Up-selling is a common B2B sales strategy designed to sell a larger, more feature-rich, and expensive product to an existing customer.
See also: Cross-selling
Up-selling and cross-selling are often confused with each other. However, they are separate sales strategies. Up-selling is designed to sell a larger, more comprehensive, and expensive version of the same product/service while cross-selling sells complementary products as add-ons to an existing customer.
For SaaS businesses that work on a subscription or recurring revenue model, selling to an existing customer is often more effective than acquiring and selling to new customers.
Besides the obvious increase in revenues, up-selling also increases the value a customer receives. This increases the LTV of a customer since they are more likely to stay longer because of the value they receive.
Avoid the temptation to call your upgraded solutions better than what your customers currently have. Instead, emphasize on maturity and suggest that they might have bigger needs and therefore, would benefit from an upgrade.