Building your SaaS Upsell Strategy — What to look out for?

Are you doubling down on your existing customers during this downturn? If yes, how do you identify the right market fit for your upsell strategy?

Your goal during these recessionary times — build an expansion strategy for upsell that is custom tuned for these circumstances. You have a strong customer base, healthy renewal business, engaged customers. But there are multiple, fast-moving market forces at play — recessionary pressures, layoffs and a reduced workforce, your product evolution and journey, your adjusted business operations in post-sales.

How do you go about to vetting your customer base and prepare to build an effective upsell strategy? Here is a quick checklist:

I. Is your CSAT score healthy?

Revisit your CSAT score for the account with your new, revised lens. Ensure that there are no hidden skeletons in the closet. Pay special attention to what has happened to the customer’s business during the downturn and how that may have affected their perception and relationship with you as a vendor.

II. Is there a solid and up to date account strategy in place?

Is your account strategy properly aligned and tuned to the current situations that your customer is facing? Is it tuned to reflect that any operational changes that you have had to make recently?

III. Is there a good account team and process in place to execute the upsell process?
Do you have the right account team in place to execute the upsell account strategy? Who is in the account team and what are their roles? What are the current processes in place to execute the strategy? Does it need tweaking?

IV. Do you have an exec sponsor identified?
Do you have an executive sponsor identified in this account, who is ready to help you execute your upsell strategy along the way?

V. Do you have visibility into budget? budget cycle?

Are you aware of current FY budget cycle and budget availability for the account, when does their fiscal year end and how does that align with the timelines of your account strategy?

VI. Who approves new budget?

Who is ultimate signatory on the account? Do you have that person identified? Do you have a relationship there?

VII. Is there a strong, viable use case for upselling your product or services?

Whatever you have in mind for upsell, do you have a strong application or use case for this upsell? Can you predict increased ROI that is above and beyond the existing ROI you are providing? Or can you be confident in delivering additional value as part of offering this service/product?

This quick checklist will help you narrow down your customer list and prioritize your efforts towards an effective upsell motion.