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.”The basics of cross selling involve two main points: first is the knowledge of the consumers; second is timing. If the consumer doesn’t know that you offer a product or service that they need, how are they supposed to buy it from you? Moreover, when it comes time for them to ‘buy’, are you in their thought process … better yet, their buying process?
So how can your institution be in the right place at the right time with the right products and services? You can educate your consumers on topics that will either save them money or help them avoid costly mistakes in the future. If your consumer trusts that the information you are providing them is useful and valuable, chances are that when they are ready to buy, they will buy from you. If you are committed to educating your consumers about issues that are important to them, you are well on your way to allowing cross selling and cross buying to occur. What percent of your products and services are known by your consumers?