A great way for a company to increase its sales is through complementary products. These are products that enhance or play an essential role in a primary product. For example, razor blades are a complementary product to a shaving razor. However, this sort of cross-selling can often backfire if not done right. Any business team developing a complementary product plan should remember these best practices to optimize their implementation plan.
Complimentary Products Pricing
When developing complementary products, remember the pricing should be complementary too. This means that you should price the main product for maximum sale. You make up the loss of profit on the higher price of the complementary product. For example, you can offer a digital printer at very low prices, knowing the profit will be made up by ink cartridge sales. If the two products are linked, a loss in one can be made up by a profit in another.
Focus On Benefits
Many companies focus to much on finding complementary products, not on what they’ll do. Remember that the customer is only interested in the benefits a complementary product to them. As a result, in advertising the products, make sure you focus on these benefits. Otherwise, the customer will see the hard sale tactic for what it is. These products are linked for a reason. Make sure the customer knows that.
Consider A Customer Success Manager
This sort of cross-selling is very different from other sorts of sales. It makes sense that you might need a different sort of salesperson. Companies that focus on complementary products often have a specific person named a customer success manager. This post is designed to support repeat buyers and help guide them to complementary products. This is a tricky job, since it balances selling products with being sympathetic to the customers limitations and needs. The manager should have a strong level of emotional intelligence to find the right balance for customers. As a result, you team might benefit from such a specialized position.
Don’t Go Too Far
It can be a real temptation to go too far and offer an endless stream of complementary product. However, remember that the customer is always watching. More to the point, the customer will find such a transparent attempt to cross-sell as disingenuous. Make sure your products really do complement each other. As well, make sure a complementary product isn’t something that can be included in the primary product. Complimentary products should be treated as a way to improve customer experience, not a cash grab.
Check In With Customers
With most complementary products, the goal is to get repeat customers. However, those customers need to be treated well. If they resent paying more money for razor blades or ink, they may go elsewhere. As a result, make a point to check in with them from time to time. Send follow-up emails and discount codes for your e-commerce website. This relationship with the customer will work best if you all like it. Make sure they do.
Cross-selling complementary products can be a great way of expanding sales, or it can be a PR disaster. As a result, it’s important to follow best practices when selling complementary products. Over and over, these best practices remind you not to underestimate your customers. If you treat you customers with respect, they will be happy to use any complementary product.