1.04 – can you guess why this number is important? It represents the difference between the number of products disengaged customers buy (4.50) compared to engaged customers (5.54). These cross-selling tips while help you generate more share of wallet through content engagement.
Three Cross-Selling Tips for Better Engagement
1) Be a content provider
There are two major places people turn to when they’re trying to solve a financial problem. Maybe they need a mortgage, maybe they’re just planning for retirement, but they’ll talk to either their family or their bank for guidance.
Especially nowadays, when people – Millennials in particular – start solving their problems by looking online, being a content provider gives you a big advantage. You become the customer’s primary resource. You’re in place to start a conversation with your customer before the competition arrives. When people are looking for answers, they’ll buy from the answer provider.
Cross-selling shouldn’t start with a product offer. Good deals are everywhere. Content can set a bank apart.
Bonus Tip: Don’t send customers to someone else’s site. If they get their content/advice from someone else’s blog, you’re not part of the equation anymore!
2) Target individuals
If you’ve ever looked at traffic numbers to your website, you know that it’s easy to to lose sight of your customers as individuals.
But the one-size-fits-all marketing of yesterday doesn’t engage the modern digital customer. When you’re competing in a digital space, people want personalization based on their specific interests. Targeting everything at everyone engages no one. Engagement is what you’re after.
Here’s an example. A guy named Fred goes to a movie theater to see a horror flick. The box office attendant strikes up a conversation about a great rom-com that Fred should check out. There’s a chance Fred might be interested in this other movie, but that’s really not why he’s there.
A bank customer is trying to find a mortgage. The bank has been marketing auto loans at them as part of a one-size-fits-all campaign. There’s a chance the customer might need an auto loan, but the bank is not anticipating his/her primary, individual needs.
Find out what products your customers are looking for and cross-sell based on their individual needs.
Bonus Tip: Content can uncover needs when positioned correctly. Help people learn before you offer them a good deal.
3) Generate word of mouth
Banks and CUs are starting to take advantage of social media in cool ways. However, cross-selling is somewhat anathema to social media. Twitter is not a good place to strike up a sales conversation, but it’s amazing for referrals and word of mouth.
Imagine a new type customer lifetime value based in a social economy. A follower who is an advocate for your brand will help you bring in more sales. His/her ‘social lifetime value’ can be hugely meaningful. A study from Allegiance found that about 19% of engaged customers had a friend who switched banks because of a strong referral.
Positive social engagement requires content and interactions. Use your social accounts to engage customers around education and conversation. Something as simple as asking how a customer’s day is going can go a long way. It might sound contradictory, but cross-sales will follow based on your ability to “not sell”.
Too long; Didn’t Read?:
- Be a content provider so that people can engage with your brand beyond its products
- Target individuals by collecting info so that you can serve their personal needs
- Generate word of mouth to sell by not selling