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Learn more about common financial (and startup) terms here. To learn more about Pilot, fill out the form below.
Cross-selling is when you sell current customers an additional related product or service. A successful cross-selling strategy can increase the customer lifetime value (CLTV). Often, it costs less to cross-sell a customer than to acquire a new one.
Cross-selling differs from upselling because you’re selling a related product rather than a high-tier or premium version of their current. For example, if you’re selling a subscription service, you might try cross-selling add-ons, such as premium support. Or, you could try to upsell a customer to a higher-priced plan.
A successful cross-selling strategy can help increase your CLTV and decrease your customer acquisition cost (CAC). But you also want to consider how it could impact other parts of your business, such as the pressure on your customer service teams. Sometimes, looking for cross-selling opportunities with partners could be more profitable overall.
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