Lock in new revenue by identifying new upselling and expansion opportunities and executing it timely to achieve Negative Churn in no time
Upselling Playbook consists of steps and processes lined out for your success teams to ensure your customers take an upgrade
The Upsell Conversion rate is the ratio of the number of additional upgrades that the customer did in comparison to when he initially signed for your product
The 5 common signs that tell you when your customer is ready for upsell is
1) The customer is deriving value out of your product. When a customer start seeing success with your product, that is the time they will be more open for upgrade if you can demonstrate the value because they have already started getting return on investment
2) The organization is focused on strategic shifts by introducing a new product line or simple shifting gears and you feel your product can add vale, you should be there.
3)They are growing- The company is growing means more cash is available to the company for spending. Hopefully your product has played a role in this growth and therefore you should be there to pitch for an upgrade.
4) When customers start referring to you- when your existing customers start referring new clients to you means they have seen value in your product and might upgrade if pitched well
Few of the upselling strategies are-
1)Set and monitor measurable goals- Develop an action plan with relevant milestones to keep track of their progress. Define these at the onboarding stage itself to ensure that both parties are on the same page. It helps in identifying the right customer who would need additional service should an opportunity arise.
2)Use data to drive upsells- Analyse product engagement data for actionable insights to understand when a customer is ready for an upsell.
3)Make the customer understand the value- You should exactly be able to tell your customers what specific things will they be able to improve, if they upgrade. The more specific you can be, the easier it will be to convince the customers..
4)Build an Upselling Plan-Segmenting your customers in a proper way and building custom upsell plans for each of them will increase your conversion rates drastically. Not all customers will need the same upsell plan.
5) Customer Ratings and feedback- Consistently take feedback from your customers to understand what they think about you and also to get idea about what should improved in your product
In b2b SaaS, getting a new customer is very expensive. Your existing customers have already bought into your value and believe your product solves their problems. It’s easier to convince these customers you could solve a few more of their issues, then to start from square one with a new user.
In B2B SaaS, upselling is strategy used to sell higher variant of your product, more feature rich to your existing customer when s/he achieves the initial use case for which he had signed up for your product.
Upselling is a strategy to sell higher variant of your product to your existing customers. Whereas, Cross Selling refers to the act of selling existing customers additional products