B2B upselling and cross-selling involves recommending useful upgrades or additional products that complement a new or existing purchase. These upgrades or products will improve the value a customer can realize while in a buying mindset or after an initial purchase. Upselling can also strengthen customer loyalty, as well as their lifetime value.
Organizations are 60-70% more likely to sell to an existing customer, compared to the 5-20% likelihood of selling to a new prospect. So upselling and cross-selling is a huge profit generator for organizations, as the marketing expenses are minimal. If your organization isn’t leveraging a strategy for upselling and cross-selling new and current customers, you’re leaving revenue on the table.