Patrick is the Founder and CEO at Boostr. He’s been a leader in the media and technology space for the past 25 years, and founded Boostr to alleviate challenges he personally experienced. He resides in California with his family.
Publishers are under increasing pressure to grow profitably in an increasingly complex, competitive, and fragmented market. As seen in our Media Ad Sales Trend (MAST) Report in May 2021, publishers who drove deal size increases of 23 percent or better were in the top 25th percentile of year-over-year growth. So where do you begin?
As publishers have added new products, formats and solutions to their offering, they are experiencing real challenges getting sales teams and advertisers to embrace them. More often than not, sellers prefer to sell what they’re familiar with or what’s been working for clients. However, there is a tried and true strategy that will help you break through and scale product upsells and cross-sells.
- Determine your product upsell/cross-sell paths. Map out the products and solutions that when combined provide better results for clients. It’s typically helpful to analyze which products are frequently sold together or work synergistically..
- Research which products are used by each advertiser. You may need to look at this from several angles including seasonality, always on, tent poles, and more.
- Develop a product activation heat map. Apply the upsell/cross-sell paths to the advertiser product matrix to identify and prioritize opportunities that drive new product adoption.
- Operationalize. Once you have the heat map, determine how to increase the desired products on every media plan. Also consider adding operational reviews with the sales team to discuss the potential and advertiser-specific product activation strategy as a best practice. A monthly cadence to review progress and feedback will ensure results.
To help publishers simplify this strategy we’ve released a new smart insights dashboard called Product Activation to automate the first three steps above. It’s a great starting point that’s customizable to your business and is one of the most effective ways to drive incremental revenue growth now.