One of the best places to focus your lead nurturing efforts is your existing database, especially when marketing budgets are tight.
The customer database gets undervalued at most companies. If the average cost per new contact is $20 and you have a database of 250,000 contacts, then your customer database is a $5 million asset that should be mined for additional value through upselling.
For some salespeople, the term “upselling” has a negative connotation: no client or customer wants to be upsold (it’s the idea that it’s something they didn’t want).
However, upselling can be easily and effectively integrated into the sales process — once you have a compelling strategy that fits with your sales efforts.
Upselling can be as simple as selling a product and adding services later. It can be having somebody buy what you sell, then 90 days down the road, offer them additional warranties or service.
Why would a client want to be upsold? There are many reasons, but here are some of the most common:
- They are currently using your product – and are happy
- There are other opportunities/challenges within that company that an upsell can answer
- The client won’t have to look for other vendors
- The client won’t have to worry about vendor integration – you’re already in the fold.
Trust and understanding is the key to successful upselling
The key to upselling is that your customers already have a relationship with you.
They’ve already learnt enough about you to value your product or service. Not only that, theoretically, the overall risk of getting a negative response is much lower since they have already built a significant level of trust in your business.
The golden rules to follow for successful upselling
Focus on “away from pain” questions. Your customers want to resolve their challenges, problems, issues, and concerns. Marketing conversations about these gives your sales valuable information for upsell opportunities.
Understand your customer’s goals and objectives: they either have the opportunity to exceed their goal, they’re doing very well (and there’s an upside), or there’s a deficit.
This information can only be learnt from regular marketing conversations with you customers and follow up marketing.
With over 15 years acquiring new customers for B2B companies, we have the tools and the expertise to help your sales team with better leads and grow your business.