Although there are differences between cross-selling vs. upselling, both of these tactics have the same goal, to help increase revenue and boost customer retention. Various studies have shown that it is much easier and cheaper to retain an existing customer, as getting a new one can cost five times as much. That is why it’s essential to nurture your existing customers and present them with well-thought-out cross-selling opportunities. Based on the latest CRM statistics, by using customer relationship management tools, customer retention and satisfaction rates increase by 47%, which is an impressive figure. Cross-selling does a similar task: keeping your customers interested while buying more products than they had initially anticipated.