“Would you like some fries with that?”
The classic question that makes each one of us fall into the cross-selling trap!
Essentially, Web Hosting resellers like you can make the most of this technique because there already is a strong appetite for value-added services in the market. However, you must have the broadest assortment of products to offer because you cannot cross-sell if you don’t have enough products that intersect at a common point of requirement. There are a lot of high-margin web presence products which can be “served on the side” along with Web Hosting.
The first item on the menu has to be Domain Names as they bring the promise of customer stick-ability; something that Hosting plans alone cannot achieve. Next on the list is Collaboration Tools. Owing to an increase in the number of SMBs, the Cloud-based email category is growing at an exponential rate. Next will be DIY Website Builders. Websites still continue to hold their prominence over lazier options like social media pages. As a result, DIY Website Builders make for another lucrative offering. Just like dessert, we saved the best one for the last – SSL certificates. Cyber attacks such as Petya, Locky and Wannacry have made many website owners really want to cry. Offering SSL certificates will ensure that your product bundle is as wholesome as a multi-course meal.
While you are providing more choice to your buyers, it’s important to remember that you cannot sell everything to everyone. As a Web Hosting provider, it’s pivotal for you to study the buying behavior of your customers and to find out patterns in their choices – whether they are conventional or if they like experimenting with new products. The latter category is your potential goldmine. Here are a few things that may help you overcome the perils of being a one-stop-shop:
- DITCH THE ONE-SIZE-FITS-ALL APPROACH
Identify your customers’ needs and bundle your products accordingly. Someone who has purchased a website builder won’t need a separate Web Hosting package, but you can bundle a website builder with a domain name. Segment your customers and customize your offerings.
- DEVISE AN OMNICHANNEL STRATEGY
Cross-selling does not mean pushing products down your customers’ throats at once. Strategize; make use of multiple channels and make them work in perfect synchronization. Some of these channels could be:
- Your Own Website: You can begin with offering custom product bundles on your website. A microsite will serve the purpose in this case because you obviously don’t want your buyers to get lost between the many landing pages on your website.
- Promotions: Introduce product promotions at regular intervals where you can bundle your existing products and offer them at discounted rates. This might put a limit on your margins but it will definitely ensure more sales.
- Catch them before they check out: When it comes to impulse buying, between 30% to 60% of consumers are likely to fall for an offer and make a last minute purchase when offered; “when offered” being the key part of the whole deal. Entice your customers with a value-for-money combo right before they hit “Pay”. Buyers are most vulnerable while making an online purchase and thus, are very likely to make (unplanned) additional purchases.
- Dedicated Sends: As mentioned above, you can segregate your buyers based on shared interests viz., the products they buy the most, the time of the year when they make the most amount of purchases, etc. Once you have your segments ready, you can then send them dedicated emails promoting a product that coincides with their general preferences.
With over 18,000 Web Hosting companies fighting for clients, slashing prices to ridiculous extents and with new “Cheap Web hosting” providers appearing from time to time, the Web Hosting market is turning into a hungry wolf. To sustain and succeed in such a highly competitive market, it is imperative for you to get more creative and unconventional with your selling strategies. Additionally, it is also important to be aware of what your competition is up to. In a business like ours, conferences work best when it comes to market study, networking and expansion. Attended by all small and big companies alike, WorldHostingDays, where we are at right now, is arguably the best meeting place in the Web Hosting universe.
It’s a relief that the amount of resources (time, efforts and money) involved in selling more to an existing customer is far less as compared to what is required in acquiring new customers. That way, you can always go ahead and offer your loyal customers that additional serving of fries.
