Upselling lets you identify your customer’s needs and goals and provide them with products or services that will meet those needs.
Here, we explain what upselling is and how it differs from cross-selling, as well as provide top 7 b2b upselling strategies to know in 2022.
What is b2b Upselling?
An upsell is the process of offering a customer an upgraded or better version of a product they wish to purchase. It is the aim of upselling to increase your customer’s spending, which in turn increases your revenue.
Upselling vs. Cross-selling!
Despite being different sales techniques, cross-selling and upselling are often used in conjunction to increase the overall profitability of a sale.
Upselling is to upgrade or enhance a product or service the customer is already purchasing and cross-selling is to suggest related products or services to the customer.
As an example, an HR/Payroll service providing company could also provide an LMS cloud service to their clients as a value addition along with the existing services. There are various other b2b upselling cases.
Other Examples of Upselling!
- A customer is checking out standard earbuds in an electronics store when the salesperson suggests a noise canceling model.
- The owner of a business goes to a print shop to order business cards. He planned to use a basic design, but the salesperson helped to get a professionally designed card that would be more beneficial. For best effects, the business owner opts for a glossy finish.
- There are three packages available for an email management platform for a client on a website, The customer can see what features and automation are provided by each package, and how they can get more value from the more expensive ones.
“B2B Marketing is more important than B2C. It’s what drives the economy forwards, not just outwards”.
Tom Gatten, CEO, Growth Intelligence
Check out a blog on: ‘growth hacking & its strategies‘.
7 best b2b upselling strategies for better conversion rate!
Here are pointers for you to improve your learning & implementation in b2b upselling.
1) Give attention to your customers
You should always focus on your customer’s needs, not trick them into buying something they don’t need. By taking the time to understand your customers’ needs, you will be able to adjust your pitch as the engagement proceeds.
2) Provide offers that value
Offers that are irrelevant to the original purchase are less likely to convert, so add-ons and upgraded items should clearly relate to the original purchase. If you intend to upsell, explain why the more expensive item will meet their specific needs better.
3) Give exciting discounts
Offer special discounts and trade promotions if you have multiple products that are relevant. As an example, 30% off on the first purchase if worth $500; 25% on opting for 5 or more services; free shipping if the total exceeds $350. And, package all three items and offer them for less than the sum of the individual options.
4) Keep track of timing
If upselling a product/service the buyers want but are not available at the correct time can derail a purchase. Choose the point in the ordering process when the customer is most likely to accept your pitch – frequently right after they choose a subscription plan or at “check-out.”
5) Trust is built on familiarity
Upselling aims to increase order size while the buying motivation is strong. If your customer is familiar with the proposed item, the more likely they are to accept it. If the price of the product is unusually low, now isn’t the time to introduce new products.
6) Educate your marketing/sales team
Ensure that sales reps are well-trained on the products being upsold. Practice your presentation skills so that you can easily show how a complementary or higher-grade item is beneficial to the customer.
7) Credibility improves your value
Whenever possible, provide expert or customer reviews of the product being upsold. Make sure to highlight your best-reviewed and best-selling products.
Let’s Conclude!
It’s a well-known principle in the business world that if you want to grow revenue, you only need three things:
- More customers,
- Increase in the average amount customers purchase per order,
- A faster rate at which customers order from you.
Imagine: As a Head of Marketing in an HRMS company, would you upsell an LMS Cloud solution as SaaS to your customers along with your existing HR/Payroll services? Don’t you think you can bring in more value and revenue by giving a new experience to your clients?
The goal of upselling is to increase the total dollars spent by a customer over the course of the year.
Share your thoughts and let me know how can I help you!
“The difference between epic and epic failure is customer experience”
Peter Bell, marketing director, adobe
– Partners On Cloud Blog
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