With increased competition in the lending and leasing world, it is crucial to make sure your bank is doing all they can to cross-sell and upsell existing customers.
Here are 3 best practices to implement when maximizing the benefits of cross-selling & upselling:
1. Listen for Cues and Respond Appropriately.
Make sure the products and services you recommend are relevant to the customer's needs. This isn't about just pushing a product/service on a customer. It's about making sure it fits with their business, their financial goals, etc. Often times, the customer doesn't realize they need another product but when you listen, you can make additional suggestions to help them become more successful.
2. Focus on Providing Maximum Value.
You must be able to demonstrate value to the customer so the offer becomes a "no-brainer" to them. Sometimes the best way to accomplish this is to show the customer that the value isn't on the sticker price but on the depreciation. Help the customer to see the big picture during this phase and make the suggested product/service very tangible.
3. Pay Close Attention to Timing and Context.
Make sure to always handle the customer's immediate needs before attempting to cross-sell or upsell them. Timing is everything. If the customer is frustrated or has a complaint, now is certainly not the time to convince them to buy something else. The best time to cross-sell or upsell is right after you have solved the customer's problem. Your credibility is high and so is their trust in you at this point. Learning to read the situtation properly is critical at this phase.
Finally, make the offer but always be positive. Never pressure customers because this only creates negative feelings and bad PR. If your intentions are to make money, the customer will know it. However, if your intentions are to provide excellent customer service and keep happy customers, cross-selling and upselling will increase your bottom line.