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Cross-Sell

Definition

What is a Cross-Sell?

Cross-selling is an action or process of supplying a separate commodity to provide the buyer with an extra profit. Agents who cross-sell goods or services need to know the products they sell thoroughly. The goal of cross-selling is for companies to improve their profits and maintain their relationships with the customers. The method of the cross-selling process may also vary.

Businesses cross-sell in different forms. For instance, they can offer a complimentary item that goes with a customer’s preferred product. Agents can also offer bundled promos as a way of cross-selling items.

Cross-selling entails the possibility that current partnerships with the customer could be broken, unlike the purchase of a new business. It is also necessary to ensure that the additional good or service to the consumer or customers increases the benefit that the customer or customers obtain from the company.

Importance of Cross-Selling

Cross-selling is common in many forms of industry. Higher sales revenue, enhanced customer loyalty, and increased Customer Lifetime Value (CLV) are the key advantages of cross-selling. A successful cross-selling process is beneficial to both the company and its consumers.

Cross-Selling best practices

There are a few options to cross-sell effectively, based primarily on the business and your ability to change rates. Here are some cross-selling best practices that businesses can apply :

  • Offer bundle-related products to the customer, so they won’t need to look for necessary components or accessories. 
  • Present a reduced or discounted price on a packaged merchandise offer to promote instant sales with temporary price savings.
  • Recommend accessories that are necessary for proper functioning or use of the purchased product.

 

What is a Cross-Sell?
What is a Cross-Sell?
Outsourcing FAQ

What is Business Process Outsourcing (BPO)?

What is Business Process Outsourcing BPO?

Business Process Outsourcing (BPO) is the engagement of services from a third-party provider. BPO uses various technology-enabled services to hasten the delivery of services. The business activities could be back-office such as, but not limited to, payroll, accounting, human resources, or front office jobs like customer service, sales, and marketing, etc. In the case of content providers, these business activities could mean hiring writers, remote editors, or virtual assistants.

BPO speeds up processes and enhances efficiency. Companies that outsource some of their business activities use their time on core services and competencies. With this shift in focus, companies improve their current processes that may result in improved customer satisfaction. BPO helps companies divert their resources to more critical business strategies. Often, companies find it impractical to hire a full-time position in-house because of the cost associated with doing so.

How does Business Process Outsourcing work?

When a business engages an external specialist to manage and operate some of its internal processes, it's referred to as business process outsourcing. Such ‘processes’ include customer service, accounting and finance, or sales. It is different from hiring an agency to do specific tasks, as the outsourcing provider (BPO) is more concerned with the ongoing production of labour-intensive tasks, instead of the higher-level strategy and guidance.

Now, business process outsourcing has broadened and is more akin to staff augmentation, or staff leasing.

What are the benefits of business process outsourcing?

There are many benefits to outsourcing, as well as some downsides and risks. The common benefits include:

Cost savings: significant savings of up to 70%, leveraging the lower global salaries Global market: access to a bigger employment pool of talent Global presence: having operational across the globe increases trade opportunities Flexible workforce: reduces internal local labour and employment compliance obligations Leverage skill: leveraging the skills of other specialist companies Focus: enables the client company to focus on their core functions

 

Business process outsourcing examples

The business process outsourcing sector is a vast industry, generating over $200bn annually, and employing many millions of people worldwide. Some examples include:

Big enterprise

Facebook and Uber outsource many of their operational functions, including content moderation for Facebook, and customer service for Uber

Medium-size businesses

A medium business with 50-500 staff might outsource the labour-intensive accounting and finance functions to a team in the Philippines.

Small business and entrepreneur

It is common for small business owners to have a Virtual Assistant (VA) working for hem full time, remotely from the Philippines.

What are the different types of BPO?

The type of business process outsourcing can be characterised by their specialisation, location, and size.

Generalist or specialist BPOs

Business process outsourcing is in the human resources and professional services sector. However, their services extend across all industries. The majority of BPOs are generalist, in that they offer a full range of professional services, although some specialise in certain verticals (ie accounting, or animation).

Location

Business process outsourcing typically operates form developing nations such as the Philippines, India, and Colombia. They typically have cheaper cost-of-living and bigger populations. Different locations offer different advantages.

Size of BPO

The bigger BPOs employ more than 250,000 people. They are huge, global operations. Medium-sized BPOs range from 500-5,000 staff and offer a full range of services. The smaller BPOs might have 1-500 people.

Functions of business process outsourcing

Collectively, business process outsourcing provides any kind of staffing solution. Common functions of BPO include:

Finance and accounting: operational, technical and specialist functions Healthcare: various functions of the backend of the healthcare and health-insurance industries Creative and content: everything from post-production of Hollywood movies to newspaper and website content Tech, IT and development: network management, web and app development and maintenance Sales & customer support: ongoing sales and customer operational support and delivery Marketing: ongoing marketing, communication and branding activities Talent and HR: externalising the management of company HR, recruitment and compliance Administration: general business administration and operational activities Top BPO companies in the world's top outsourcing hubs

A wide range of BPO companies in different parts of the world provide utmost services to their Western and local clients. Many of them have even earned awards and recognitions by award-giving bodies due to their performance on both the roles they take and on their way of taking care of the employees.

Check out the top BPO companies in several outsourcing destinations below:

Top BPO companies in the Philippines Top Indian BPO companies Top South African BPO companies Business Process Outsourcing (BPO) services

Outsource Accelerator is the most trusted source for independent information & advisory for Business Process Outsourcing (BPO). We have over 4,000 articles, 200+ podcast episodes, and a comprehensive directory with 700+ BPOs… all designed to make it easier for clients to learn about, and engage with, business process outsourcing.

What is Lead Generation Virtual Assistant?

What is a lead generation virtual assistant?

A business cannot survive without customers, and customers were all leads once. A lead generation virtual assistant assures that you’ll get a continuous stream of leads that your sales agents can reach out to. They also filter consumer and business prospects via outbound telemarketing, and help streamline your company’s sales processes.

The lead generation virtual assistant does the hard work of researching for leads and other pre-sales business administration duties so your sales agents can focus on selling, and so upper management can focus on their core responsibilities. 

Duties of a lead generation virtual assistant

Lead generation virtual assistants are very beneficial for a sales team, especially in the long run. Here’s what they can do for you:

Lead generation through online research and social media Lead research through applications and paid software Lead acquisition via LinkedIn Marketing platform List building Other duties as assigned

What is Order Processing?

What is order processing?

Order processing is the sequence of steps to gather a customer’s data, encode their order, and pass it on to another department for fulfillment. Depending on the industry, fulfillment can take the form of shipping or bookings and rentals.

Further, depending on the scale of the business, business owners can choose to leverage technology to speed up order processing and use data science techniques to better understand their customer base and predict inventory and sales trends. 

Some business owners, however, prefer to use more traditional pen and paper processes for their lower upfront and maintenance costs.

Why is order processing important?

Order processing is crucial since it leads to more revenue and better customer service. Order processing manually wastes time and money, whereas an efficient order processing system saves time and lowers overheads in the business process. 

As soon as you use an order processing system in your business, you’ll be able to scale your business without becoming overwhelmed with customer messaging regarding inquiries and complaints.

Order processor definition

An order processor is in charge of keeping track of a company's database platform. Responding to customers' questions and concerns, processing orders, handling payments, and confirming order information before shipment. 

In addition, order processors guarantee the quality and quantity of the products to avoid order delays and customer complaints are all part of the job description. They are responsible for updating inventory data, preparing bills, and resolving billing issues. 

Order processors work closely with delivery drivers and dispatchers to ensure accurate and timely delivery confirmation. They require computer abilities and strong communication skills, particularly when dealing with consumer criticism on services.

Outsourcing order processing

Order processing can now be digitized for a considerable price due to advances in telecommunications technology and cloud-based storage. Finding the skills to use the data from digital order processing is a much more cost-effective alternative for small business owners because of outsourcing.

Thanks to advances in telecommunications technology and cloud-based storage, order processing can be digitized much more cheaply. 

And thanks to outsourcing, finding the expertise to leverage the data from digital order processing is a much more economical option for small business owners.

Outsource Accelerator provides you access to great order processing specialists that you can outsource from the Philippines starting from $6 per hour, where you can save up to 70% on staffing costs. We make it easier for clients to learn about, and engage with back-office outsourcing.

Does outsourcing order processing work?

The pressure of managing and maintaining an order processing and fulfillment system is eliminated when you outsource order processing.

One of the advantages of outsourcing order processing is that you won't have to appoint, train, or deploy customer service and fulfillment employees because the offshore model will take care of all.

Further, overcoming personnel and resource attrition, as well as shorter turnaround times and higher efficiency and quality, are benefits of outsourcing order processing.

In addition, order processing enables you to focus on your core business tasks such as sales, marketing, and product development.

Why your business should outsource order processing services

Here are some reasons why businesses need to outsource order processing services:

Help make data-driven decisions 

When data is distributed across various platforms, it's difficult to keep track of it. Order processing makes it simpler to assess available data and make data-driven choices by allowing users to access all sales order data in one location.

Since you can see the entire process, order processing makes it easier to recognize real-time issues. Making data-driven decisions can help companies save money for the business. 

Further, fixing even the smallest inefficiency may drive supply chain efficiencies and have a big impact on the bottom line when order volume is high.

Saves time and effort

When you started as an entrepreneur, every hour you spend analyzing fulfillment difficulties is an hour you might be spending on more strategic tasks such as product development or brand growth.

It's a good start to do everything yourself, but order processing will be a big help to better understand your customer and increase sales.

What is Sales?

What is sales?

Sales is a process where the ownership of a property or the performance of a service is exchanged for a price. Typically, the sales process involves acquaintance, assessment, persuasion, and closing. The process is distinct from marketing in that a sales transaction is typically conducted on a person to person basis, where a marketing campaign is tailored to target groups.

A good sales team knows how to manage the process. They invest in creating a good first impression, understand a customer's needs and wants, and then tailor their talking points to address how the product or service addresses the customer's requirements. 

They also help manage the process of transferring custody of the product or service to the customer. Such a process requires skills in empathy, communication, creativity, and thoroughness, and the expertise in applying those skills to specific products or services.

Sales process in BPO

In BPO teams, the sales process starts with targeting and generating leads for the business. These leads will then be contacted by the sales representatives to see their needs and tailor fit the services of the company to them. They will then present an offer for each customer they can freely accept or decline. 

The presentation part may be a tricky one since not everyone will accept each offer. In this case, they need to handle rejections from several leads. Then, they can close the sales deal and restart the process.

Sales outsourcing

As with any skilled professional team, great sales teams require consistent training, excellent management protocols, and clear goals. As such, some businesses opt to farm out their sales teams to outsourcing companies who will handle the management, talent, and training. Other times, some businesses need help with crafting a sales strategy that works for their business environment and attracts their ideal customer.

Outsource Accelerator specializes in helping small & medium-sized enterprises (SMEs), with 2-500 employees, typically based in the high-cost English-speaking world. We are the experts in transforming these businesses with sales outsourcing.

Who needs sales outsourcing?

Businesses that lack resources, such as manpower or time, to enhance their sales process often consider sales outsourcing. Without the right tools, salespeople would spend less time on sales.

A typical salesperson spends the majority of his time updating excel sheets and status, going to meetings, filling out timesheets, and other administrative tasks. 

Sales outsourcing allows salespeople to concentrate on selling products and services. It can also let sales teams focus on higher-level tactical activities, allowing them to be more flexible and productive.

5 Reasons to consider sales outsourcing in your company

Sales outsourcing is not suitable for all organizations. The following are some instances that may lead you to consider outsourcing sales:

Less manpower. You have a small sales team that can't keep up with the number of leads coming in. Financial restrictions. You don't have enough money to recruit skilled salespeople. New marketplaces have opened up. You're a growing startup wanting to expand into new industries however you don't have the sales resources or skills to do it. Limited supply. Your sales team's inability to execute specific sales activities due to a lack of competence Overwhelmed with manual tasks. Your sales team is overwhelmed with administrative responsibilities, leaving little time for selling. Benefits of sales outsourcing

Here are some benefits of sales outsourcing:

To reach out to potential customers

When it comes to having enough salespeople to cover diverse regions and sectors, startups and small and medium businesses are often pressured.

Further, companies frequently have a large number of business prospects that they are unable to pursue due to resource restrictions. Companies can also use an outsourced salesperson to conduct product positioning strategies and establish long-term market strategies.

Advanced sales and speech analytics can then help you fine-tune your marketing before extending it to a larger group of clients and prospects.

Helps support new product or service rollouts

One benefit of outsourcing sales is that it may be used as a platform for testing new strategies and promotions.

In some situations, experts assist in determining how a product is accepted in the marketplace. This includes determining an appropriate price point and the length of the product's sales cycle.

Improves omnichannel customer engagement

Organizations that use the experience of sales representatives that have demonstrated success in digital channels including online, chat, and social media will improve their omnichannel performance.

Meanwhile, many sales executives are only now recognizing the potential for customer and prospect engagement that messaging and chat may provide.

By interacting with consumers who prefer to use chat, companies that rely on outsourced partners with proven digital engagement abilities among their salespeople may achieve remarkable results in boosting unit volume and Net Promoter Score (NPS).

Collaborating with a partner who becomes a brand extension

Outsourcing provides a significant competitive advantage for businesses since it allows them to expand with resources that are compatible with their corporate culture, social values, and collaborative approach.

Companies introduce new capabilities, skillsets, and specific understanding on how to offer a satisfying customer experience by extending their team with a partner who is more focused on customer experience.

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About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO).

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between world-leading outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 3,000+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.