Upselling is a great way to boost revenue in B2B sales. Once a customer has purchased your product or service, you can begin to sell him or her a relevant “add on.”
Generating B2B sales leads is tough, and in some case the cost for 1 sales lead can be several hundred dollars. In order for a sales executive to justify using any lead generation tool, the ROI has to make sense. Plus, you've already got the relationship with the prospect, why not maximize revenue?
Step #1) Facilitate the Original Purchase
The first step to upselling is to facilitate the client's original purchase. You can't expect to upsell a client without first satisfying his or her original needs. So, work on selling the initial product or equipment, and then you can attempt to sell the client an add-on. The upsell comes toward the end of the sales cycle; and in some cases after the initial sale.
Step #2) Introduce the Add-On
Next, you'll want to introduce the add-on product or service. The key to achieving a positive response with add-on's lies in your choice of product or service. Add-on products should be relevant, add value and be closely related to the initial product or equipment. What do you offer that would be a great add-on product? Is it relevant? Does it add-value? If so, keep that in mind.
Step #3) Explain the Benefits
The third step in add-on selling is to explain the benefits. In other words, explain to the client why they should purchase the add-on item. Rather than listing its features, however, you should focus on its value or the business benefits they will receive as a result.
Be sure you have the proof ready. Case studies, customer testimonials, pictures (if applicable), anything that supports the benefit of the upsell product or service.
Because it's an upsell, the person you worked with may not be the right person to approve the add-on. Do you know who that is? Will the customer tell you who that person is or what the process is for approval? If they do or not, it's always better to do your own homework.
SalesLeads has a Target Account Sales Intelligence database. It provides you with the contact information you'll be looking for: CEO, CFO, COO, VP of..., Director of... in the various departments or divisions of the company. If the add-on approval process gets stagnant, you now have access to names of people along with contact information to help get it moving through the cycle again. Why don't you take a look for yourself to better understand what you'll see.
Step #4) Close the Deal
The fourth and final step is to close the deal. The good news is that you should have a relatively easy time convincing the client to purchase the add-on item IF you explained and proven the benefits and why he or she should buy it.
Add-on selling is an exact science. Sure, the steps remain the largely the same, but you'll need to customize your approach based on the client. If the client tells that you that he or she isn't ready in purchasing the add-on item just yet, make a note to follow up at a later date. By nurturing your sales leads, you'll have an easier time with selling add-on to your customers.