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How can you determine when to offer an up-sell during a renewal?

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Renewals are a crucial part of business relationship management, as they provide an opportunity to retain and grow your existing customers. However, renewals can also be challenging, as you need to balance customer satisfaction, value delivery, and revenue generation. One way to achieve this balance is to offer an up-sell during a renewal, which is a sales technique that involves suggesting a higher-priced or more advanced product or service to your customer. But how can you determine when to offer an up-sell during a renewal, and how can you do it effectively? In this article, we will share some tips and best practices to help you answer these questions.

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Matthew Earl

Customer Success Professional & Strategic Leader

1 Know your customer

Before you can offer an up-sell during a renewal, you need to know your customer well. This means understanding their goals, challenges, needs, preferences, and feedback. You also need to monitor their usage, engagement, and satisfaction with your current product or service. By knowing your customer, you can identify opportunities to add value, solve problems, or enhance their experience with your up-sell. You can also avoid offering an up-sell that is irrelevant, inappropriate, or unwanted by your customer.

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Matthew Earl

Customer Success Professional & Strategic Leader
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Knowing your customer starts from the very first interaction your organisation has with them. It is important that the sales team 'sell a solution' that meets the customer's needs and supports their priorities. At handover from sales to Customer Success, these priorities and needs must be ratified and monitored to show time to value. Through business reviews and incidental interactions, the changing demands of the customer must be monitored and recorded on the CRM. You can't upsell a product from cold - deliver to the customer's needs,

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2 Align your up-sell with value

Another key factor to consider when offering an up-sell during a renewal is the value proposition. You need to show your customer how your up-sell can help them achieve their desired outcomes, improve their situation, or address their pain points. You also need to demonstrate the return on investment, the competitive advantage, or the cost savings that your up-sell can provide. By aligning your up-sell with value, you can increase your customer's interest, trust, and willingness to buy.

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Matthew Earl

Customer Success Professional & Strategic Leader
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If you understand your customer's needs and wants, you are already half-way there. Ask open questions of your customers during business reviews to get them to tell you what is missing, what hurts and what they need. Now deliver the solution - show them that the product or service is just what they desire, show them the value that it has in meeting those needs. If you can demonstrate cost-savings, give them numbers - a sales 'patter' has a lot more credence with quantifiable evidence.

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3 Time your up-sell right

Timing is also important when offering an up-sell during a renewal. You don't want to rush or pressure your customer into making a decision, nor do you want to miss the window of opportunity. Ideally, you want to offer an up-sell when your customer is satisfied, engaged, and receptive to your suggestions. This could be during a regular check-in, a quarterly review, a feedback session, or a milestone achievement. You also want to offer an up-sell before the renewal date, so that you have enough time to negotiate, close, and implement the deal.

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Matthew Earl

Customer Success Professional & Strategic Leader
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Build a buzz first - let your customer know what is on the horizon - what your product team are working on. Show them the roadmap, it's not a sell, it is a conversation in a business review. Let them start to consider the solution before it is available, allow them to speak to budget holders. Continue to mention it during the customer feedback loop and in future discussions/interactions. As the product becomes available, book in some time for a demo or further discussion, the call is not a warm upsell, but already a strong lead. I've even had customers ask me about it before I could mention it - at this point, you can start the negotiation. Can you offer a discount if it is included in an early renewal? You've upsold and saved churn!

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4 Communicate your up-sell clearly

Finally, you need to communicate your up-sell clearly and persuasively to your customer. You need to explain the features, benefits, and advantages of your up-sell in a simple and concise way. You also need to address any objections, concerns, or questions that your customer may have. You can use testimonials, case studies, demos, or trials to illustrate your up-sell and build credibility. You also need to create a sense of urgency, exclusivity, or scarcity to motivate your customer to act.

Offering an up-sell during a renewal can be a win-win situation for both you and your customer, if done correctly. By following these tips and best practices, you can determine when to offer an up-sell during a renewal, and how to do it effectively.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Matthew Earl

Customer Success Professional & Strategic Leader
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Hopefully we are at the end of a economically challenging period following Covid19 and the global economic crisis. Were you have managed to forge strong, trusted relationships, you will find upsells much easier. However, customers are wary, especially new ones - it is hugely important to consider the customer lifecycle here - do you onboard with a full system and leave upsells for a while? Can you upsell in the short term? What is the potential lifetime value of the contract? Developing relationships and delivering 'above the line' will carry a great deal of kudos when considering and upsell/cross-sell campaign.

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How can you determine when to offer an up-sell during a renewal?

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1 Know your customer

2 Align your up-sell with value

3 Time your up-sell right

4 Communicate your up-sell clearly

5 Here’s what else to consider

Business Relationship Management

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How can you determine when to offer an up-sell during a renewal?

1

2

3

4

5

1 Know your customer

2 Align your up-sell with value

3 Time your up-sell right

4 Communicate your up-sell clearly

5 Here’s what else to consider

Business Relationship Management

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