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Upsell

Definition

Definition of Upsell

Upselling is a marketing strategy used to get a buyer to spend more by purchasing an upgraded or premium version of their purchase. 

Upselling often uses comparative charts to commercialize higher-end products and services to customers. Showing visitors that other versions or models can better meet their needs can significantly raise AOV (average order value) and help visitors feel more satisfied with their purchase. Most companies or shops that succeed at upselling are also good at assisting customers in visualizing the significance they can get by purchasing a higher-priced item.

Definition of Upsell

Importance of Up-Selling

Upselling is a perfect way to highlight any products and service selection. This marketing strategy provides choices for the customers who are not aware of the upgraded versions of their purchase.

Upselling helps retailers develop stronger consumer connections. It is not a deceptive strategy if you put it in mind. Upselling is exceptional because it brings value to consumers and makes them continue to come back for even more. By having a reasonable way to make life better for consumers, you know that they’ll be back in the future if they need any of what you’re selling.

Up-selling best practices

Upselling is a standard procedure in both business-to-business and business-to-consumer market cases. Upselling can help a company raise extra revenue if they practice upselling correctly through the following ways:

  • Show comparisons of the services or products to the customer to see the difference between the standard and upgraded edition.
  • Present a limited-time-only discount to enable the consumer to make an urgent decision.
  • Stop endorsing a good or service that is considerably more costly than the product you are purchasing.
Outsourcing FAQ

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—also called a direct sale. Typically, the sales process involves acquaintance, assessment, persuasion, and closing.

The process of making a sale is distinct from marketing in that a sales transaction is typically conducted on a person-to-person basis, whereas a marketing campaign is tailored to target groups or business-to-business.

The sales strategies in BPO

In BPO sales teams, the sales process starts with targeting a contact 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 sell an offer for each customer they can freely accept or decline.

The presentation part may be a tricky one since not everyone will accept every offer. If the sell attempt got rejected, they should restart the sales process until they reach a deal.

A good sales department knows how to manage the sales process. They invest in creating a good first impression, understand a customer’s needs and wants, and can tailor the customers' talking points to the solutions they sell.

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 outsourcing

As with any skilled professional team, great sales teams require continuous efforts of training and excellent management protocols to achieve your business goals.

Some businesses opt to farm out their sales and marketing teams from an external provider. This is because they need to get help in handling their entire marketing organization to improve their sales enablement platform.

Other times, some businesses need help with crafting a sales strategy that works for their business environment and attracts their prospective customers and turn them into loyal ones.

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 also enables sales teams to focus on sales strategies, engage with customers, and increase revenue growth.

5 reasons to consider sales outsourcing in your company

Sales outsourcing may not be suitable for all organizations. Look at the following instances to see if they occur in your business before considering outsourcing sales and marketing:

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. Your startup needs to expand into new industries, but you don’t have the sales resources or skills to do it. Limited supply. Your sales team’s inability to sell due to a lack of research, advertising, and offering. Overwhelmed with manual tasks. Your sales team is overwhelmed with administrative responsibilities, leaving little time to sell your products and services. Benefits of sales outsourcing

Here are some benefits of sales outsourcing:

Reach out to potential customers

When it comes to having enough salespeople to sell in regions and sectors, startups and small to medium-sized businesses are often pressured.

Furthermore, 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 sales team to study the selling process, conduct sales strategies, and establish long-term business goals.

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

Support new product or service rollouts

One of the greatest benefits of outsourcing sales is that it may be used as a platform for testing new sales strategies and promoting innovation.

In some situations, experts assist in determining how a certain product and service is accepted in the marketplace. This includes determining appropriate pricing for offerings.

Improve 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 engagement between prospective customers that chat and messaging can 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 the company's social values. Outsourcing sales also enables businesses to standardize their process to gain a competitive edge in the industry that they belong to.

Outsourcing firms can help you find the best business solutions and skill sets that your company need to offer a satisfying customer experience.

What is What is business process outsourcing?

What is Business Process Outsourcing BPO?

Business Process Outsourcing (BPO) is the delegation of business processes to an external service provider to a nearby or farther location. BPO uses various technology-enabled services to optimize the delivery of services.

Some of the usual outsourced business functions are the following.

Payroll Accounting Human resources Customer service Sales Marketing

In the case of content providers, these could mean hiring writers, remote editors, or virtual assistants.

BPO speeds up processes and enhances efficiency. Companies that outsource some of their business processes use their time on core services and competencies.

With this shift in focus, companies improve their current processes which 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. Outsourcing services can also help them save costs and resources in hiring suitable employees.

How does Business Process Outsourcing work?

Business process outsourcing happens when a business taps a third-party service provider to operate some of its internal processes. 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

Companies can enjoy savings of up to 70% by leveraging the salaries and costs in countries such as the Philippines and India.

Global market

Businesses get to access a bigger pool of talent that can fit their requirements. They can have better options in hiring employees since they are not limited to what is available in their home countries.

Global presence

At the same time, business process outsourcing opens clients to global trade opportunities. They can establish their global presence and expand more easily to other locations since they already have operations in the area.

Flexible workforce

BPO reduces internal local compliance obligations including providing additional office spaces to employees. Instead, organizations can hold their business operations on a remote setup, most usually having their teams in an office provided by the BPO firm.

Leverage skill

Companies cannot always do everything on their own. BPO enables them to leverage the skills of other specialist companies on more complex tasks such as accounting and IT.

Focus

Lastly, BPO enables organizations to focus on their core business functions. This is since most of their non-core business operations are done with the help of a reliable service provider.

Business process outsourcing examples

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

BPO can be seen in different forms and contexts, from hiring single staff to getting an offshore team. Some examples of BPO 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 them full time and 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 generalists, in that they offer a full range of professional services.

Meanwhile, some specialise in certain verticals such as the following.

Legal process outsourcing

Legal process outsourcing deals more with delegating legal processes and compliances to legal firms in another area.

Knowledge process outsourcing

Meanwhile, knowledge process outsourcing enables companies to outsource knowledge-related work including research and development, innovation, and creatives.

Location

Business process outsourcing typically operates from 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

Outsourced finance and accounting services help businesses manage their books, monitor cash flow, and keep up with corporate income tax compliances without fuss.

Healthcare

Healthcare outsourcing, meanwhile, organizes various back- and front-end functions done for the healthcare and insurance industries.

Creative and content

Creative services outsourcing covers everything from post-production of Hollywood movies to newspaper and website content.

Tech, IT and development

IT outsourcing involves delegating network management, web and app development, and cybersecurity protection to IT firms in different countries.

Sales & customer support

Some BPO providers specialize in sales and customer support for pre- and post-sales transactions. This helps companies meet the expectations and demands of their customers, keeping them satisfied even after their purchase.

Marketing

BPOs and marketing firms can help in ongoing marketing, communication and branding activities for their clients. This helps them attract more suitable leads in a cost-efficient way.

Talent and HR

Businesses can delegate HR, recruitment and compliance to professional employer organizations to maximize recruitment and workforce management.

Administration

Generalist BPOs help organizations accomplish general business administration and operational activities. This includes data entry, appointment setting, and other related functions.

Supply chain management

Lastly, e-commerce stores benefit from outsourcing supply chain management to manage warehouse and delivery processes.

Top BPO companies in the world’s top outsourcing hubs

A wide range of business process outsourcing companies in different parts of the world provide utmost services to their Western and local clients. Many of them even earned recognition by award-giving bodies due to their performance in both their roles and their level of care for 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

With the rise of new offshore outsourcing locations, companies can have better options in terms of location and services they can delegate. However, finding a suitable BPO company can be a daunting task to be done on their own.

Good thing advisory services such as Outsource Accelerator is there to help them.

Outsource Accelerator is the most trusted source for independent information & advisory for Business Process Outsourcing (BPO). We have over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 2,500+ BPOs from different locations.

Outsource Accelerator's offerings make it easier for clients to learn about, and engage with, business process outsourcing companies worldwide.

Want to learn more about outsourcing? Check out the Inside Outsourcing book as well as the Inside Outsourcing book review today!

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

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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.