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Up-selling and cross-selling allow you to generate extra sales revenue by encouraging your existing customer base to purchase more or to make more expensive purchases.
Up selling is what happens when a customer decides to spend more by upgrading the type of product/service he initially wants to purchase. A simple way of explaining it is by taking the example of McDonald’s, when you’re asked if you’d like to supersize your meal.
Cross selling is what happens when you get customers to spend more money by getting them to buy additional products/services. The equivalent at McDonald’s would be: ‘Would you like fries with that?’
A coffee shop has an Average Transaction Price of $4 and an average of 100 customers/day, working 5 days/week. If the owner raises the average transaction price to $6 for half of his customers, that means he/she’s increasing his/her Total Average Transaction Price by 25%. Let’s see how much of a difference that makes: