What is Cross-Sell? 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 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.
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.