Boosting the bottom line by cross-selling products can be achieved without the risk of driving customers away, according to the leader of a prominent services business.
Cross-selling is, of course, a great means of boosting revenues, however it has garnered negative connotations as pushy sales tactics or unwanted products and services cause customers to go elsewhere.
The art to cross-selling, however, lies in knowing what your core value is, and then upselling other products or services that help meet each customer’s particular needs – rather than pushing something you are keen to boost sales of to a broad pool of customers.
As Mister Minit Australia’s CEO Mark Rusbatch notes, the core value of his business lies fundamentally in solving problems.
“We want to fix people’s problems. We want to, as I keep saying, make things a bit simpler; make people’s lives a bit simpler,” he says.
The company began operating in Brussels, Belgium, back in 1957, originally called While You Wait Heels Bars, repairing the heels of women’s shoes that had been broken on the city’s cobblestone streets.
Heel repairs evolved into all types of shoe repairs, and from there the company has continued to add to the ‘list of problems’ it can provide solutions for, allowing it to cross-sell other solutions when a customer presents one initial problem.
“We have what we would say were our four courses, which is shoe repairs, key duplication, engraving and watch servicing. Then within each of those, there are a number of subcategories. For example, in shoe repairs we’ll do bag repairs. Within key, we’ll do auto key or do remotes. Within watch servicing, we will do other things, such as battery replacement for handheld devices, those sort of things,” notes Mark.
It is this ability to cross-sell other solutions that has allowed the company to expand from a boutique chain in the laneways of Europe to a business with stores across the globe.
Today, Mark says that Mister Minit is continuing to find new problems it can solve as a means of upselling to existing customers, as well as using as a tool to attract new customers to its stores.
“We’re also developing a number of other related household services. For example, in 40-odd of our shops, we provide mobile phone repairs,” he says, adding that shoe and bag repairs are also now evolving to cover scratch repairs as a means of restoring scuffs and scratches to expensive luxury branded apparel.
Hear more insights from Mark about diversifying your revenue streams, finding new customers and operating a franchise network on the My Business Podcast below:
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