8 Steps to Master Upselling and Cross-Selling for Events
Event planning and hosting can be a challenge due to rising costs and competition, but one way to increase your event’s income is through upselling and cross-selling. Get creative with the products or services you offer guests – it could mean even more profit for your business!
According to a 2022 HubSpot Blog survey of over 500 sales professionals, upselling and cross-selling have proven to be lucrative strategies. 72% of those using upsells reported that they can account for as much as 30% of their total revenue while 74% said the same about their cross-sells.
What is Upselling and Cross-selling?
Upselling is an art of convincing attendees to buy more expensive items or upgrade their packages, while cross-selling encourages customers to purchase associated items and services during their visit.
An excellent example of upselling is when a venue provides an upgraded package with more amenities or services. Consider, for instance, if a customer wishes to book an event space for their wedding; the venue can offer them a higher-priced package that offers catering and attractive decorations -all of which will be advantageous not just to the client but also to the business itself!
An example of cross-selling is when somebody buys tickets for the show, and you offer them discounted drinks and food once they arrive! This will not only add value for customers but also bring in more money for the venue hosting it – everybody wins!
The easiest ways to add the upselling and cross-selling items and packages to your event, is using Addon Items. With an add-on item, you can enhance your customer’s experience by offering supplementary items in addition to regular tickets and increase you event revenue.
Done correctly, upselling and cross-selling can be incredibly effective tactics to increase your profits. It’s imperative, however, that these methods are employed with precision in order to avoid driving away customers or attendees.
Here are some tips for maximizing your event’s revenue through upselling and cross-selling:
1: Understand Your Audience
To make the most out of upsell and cross-sell opportunities, you must be familiar with your audience. Are they seeking particular items or services? What type of spending are they likely to do? Knowing what your attendees desire will enable you to customize your upselling and cross-selling tactics to meet their exact wants!
For instance, if you’re hosting a music festival, consider giving VIP packages that include access to exclusive backstage zones and the chance to meet with your favorite performers. Or, if it’s a business conference, explore adding services like one-on-one advice from industry professionals or networking sessions – both of which can create considerable value for attendees.
To gain even further insight into your attendees’ perspectives and behavior, you can leverage surveys, social media campaigns or email outreach.
2: Offer Value
Rather than deceiving attendees into spending more money, upselling and cross-selling should be used to provide them with enhanced value.
Take, for instance, if you’re promoting VIP tickets to an event. The added extras and advantages should be worth the extra cost – from front-row seating to exclusive rooms or prized merchandise.
As you aim to cross-sell, ensure that the products or services being promoted are connected and will be of great benefit to your event’s attendees.
3: Be Transparent
Ensuring that the pricing and packages are evident in your website as well as advertising materials allows attendees to make an informed decision when selecting what they want to purchase. Transparency is key, so be sure that information regarding cost and services offered are plainly available for people to view before making a commitment.
Also, always emphasize the advantages and rewards of a more expensive package or optional service.
4: Use the Right Timing
Timing can make or break an upsell and cross-sell strategy. You don’t want to be too aggressive at the onset, but you also don’t want to wait until it’s too late in the process either. A reliable approach is to offer options for both upselling and cross-selling throughout various stages of event planning and registration.
For example, consider providing early-bird discounts or packages for those who register in advance. Additionally, line up add-on services or premium options closer to the date of the event. On the day itself, you can also utilize timing to your benefit – such as last minute discounts or special offers – that will drive more people through your doors.
5: Use Technology
Technology can be an immensely advantageous tool when it comes to advancing upselling and cross-selling efforts. Utilize email marketing, for instance, to target certain attendees with tailored upsell and cross-sell offers.
You can also use social media as an effective strategy for marketing your upsell and cross-selling options. Furthermore, utilizing advanced event management software will allow you to provide upselling and cross-selling opportunities during the registration process.
6: Use Incentives
Leverage incentives such as discounts, bonuses, or freebies to persuade your attendees that they’re getting a great deal; this will make them more likely to purchase an upgrade or an additional product from you.
For example, offer an attractive discount on a more expensive package if they purchase it before the designated date or provide them with complimentary merchandise when they buy a VIP package.
7: Train Your Staff
Your personnel are a critical asset when it comes to generating additional revenue by upselling and cross-selling for walk-ins. Make sure that they have been educated on the various packages and products you have available so they can clearly communicate their value to customers.
Furthermore, arm them with scripts and talking points to aid in making the offer naturally without being too pushy.
8: Monitor and Adjust
Monitor your upselling and cross-selling efforts regularly. Are they delivering the desired results? Is your audience responding positively to them? Utilize this data to fine tune your strategy and make it more effective.
For example, if you recognize that a specific upsell or cross-sale isn’t making an impact on your audience, it may be beneficial to reconsider the offer’s value and its optimal timing.
Analyzing metrics such as sales totals, attendee feedback, and conversion rates can grant you insight into which upsells and cross-sells are performing the best. Utilizing this knowledge to optimize your efforts will undoubtedly maximize revenue for your business.
Unlocking the Full Potential of Your Event
Utilizing upselling and cross-selling techniques can be an efficient means of amplifying revenues for your event. Keep in mind that these strategies should always serve the attendee’s highest interests, however – by providing value, being transparent with customers, timing it perfectly and constantly monitoring progress. In this fashion you will ensure maximum revenue return through cozy upsells & lucrative cross-sells!