The potential for revenue generation from a candidate does not end with the enrollment for a course in the EdTech industry. After enrollment, there are numerous opportunities for additional sales, including strategies like cross-selling. Cross-selling, a commonly used approach in retail, e-commerce, and financial services, involves leveraging data on a candidate’s previous purchases and browsing history to identify potential cross-selling opportunities.
In this blog post, we will delve into the concept of cross-selling in the EdTech industry. We will explore how educational organizations can leverage customer data and insights to identify relevant and valuable cross-selling opportunities to enhance the candidate’s learning experience and drive additional revenue. By implementing effective cross-selling strategies, EdTech businesses can maximize the lifetime value of their candidates and foster long-term customer relationships. Join us as we unravel the power of cross-selling in the EdTech sector and discover how Meritto (formerly NoPaperForms) can support your organization in implementing successful cross-selling initiatives.
What is Cross selling in EdTech Business?
Cross selling is a sales technique where sales agent tries to sell additional courses to candidates who is already in the process of purchasing something. The idea behind cross selling is to increase the value of the sale by introducing complementary products or services that the candidate may be interested in. For example, if a customer has already purchased a subscription to your marketing tool, cross-selling would encourage that customer to purchase a subscription to your Edtech CRM (Customer Relationship Management). It should be noted that cross-selling should not be confused with upselling, which is when a seller tries to sell a more expensive version of the same course.
Difference between Cross selling & Up selling
Before we discuss how to cross sell in EdTech, let us first understand the difference between cross sell and up sell-
|Offering a complementary product or service to a customer
|Offering a higher-priced or upgraded version of a product or service to a customer
|For example, offering a customer who is buying a laptop a computer mouse or a carrying case
|For example, offering a customer who is buying a basic laptop a higher-end model with more features or a longer warranty
EdTech Companies can Benefit from Cross selling in Several Ways
- Increased revenue: Cross selling allows companies to generate additional revenue by selling additional products or services to existing customers.
- Improved customer satisfaction: By offering relevant and complementary products or services, ed-tech companies can help improve the overall customer experience and increase satisfaction.
- Increased customer loyalty: Cross-selling can help establish deeper relationships with customers, leading to increased customer loyalty and repeat business.
- Cost savings: Cross-selling can be less expensive than acquiring new customers, as it allows companies to leverage existing relationships and customer data.
- Up-selling opportunities: By identifying and targeting customers who are most likely to be interested in additional products or services, ed-tech companies can also increase the chances of up-selling, which can lead to even more revenue.
- Identifying customer needs: By tracking customer interactions and purchase history, ed-tech companies can better understand customer needs, which can be used to improve their products and services.
How to Encourage your Team to Cross sell in EdTech?
Use these four tactics to motivate your sales team to cross sell in EdTech. Your cross-selling strategy should cover:
1.Identifying customer needs: Before attempting to cross-sell, it is important to understand the candidate’s needs and pain points. This can be done through active listening and asking open-ended questions.
2. Offering complementary products or services: Once you have identified their needs, you can offer complementary courses that will enhance their current need. For example, offering a subscription to a digital learning platform to complement an e-textbook purchase.
3. Demonstrating the value: It’s important to clearly communicate the value that the complementary product or service will bring to the candidate. This can be done through product demonstrations, case studies, or testimonials.
4. Leveraging existing relationships: Another promising cross selling in EdTech strategy is building trust and maintaining good relationships with customers can make them more open to cross-selling. Leverage existing relationships by staying in touch with customers and offering personalised recommendations.
5. Utilising technology: Use a B2C EdTech CRM that can not only help you with analytics to track candidate data and behaviour but also allows you with auted cross-sell and up-sell signals.
6. Creating bundled offers: Creating bundled offers can make it easier for candidate to understand the value of the additional course for your business. This can include offering a discounted price for purchasing multiple products or services together.
Leveraging a CRM for cross-selling
A CRM (Customer Relationship Management) system especially for EdTech business a purpose-built B2C EdTech CRM can help with cross-selling in the education industry by providing a central location for storing and analysing candidate data. This data can include information about past purchases, demographics, and customer interactions, which can help identify patterns and trends that can be used to target specific groups of candidate with relevant cross-selling opportunities.
Cross-selling is advantageous to your business and to your candidates. The provision of these supplementary courses, which have benefits of their own, as well as the ability to buy courses from their dependable and preferred source, which is you, are benefits for the candidates.
If you’re looking for a solution to support cross-selling in EdTech, look no further! Meritto’s (formerly NoPaperForms) B2C Edtech CRM provides you One Unified Platform for Student Acquistion, Retention, and Upsell. Enabling you with smart notifications and thorough candidate journey tracking. Switch on to Meritto today!