Financial Marketing and Cross Selling Blog
While WE are Cross Selling, THEY are Cross Buying
It is the classic battle between WE and THEY in the financial banking arena. You know your consumers (THEY) need the products and services that you offer but you struggle to find a process that effectively allows them to buy multiple products and services. How can you bridge the gap between WE and THEY and make it an US relationship?
In the May 2011 issue of Bank Investment Consultant, Elizabeth Wine brings up some very valid points about the importance of cross selling and the poor execution that is happening inside many financial institutions.
Managing the cross sell is a task that does not have an end. To do it well, you should never be ‘done’. The art of cross selling involves all parties within the financial institution to be working together. The same BIC article also stated that “ninety percent of a recent BIC survey respondents said the support of senior management was critical for the successful implementation of a cross sell program.” Read more >>
Developing leads through your bank website
As more and more bank customers find their way around the online platform, the harder it becomes to drive cross selling opportunities at the branch level. All signs point to more effective marketing techniques online where customers are spending most of their time.
But what does it take to get the dialog started online? How can you transition a transaction minded customer to research mode?
For starters, you need good, easy to read content. Most consumers today are not reading the Wall Street Journal or Financial Times on a regular basis. The typical American hears the word Tax Deferred Bonds and cringes. So when you want to build or purchase education, keep this in the back of your mind.
Once you have the education, make sure you use it in a way that gets customers to raise their hand. Remember, most people don’t visit their local library because they want to. To make education exciting, tie it to financial situations that we all face. Make it pop and most importantly, make all content connected to your professionals. Make it easy for customers to submit requests to talk or meet in person.
And finally, make your content portable. The easier it is to walk away with information the more likely customers will read it. Better yet, give the customer the option to enter their contact information before... Read More >>
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