of a service for a cost is also considered a sale. A period during which goods are sold for a reduced price may also be referred to as a "sale". The seller, or the provider of the goods or services, completes a sale in an interaction with a ''buyer'', which may occur at the point of sale or in response to a purchase order from a customer. There is a passing of title (property or ownership) of the item, and the settlement of a price, in which agreement is reached on a price for which transfer of ownership of the item will occur. The ''seller'', not the purchaser, typically executes the sale and it may be completed prior to the obligation of payment. In the case of indirect interaction, a person who sells goods or service on behalf of the owner is known as a salesman or saleswoman or salesperson, but this often refers to someone selling goods in a store/shop, in whi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Value Maximization
Customer value maximization (CVM) is a real-time service model that, proponents say, goes beyond basic customer relationship management Customer relationship management (CRM) is a strategic process that organizations use to manage, analyze, and improve their interactions with customers. By leveraging data-driven insights, CRM helps businesses optimize communication, enhance cus ... (CRM) capabilities, identifying and capturing maximum potential from prospective and existing customers. Customer-centricity The CVM framework evaluates current methods and effectiveness, makes changes where required, and sets up a measurement system that helps in evaluating effectiveness. The CVM framework operates as a continuous process in a closed loop. The CVM framework is closely related to the idea of customer-lifetime-value. One of the strategies to maximize the value that each customer generates is to split customers into defined segments, a process called client segmentation. Mark ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arthur Andersen
Arthur Andersen LLP was an American accounting firm based in Chicago that provided auditing, tax advising, consulting and other professional services to large corporations. By 2001, it had become one of the world's largest multinational corporations and was one of the "Big Five" accounting firms (along with Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers). The firm collapsed by mid-2002, as details of its questionable accounting practices for energy company Enron and telecommunications company WorldCom were revealed amid the two high-profile bankruptcies. The scandals were a factor in the enactment of the Sarbanes–Oxley Act of 2002. History Founding Born on May 30, 1885, in Plano, Illinois, and orphaned at the age of 16, Arthur E. Andersen began working as a mail boy by day and attended school at night, eventually being hired as the assistant to the comptroller of Allis-Chalmers in Chicago. In 1908, after attending courses at night while working f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Permission Marketing
Permission marketing is a type of advertising in which the people who are supposed to see the ads can choose whether or not to get them. This marketing type is becoming increasingly popular in digital marketing. Seth Godin first introduced the concept in his book “Permission Marketing: Turning Strangers Into Friends, And Friends Into Customers.” History Traditional marketing methods often involve interruption – whether a television advertisement that cuts into a TV show or an internet pop-up that interferes with a website. According to Godin, such methods (often referred to as “ interruption marketing”) have become less effective in the modern world, where consumers are overloaded with information. Interruption marketing is essentially a competition to win people’s attention. In today’s world of mass-marketing, people are overloaded with advertisements that compete for their limited time and attention span. Yankelovich, Inc claims the average consumer comes into ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Models
A business model describes how a Company, business organization creates, delivers, and captures value creation, value,''Business Model Generation'', Alexander Osterwalder, Yves Pigneur, Alan Smith, and 470 practitioners from 45 countries, self-published, 2010 in economic, social, cultural or other contexts. The model describes the specific way in which the business conducts itself, spends, and earns money in a way that generates Profit (economics), profit. The process of business model construction and modification is also called ''business model innovation'' and forms a part of business strategy. In theory and practice, the term ''business model'' is used for a broad range of informal and formal descriptions to represent core aspects of an organization or business, including Mission statement, purpose, business process, target market, target customers, offerings, strategies, infrastructure, organizational structures, profit structures, sourcing, trading practices, and operational ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value-added Selling
Value added selling is one of several sales techniques that relies on building on the inherent value of a product or service. By its nature the value add technique is a more flexible and customized selling approach that requires input from a defined range of average customers. This customer feedback helps sales and marketing professionals to outline value propositions that are likely to benefit the largest number of customers. The value add may not be initially apparent in the sales overview and is often tied to upselling or vertical selling within a specific market segment In marketing, market segmentation or customer segmentation is the process of dividing a consumer or business market into meaningful sub-groups of current or potential customers (or consumers) known as ''segments''. Its purpose is to identify pr .... The utility of the product or service, ease of integration into the customers' business operations or time saving benefits are just a few areas that may be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
