Additional revenue opportunities, is business that you didn’t get from a customer at the initial sale. After initial purchase, there are potentially multiple follow-on sales and cross-sell opportunities, including these six:
- Preventative Maintenance
- Extended Warranty
- Additional Attachments
- Machine Control Guidance
- Technical Support
At the initial time of sale is not necessarily when buyers purchase all of their add-on items. However, when you can identify the right time to proactively follow-up on these opportunities, it can result in 10% to 30% more revenue.
For example, what if you knew that customers are most likely to buy extended warranties 90 days after purchase, about the time when they start to feel a bit of risk from the purchase? Potentially highly valuable information, right? And if you only had a handful of accounts, it wouldn’t be that difficult to track purchase dates and schedule three-month follow-up calls about extended warranties.
Let’s assume for a moment that you have data that tells you the ideal times to offer each of these add-ons. And your sales team includes 150 sellers, each with 50 accounts, with each account averaging 20 pieces of equipment. Execution at scale gets complex very quickly. It’s easy to see how significant money can get left on the table.
Looking for a way to help automate your sales cycle so your sellers can stay focused on highest value opportunities and not miss out additional sales with existing customers? Fullscope’s Equipment Dealer Solution systematically surfaces opportunities like this for your sales team so you can act on them and gain more revenue. Learn more here.