055. Upselling and Cross-Selling for B2B

About this Video

• Video Title: 055. Upselling and Cross-Selling for B2B
• Channel: Boundify
• Speakers: Amilo Garcia, Gabby Garcia
• Duration: 00:24:47

Introduction

This B2B-focused video discusses upselling and cross-selling strategies. The speakers explain the definitions of upselling and cross-selling, outline their benefits for both businesses and customers, and detail effective strategies while addressing potential challenges and pitfalls.

Key Takeaways

• Upselling: Encouraging existing customers to upgrade to a more advanced or premium version of a product or service they already use. The example of HubSpot's tiered marketing, sales, and service hubs is used to illustrate this.
• Cross-selling: Suggesting complementary products or services to existing customers, often targeting different teams within the same account. Again using HubSpot, the speakers illustrate how a customer using the marketing hub might also benefit from the sales hub.
• Benefits of Upselling and Cross-selling for Businesses: Lower customer acquisition costs (it's cheaper to retain and upsell existing customers than acquire new ones), tiered feature offerings, and identifying new product development opportunities based on customer needs.
• Benefits of Upselling and Cross-selling for Customers: More comprehensive solutions, time savings from a one-stop shop, and personalized, relevant offers.
• Strategies for Upselling and Cross-selling: Data-driven approaches (analyzing product usage, customer feedback), choosing opportune moments for engagement (e.g., post-onboarding, after a successful service experience), and building processes and scenarios to anticipate customer needs.
• Challenges and Pitfalls: Poor timing, irrelevance of offers, neglecting post-sale engagement, and automating upselling/cross-selling before proving value and building trust.