Posted by Brad Strothkamp on September 25, 2009
[Posted by Brad Strothkamp}
Not a day goes by that I don’t get the following question from a client: How do I effectively cross-sell existing customers?
I just stumbled upon a great posting by David Martin at Bankstocks.com that piqued my interest. He talks about the subtle but clearly purposeful change some retailers like McDonalds have made related to cross selling. His conclusion that I agree with is that financial firms are often not successful at cross selling because they often put the cart before the horse or they overlook the fact that cross-selling is more than just executing the right email campaign.
I just published a brief around cross selling that I encourage you to take a look at. The gist of the document is that to be successful at cross selling a firm must do more than just execute or communicate well; they also must understand the role that customer advocacy and the product itself play in the process.
I hope you enjoy the document, and encourage you to post and/or send me your comments.