tag:blogger.com,1999:blog-8930153101988441660.post8445405895009602876..comments2023-10-20T11:33:42.846-04:00Comments on Bank Marketing Strategy: 9 Steps to Improving Bank Cross-Sell PerformanceAnonymoushttp://www.blogger.com/profile/05424097007271218756noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-8930153101988441660.post-84591630329893249472013-06-22T00:51:36.755-04:002013-06-22T00:51:36.755-04:00This is good, yet basic insight. I would add that...This is good, yet basic insight. I would add that asking questions is certainly a necessary part of the strategy, especially targeted and purposeful open-ended questions.Bob Hayesnoreply@blogger.comtag:blogger.com,1999:blog-8930153101988441660.post-70148983385839396432013-06-21T13:38:25.537-04:002013-06-21T13:38:25.537-04:00Great post. A couple of really important points I ...Great post. A couple of really important points I would like to emphasize.<br /><br />First, as you point out, there is a tremendous value in selling engagement services to customers based on products they already have. This increases the customer's "stickiness" and can actually contribute to your overall profitability. For example, selling a customer on switching from branch check deposits to remote deposit capture reduces your per-check expense from $4 to about $.40. You don't need to cross-sell new products to improve your profitability.<br /><br />Second, we need to give CSRs at banks some help. Forcing bank employees to cross-sell when they are not trained to sell is extremely difficult and can lead to employee disengagement. As you said, we need to arm bank employees with the tools and insight they need to have successful, consultative sales conversations.<br /><br />Finally, banks need to invest in the technology necessary <a href="http://www.zootweb.com/blog/index.php/offers-offers-drive-acceptance/947/" rel="nofollow">to make the most compelling cross-sell offers possible</a>. If the ultimate goal is to offer the right product, at the right time, to the right customer, through the right channel; then banks need the technology to do just that. This requires software that can not only determine the right product offer for each customer, but also create and present that offer in realtime through the appropriate channel.<br />Alex Johnsonhttp://www.zootweb.comnoreply@blogger.comtag:blogger.com,1999:blog-8930153101988441660.post-63002933439500056872013-06-20T16:29:43.835-04:002013-06-20T16:29:43.835-04:00Member referrals can be huge for banks and credit ...Member referrals can be huge for banks and credit unions as referrals naturally align people together.<br /><br />This is taken from the greater theory of value gained from aligning people, product and process: http://www.ptpnewmedia.com/people-product-process.php)<br /><br />The simple fact is, people trust people more than people trust brands. According to research from Nielsen's, 92% of consumers trust recommendations from their friends. Forrester notes 80% of all B2B and B2C transactions involved some sort of WOM during the purchase cycle.<br /><br />And Google shares that 53% of consumers who opened a new bank account told their friend/family about it while 22% mentioned it to a co-worker. <br /><br />However, our research is finding that although 1/3 of credit unions surveyed said they never ran a referral program, of the 2/3 who have, 34% noted they run referral campaign once a year with only 23% running an ongoing referral program.<br /><br />The point is, without an ongoing referral program built into the systems, credit unions and banks can not effectively scale and win with referrals.<br /><br />Furthermore, it is interesting to note that 1/3 of credit unions we surveyed responded they track NPS out of which 71% say that it helps them know what members think.<br /><br />My argument to NPS is who cares that 92% of your customers or members say they would refer you to a friend or family member. Out of that 92%, how many actually do? More importantly, are we making it easy for them to refer their friends and family let alone asking for the referral. <br /><br /><br />James Robert Layhttp://www.ptpnewmedia.comnoreply@blogger.com