Sales and Cross Sales Improvement
Banks have a pressing need to generate more revenues and lower their costs. That’s why optimizing every marketing contact and customer relationship has never been more important.
Every financial institution recognizes the need to generate a steady stream of new customers. But they face intensified competition because consumers and small businesses having access to an increasingly wide variety of choices for their financial services, including the ability to efficiently compare banks and products from their desktop or mobile devices. As a result acquisition costs have dramatically increased, and response rates to advertising and marketing offers have declined sharply.
The onus is also on financial institutions to supplement their sales efforts by making the most of the customer base they have already won. That means cross-selling additional products and services and increasing their share of wallet with current customers.
It is true that the incremental cost of selling to current customers is generally much lower than to new customers. But unfocused and indiscriminate across-the-board cross-sell programs that push unwanted products on customers have their own way of hurting the bottom line.
Financial institutions also need to be carefully attuned to how today’s customers alter their behaviors and use multiple channels for difference purposes. That means having the latest data analytics and online and digital channels in order to efficiently define the Customer Digital Journey: that is, how they buy and use banking products seamlessly across all channels.
Bank Solutions Group’s 5-Point Framework provides a systematic methodology to optimize every marketing contact and relationship for maximum returns.