Cross Selling and Loyal Customers
Working closely with BAI we have refreshed our white paper about cross-selling and customer loyalty.
Called “90 Days That Make or Break the Deposit Relationship” it’s based on research from BAI. It describes how banks can improve customer loyalty and business results by focusing on new customers. In particular the research showed how important it is to nurture a new customer relationship in the first 90 days as this is the time when most problems occur but also when there is the best opportunity to cross sell other products and services. In fact over 70% of cross selling to bank customers occurs in the first 90 days after a checking account is opened. Of course, customer loyalty increases as the number of products owned by a customer increases so taking advantage of that 90 day window to increase cross selling efforts will really pay off.
One way to increase the odds of successful cross selling is to develop a customer orientation program that makes the customer feel welcome and introduces them to new products and services from the bank. Good programs can increase the number of customers who are more likely to purchase additional products by 50%. The most important element of these programs is customer communication, either by phone or using personalized marketing material that clearly show how the bank’s products directly address the individual customer’s needs.
You can download the white paper here and we’d welcome your feedback.
