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Posted by Brad Strothkamp on September 14, 2010
Bank of America CEO Brian Moynihan stated in a speech today he plans to step up cross selling as a part of his efforts to revamp the company. The strategy of cross selling is nothing new, but few financial providers have been successful in pulling it off. Why is cross-selling such a challenge? The reasons are two-fold:
From a customer perspective:
From a provider perspective:
In a report I wrote last year on cross-selling financial products, 41% of online US adults said they would consider purchasing multiple products from a single provider.
The key to successful cross selling starts with understanding why customers don’t want to buy multiple products from a single provider as much as why they do. By understanding that information,financial providers can start building a strategy to either take advantage of the opportunity or to eliminate the barriers that may exist.