Try this alternative solution:
1. make sure Outlook is NOT running. Also make sure you are logged on to Windows via an Administrator account;
2. download the latest Bells & Whistles trial setup from our web site (see http://www.emailaddressmanager.com/download.html
3. install the trial version (it will automatically pickup your activated license, so it shall switch to the full/registered version). When you start the install, you will be asked if you want to update or uninstall Bells & Whistles: choose to update;
4. restart Outlook.
If the update still fails, please post the exact error message that you receive when trying to update.