Questions to Measure Upsell Ability

As part of your market research, you need to discover where increased profits lie. One of the reasons that customer loyalty is so valuable is because customers are more likely to continue to spend money with your company. But if your company is unable to sell them on more products in the future, the value of customer loyalty drops dramatically. So you need to find ways to measure how well your company/products are encouraging the future purchase of additional products.

You can do this by adding a few questions to your general market research surveys. The questions are fairly simple, but they can give you a good idea of what the future holds for your business and where the potential lies. Questions like: How likely are you to make an additional purchase from COMPANY in the next 6 months? How many times do you expect to shop at our store over the next six months? How likely are you to purchase your next X from our store, rather than a competitor? These are simply example questions, but the key here is to start to measure your ability to take advantage of the customer relationship.

Once you’ve found out if there is future earnings potential there you can put that knowledge into action. For example, if your customer satisfaction is high, but your customer loyalty (or at least, the chances of upsell ability) are low, you can either put more resources into finding new customers or see if there is a way to encourage the opinions of your current customers to change, so that they are more willing to buy products from you in the future. You may also find out that your customers are more than willing to buy more products from you, and that the satisfaction has led to an intense loyalty.

From there, you can decide on what products to start selling, and perhaps either increase your product line or partner with another company in order to give your company more of a revenue stream.

Customer loyalty is an important part of business, but its importance is based on how likely the customer is to continue to purchase from your company – especially in the near future. Rather than assume that your high satisfaction customers are going to continue to make purchases, do a little research, see where your company stands, and use that information to guide future business decisions.