Are you aware that it costs five times more to acquire a new customer than it does to sell an additional product or service to an existing customer?
Cross-selling is an ideal way to expand a customer’s relationship with your institution. Everyone in your company could be cross-selling. Branch managers, retail staff, and contact center representatives are excellent candidates for generating cross-sale activity. Help staff to develop the right communication skills and product knowledge. Couple that with noticing customer cues and acting on them appropriately. Then you’ll have effective cross-selling.
Cross-selling is not about being pushy. It is about building on the existing relationship you have with the customer. When you perform your job in a friendly, knowledgeable, and efficient way, customers will be inclined to think of your institution first when they need additional products or services.
The biggest difference between “mediocrity” and “high performing” cross-selling is commitment. High performers invest the time to discover customers’ needs and figure out how to meet those needs.
Every interaction with an existing customer is a golden opportunity to expand the relationship and contribute revenue growth through cross-selling. Ask pertinent questions and employ listening skills to explore each customer’s financial situation. Demonstrate that you have a genuine interest in the customer’s financial success. You will often uncover additional needs the customer didn’t even know existed and be in prime position to fulfill them with the most appropriate products and services your bank has to offer.
The perfect combination for cross-selling success is extraordinary customer service and needs-based suggestions. Learn more on cross-selling in my program on Spotting Opportunities & Making Referrals.
A positive attitude accounts for almost half of the job of cross-selling. A whopping 48% of the sale is attributed to the attitudes we hold toward our products and services, self, the institution, and the customer. In other words, belief in yourself, your goods and your company is half the battle.
Listening is key. Tune into the clues you receive from customers when they are ready to buy or when they have a problem that needs resolution.
Customers rely on branch personnel who are perceived as caring professionals. Customers share their thoughts and feelings with bankers during the course of their transactions. Cross-selling can be as easy as answering a question or making a suggestion to assist with a problem.
Maximize and expand the relationship you have with your existing customer. The road to that success is paved with cross-selling. The branch, especially the teller window is one of the best stops on that road.