Co-selling
Verb
[ko·seh·luhng]
Co-selling is the act of bringing a third party partner from outside of the business to support and close a sales deal. By bringing in this external member to act as an extension of the sales team, it helps strengthen the sales pitch and close the deal.
Typically, a co-selling partner should be someone who has credibility in the space and can speak to why a SaaS product would be a good fit for the customer.
Example: To have successful co-selling relationship, your partner manager will need to develop a co-marketing plan to outline business goals and joint messaging for the two businesses.
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The Ultimate Guide to Partnerships for Ecosystems in 2023
Noun
[kuh·stuh·mr ruh·lay·shuhn·shuhp man-ij-ment]
Customer relationship management, or CRM, is a software used to build and manage communication between a company and its customers or prospective customers. It's primarily used by sales, customer success and marketing teams to improve and streamline processes including lead tracking, customer segmentation information and task management.
CRMs are used to increase sales and improve retention by shortening the sales cycle, and monitoring and following up regularly with active customers. A good CRM tool will help attract, delight and engage in order to scale your B2B SaaS business.
Example: B2B SaaS companies use CRM (customer relationship management) software in their business as a centralized place to manage connections with customers and prospects.
Verb
[kraas sel·luhng]
Cross-selling, in sales, is when a customer is persuaded to add an additional, complementary product to their purchase. Cross-selling is important because it boosts overall revenue and can also increase the customer's satisfaction since the related product serves to improve their experience with the product initially being purchased as well.
The key to cross-selling is o understand the customer's needs and anticipate a product that would help improve their experience with that product or service. Cross-selling is not effective and can lead to dissatisfaction is the complementary product is irrelevant, inappropriate or incompatible.
Cross-selling is similar to upselling, which is when a salesperson persuades a customer who is already making a purchase to opt for a more premium option.
An example of cross-selling in B2B SaaS would be a company that sells their CRM to a customer also marketing a document-management technology that would help support the function of that customer's business.
Example: Rick, a sales manager at a SaaS company for invoicing software had a big day. He made a sale of his company's software to a large client who wanted to improve the workflow of their accounting department. Rick also sweetened the deal by cross-selling a partner company's subscription management software.
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