Upselling existing accounts to generate new business is one of the most difficult sales techniques because it combines two profoundly different skills: sales and customer success management. A rep who can successfully upsell without sounding obvious or contrived is a rare commodity.
Upselling takes time, thought and research. Prospects will know the difference between reps looking to squeeze more dollars out of them and reps looking to enhance their customer experience. Customers have little reason to maintain relationships with sales reps after they’ve signed the order form, but there are a few things you can do to set the stage for an upsell early on.
Keep your social channels open
Don’t drop off the social media communication with prospects once you’ve won their business. Customer intelligence can clue you in to key upsell opportunities. For example, if you’ve deployed your product to the enterprise sales team in London and your customer announces that they’re opening an office in Dublin in two weeks to grow their sales efforts, chances are, they’ll want to deploy your product to their new Dublin reps as well. If you ignored them and continued to work with the London team only, you may entirely miss an upsell opportunity.
Know your services and listen
Perhaps the most effective path to upselling is listening to your prospects’ needs. You should know your product better than they do, so they will lean on your recommendation.Use customer intelligence, such as social customer relationships management apps, to track what your prospects most commonly need after you close a sale. Is there a common service your prospects come back to you for after a sale? If so, recommend that your prospects purchase those products on top of the sale you’re about to close. They’ll appreciate your foresight on the matter.
Your sales office shouldn’t be the only group receiving incentives for upselling. Make sure you have incentive packages for customers who are willing to spend a little more money on your product or service. Offer them free features or future discounts if they spend more money up front. Also consider making incentives limited-time offers so prospects are more inclined to close the deal. Lastly, offer incentives to prospects if they successfully refer business to you.