Up-selling to existing customers is often a big opportunity that marketers overlook. Account renewals are a result of current customers who are happy with the success of your products and solutions. You can build a cross-functional team within your company by utilizing the stakeholders from various departments who regularly interact with the customers. This team will strengthen relationships with your current account base, which will result in consistent and predictable revenue.
1. Develop a Target Account List
Review the common characteristics of current accounts and target your marketing accordingly to guarantee that your efforts are being spent targeting the correct audiences and organizations. You can map customer characteristics to accounts by identifying sales cycles, comparing sale histories and by researching industry trends.
2. Evaluate Traction in Target Accounts
Be sure you have the right contacts in the customer accounts in order to obtain up sell and cross-sell opportunities. This will only be achieved if your sales team has a clear indication of the campaign so they can create a proper routing and map of leads, following-up based on client engagement with the marketing programs.
3. Have an Account-Based Marketing Strategy
Align your marketing to fit the sales account strategy. This can be easily achieved planning marketing initiatives that follow-up on industry content programs, such as conferences, webcasts, digital advertising, etc.
Most importantly though, learn your customers wants and needs and act on them accordingly.
For more information on this topic, see:
Ziman, Dan. “How to Build New Revenue in Your Account Base.