Glossary Term
Cross-Selling
Definition
Cross-selling is a sales strategy where additional complementary products or services are offered to existing customers based on their previous purchases or needs. In the MedTech industry, this often involves suggesting related medical devices, consumables, software, or services that enhance the value or functionality of a core product.
Relevance to the MedTech Industry
Cross-selling helps MedTech companies maximize revenue from their customer base by offering comprehensive solutions. It fosters deeper relationships with healthcare providers, increases customer satisfaction, and optimizes the utility of medical devices through integrated offerings.
Additional Information & Related Terms
Value Proposition A clear value proposition is critical to effective cross-selling.
Customer Relationship Management (CRM) Systems that help track customer purchase history and identify cross-selling opportunities.
Consultative Selling An approach often used alongside cross-selling to tailor offerings to customer needs.
Upselling A related strategy that involves encouraging customers to upgrade to a more premium product or service.