The goal of cross-selling and upselling is to increase contract values of your current customer base. Cross-selling refers to selling customers another product or service in addition to the one they currently use, while upselling refers to selling a higher tier of the same solution to a current customer.
Tip: To execute a successful upsell campaign, identify successful customer accounts that pay for the highest tier of your solution. What characteristics do they share? Then, go into your CRM and pull a list customer accounts that match these characteristics and haven't yet upgraded.
While upselling and cross-selling can absolutely happen at the customer’s request, account-based marketing is really about finding the specific accounts that could benefit from it. This campaign strategy requires close collaboration between your marketing, sales, and customer success teams as you identify which accounts are good candidates for additional offerings and engage them in a personalized way. After all, you don’t want to inundate customers with sales offers that aren’t relevant to them.
Real-World Example: Rosetta Stone® Uses ABM to Upsell Existing Customers
To gain initial traction with ABM and to get some quick wins to take back to the sales team, Rosetta Stone ran a customer marketing campaign for the launch of their new business product, Catalyst. The goal was to upsell existing customers, which meant they already knew exactly which accounts to target and the message those accounts would receive. As a result, Rosetta Stone generated a 70% increase in the number of opportunities among the accounts they targeted with account-based display ads versus those they didn't.