The Process of Cross Selling

Topics: Debt, Credit history, Finance Pages: 3 (1131 words) Published: May 22, 2012
Cross-selling stands for being able to offer to the existing bank customers, some additional banking products, with a view to expand banking business, reduce the per customer cost of operations and provide more satisfaction and value to the customer. For instance, when a bank is in a position to sell to a deposit customer (say saving bank or term deposit), a loan product such as housing loan, credit card, personal loan or vice-versa, this would result into additional business and lead to low per customer cost and higher per customer earning. The question arises What is cross-selling? Cross-selling is nothing more than team-selling with other specialists within your company, all working in partnership on behalf of the customer's best interest. It's a proactive, ongoing sales process designed to provide your existing customers with a full range of your company's products and services. The good news is, cross-selling is one of the most profitable and least risky endeavors a company can undertake. The bad news is, if your cross-selling program is not properly administered and monitored, you run the risk of losing customers and creating conflict within your sales team. Not surprisingly, two of the key elements that make cross-selling work are trust and convenience. Your customers already possess a degree of trust in your company, and this can be converted into additional sales that are not directly related to their existing products. Some might suggest that customers are irritated by cross-selling and perceive it as an aggressive sales approach. Interestingly enough, consumer research indicates that the reverse is actually true. Most customers prefer a full spectrum of products and services and appreciate the convenience that is provided through a comprehensive cross-selling approach. The key to wealth in the past two decades or so has not been access to productive capacity, but rather access to monetary liquidity. This recent economic expansion has been fed by the...
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