SHOW YOUR CUSTOMERS YOU HAVE THEIR BEST INTERESTS IN MIND
While we’re all familiar with upselling and cross-selling to boost sales, few salespeople will practice down-selling. Although your higher-priced items likely have a more substantial profit margin, down-selling can be just as, or more, important to your company.
Down-selling is a great sales technique to show your customers you have their best interests in mind. For example, if you think a customer is considering an overly featured product that has no value for their simple needs, down-selling can be a great way to build rapport with a customer and still get a sale.
Down-selling can also be used as a backup if customers reject your original offer or have budgeting issues. For example, you can suggest a comparable product or service at a lower price that better matches their budget or needs. If you haven’t already, this is an excellent example of the importance of categorizing your products when possible, ranging from value/entry level to premium.
Down-selling is a great way to keep the customer engaged in the sales process. In addition, if a customer trusts you and appreciates your honesty, they will likely purchase from you again in the future, creating a loyal customer. After all, a satisfied customer is the best business strategy of all.