How To Identify Upsell Opportunities
If you’re looking for that next step up the ladder and need to prove your skills to senior management - you need to know how to ensure that you drive the team around you to achieve its collective goals but also how to get the backing for the promotion you individually desire.
For many years Deltek has partnered with the with most ambitious of Marketing firms, large and small, and we have advised and supported individuals and teams to successfully adopt internal best practices, processes and systems for both company and individual success. Drawing on this experience, I have written a series of blogs designed to help set you on the right career path and also ensure your agency meets its goals for growth and profitability.
In this post, I will tackle the topic of identifying upsell opportunities.
How do you analyse where client ‘upsell’ opportunities can be found?
It is a common scenario that you have substantial targets for your team to meet and you individually want to excel. Finding extra income from existing clients is a potential source of revenue and should be quicker to fulfil than the process of identifying, engaging with, and on-boarding entirely new clients. Using your agency’s enterprise resource planning (ERP) or project accounting system, you can quickly identify such opportunities and convert them into fresh revenue. Use the inbuilt reports, analytics, and alert functionality within your agency’s ERP to;
- Watch your clients’ budgetsKeep a close eye on your clients’ financial year-end, the opportunities that were available in previous years could emerge again. If the annual marketing budget is not used up, it could be reduced in the next financial year and so clients may be keen to use up excess funds to avoid losing it in the future.
- Use existing examplesAnalysing where this has happened before ensures that you are the first to suggest where it is spent! A key point is to identify where clients have successfully undertaken an opportunity before and this can help you identify where another similar project can be pitched again.
- Show you have the right mindsetTo demonstrate that you have the vision to see opportunities and fuel business growth, consider the size of your client portfolio and secure a modest budget from each. See how they accumulate and you can bring in a bigger revenue sum to add to the bonus pot. Add all you clients together and imagine the difference this will make to your bottom line. Instant recognition!