business development
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Effective Business Development

Effective business development is a valuable skill for any person in a sales role. The ability to maximise new business opportunities alongside existing clients is crucial for the growth and success of any business.

Do You Want Fries With That?

The chances are if you have purchased some fast food recently you may well have experienced up-selling. The process of up-selling and cross-selling is used by a wide variety of industries, ranging from financial institutions to fast-food restaurants.  Indeed, any progressive business will understand the value of cross-selling and referrals as a critical component for promoting both client retention and revenue growth.

Cross-Selling

The good news is, cross-selling is one of the most profitable and least risky actions a business can undertake. Rather than trying to gain potential valuable clients, businesses have come to realise that it is easier to maximise profit by cross-selling services to existing clients rather than to attract new customers. The cost of winning a new client can be five times that of retaining an old client, and the profit achieved by winning over ten new clients often cannot offset the expense of losing a valuable client.

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