Why is upselling important?
Upselling and cross selling are both very important. The probability of selling to an existing customer is 60 – 70% while the probability of selling to a new customer is anything between 5 – 20%. So a smart strategy to make revenue targets for the quarter or financial year would be to focus on mining more from existing clients
This article has been written to show you a number of ways to help you upsell / cross sell your existing clients and hopefully see an immediate increase in your revenue. But before you think about upselling you need to make sure that your current account does not have any vulnerabilities and this is what we will cover first. You don’t want to worry about upsell if that will result in churn.
The best account managers, campaigns managers, reps or whoever is responsible for looking for additional opportunities in the clients AdWords account are able to play both a defensive and offensive role like any good sports team.
Make it a habit to review your accounts to identify opportunities ahead of time – being proactive. You also want to be proactive by identifying vulnerabilities and making sure people are not going to churn. Here are 2 major vulnerabilities in any Adwords account:
- Low account performance
- Disengaged / uninformed customers
If you don’t plug those leaking holes in the bucket, filling it with more water won’t do you any good.
Low Account Performance
If the account is not doing well and you are seeing indicators like:
- Low CTR
- Low conversions
- Poor placement performance
- High bounce rate in Google analytics
- Lower time spent on site
This is a sure indication that the account is not performing well and will most likely churn in the near term simply because it’s not doing what it’s meant to do.
Disengaged / uninformed customers
Even if all is well in the account you are managing, your account’s existence is not guaranteed if your customer is either disengaged or uninformed. Things might be looking great for you but for the customer all your hard work means nothing if they do not understand what value you are actually bringing. Disengaged and uniformed customers typically:
- Are not interested in viewing reports or understanding metrics
- Do not understand the value of the campaign
- Are data myopic – focus too much on one point of data (for example bounce rate is way to high…bounce rate, bounce rate and more bounce rate)
- Always question your management fee – whatever the percentage
Watch out for these two vulnerabilities and correct them as soon as possible because if you do not they will definitely lead to churn and you would lose this account all together. Once this is sorted you can move into finding opportunities in your account.
Next lesson – Using Ad Position to identify upselling opportunities