This strategy is characterized by:
Analyze customer needs and look for opportunities where a higher value product or service provides a more complete solution.
Use information collected about the customer to present options that align with their individual interests and requirements.
Highlight how the highest value option meets customer needs .
Greater durability.
Better performance.
Extended warranties.
Access to premium services.
Offer the customer the opportunity to try or experience the higher value product or service to build trust and allow the customer to experience first-hand the additional advantages and benefits they will gain.
Offer temporary discounts or promotions to encourage customers to choose the highest value option.
Use objection handling techniques to address customer concerns and provide additional information to help make a decision.
It is important to avoid aggressive or deceptive practices that may harm the long-term relationship with the customer.
Let's imagine that a customer approaches a bank with the intention of opening a basic savings account and the financial institution aims to increase the value of the sale by offering a premium savings account option with additional benefits.
Banks have a customer tracking system that records transactions. Based on this information, it is possible to:
Identify who could benefit from a premium savings account and country wise email marketing list focus on those who have a significant savings history.
Explain to the client the additional benefits of the premium savings account :
Higher interest rate.
Access to exclusive banking services.
Personalized financial advice.
Discounts on select products and services.
Highlight how the premium savings account fits specific needs . For example, if the customer has shown interest in investments, emphasize the option of accessing exclusive investment products.
Incentivize the customer to choose a premium savings account by offering a special promotion , such as a higher interest rate for the first few months or a discount on the monthly maintenance fee.
Handling objections in case the client expresses concerns or doubts about the premium savings account, such as:
Questions about the accessibility of funds.
Minimum balance requirements.
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