how do you upsell customers to grow the relationship?
How do you best handle what are traditionally known as upsell or upgrade dialogues, when you need to convince existing customers to migrate to higher-value solutions and services—either in the event of a significant upsell or due to a material change in a base product?
Convincing customers to migrate to newer, superior solutions and services seems like an easy ask. But it seldom is. That’s because a whole range of hidden challenges and complexities, which you might have underappreciated in the beginning, can rise to the fore, threatening to scuttle big opportunities to forge higher-value relationships with your customers.
If you’re successful in this moment, you create the foundation for better customer experiences and longer-lasting partnerships. But if you stumble, your partnerships can stagnate. And when that happens, plateauing revenue isn’t your only problem. Your customers also become more vulnerable to inroads from competitors, who could disrupt your partnership with promises of delivering a better customer experience. The issue isn’t that you don’t have similarly impactful capabilities—it’s that you haven’t properly seized the chance to provide them.
For this study, B2B DecisionLabs worked with Dr. Nick Lee, a professor at Warwick Business School who has spent nearly 20 years drawing from social psychology, cognitive neuroscience, economics, and philosophy, to develop insights into selling more effectively using Decision Science.
The primary aim of the research: confirm an optimal messaging approach, or framework, for upselling customers to higher-value solutions and services.