What is one thing that today’s most successful companies have in common? They are frequently cross-selling and upselling. For them, it’s as easy as asking, “would you like fries with that?” or mentioning, “customers who bought this item also bought...” For the average IT service provider, however, cross-selling and upselling requires a bit more effort and creativity.
Expanding service adoption within your client base is one of the most effective ways to grow your managed services business. If you're looking for quick wins on how to do this, here are some strategies that will help you effectively cross-sell and upsell your existing clients.
The Cross-Sell and Upsell Opportunity
Did you know that the probability of selling to an existing customer is up to 14 times higher than the probability of selling to a new customer? Think about it. Not only do your existing clients know you and your business, but they already understand and buy into the value of your managed IT services. What’s more, you have established relationships with key decision makers, and can therefore expect a much higher response rate and a much shorter sales cycle.
Existing customers are a low-cost, low-risk marketing group. If you’re not capitalizing on this, it’s like leaving free money on the table!
With all the extra costs and uncertainty that comes with attracting new clients, you should be focusing more of your efforts on selling to existing clients. Below are some strategies to help you get there.
3 Cross-Sell and Upsell Strategies
1. Bring It up in Your Quarterly Business Reviews
Performing quarterly business reviews (QBRs) is an important part of retaining your clients, but they can also present a perfect opportunity to cross-sell and upsell.
During these regularly-scheduled business reviews, you should be discussing your clients’ business pain points and desires, as well as planning for the future. These conversations give you an avenue to suggest new or upgraded services to your current clients. It’s a natural way to approach the sales of new services, while also checking in on your clients’ experience with your services.
2. Update Your Email Signature
Do you frequently check in with clients via email? Simply updating your email signature could help you open the conversation to new cross-sell and upsell opportunities.
You could feature a trial offering or a button to learn more about one of your products. Or, if you have the time, customize your signature based on who you’re speaking to. Want a specific client to adopt a higher level of service? Make that the call-to-action. Looking to build out another revenue stream? Lead clients to check out that product or service in your signature.
Also, encourage your technical and sales teams to update their email signatures as well. This is a great way to extend your branding and notify your customers of special announcements or product updates.
3. Run a Free Assessment
Running IT assessments are a great way to increase adoption within your client base. By performing an assessment, you’ll be able to identify holes in your clients’ environment and demonstrate the value you could bring in helping them fill in the gaps.
Additionally, if you have clients that use only some of your services, performing a network assessment can provide new ammunition to justify expanding the scope of your service contract. Once the assessment is complete, you can produce an array of reports that can be custom branded, illustrating the compelling need for your proposed services.
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By Meaghan Moraes
By Gretchen Hoffman