Cross-Selling Your Financial Institution’s Products
by. Jeff Falk
Although cross-selling continues to be a popular strategy for growth among community financial institutions (FI), at least one industry observer believes these strategies are often unsuccessful. The reason, marketing services leader Jim Marous argues, is that often cross-selling opportunities are not targeted to what customers need or want. Because growth is one of the biggest challenges facing FIs, evolving cross-selling campaigns to meet today’s consumer expectation could be incredibly powerful for FI marketers.
To best understand why cross-selling efforts may not be working, FIs should ask this important question:
Do our cross-selling efforts take into account the customer’s needs, or are they focused instead on meeting our own?
Savvy FI leaders consider cross-selling initiatives to be supportive of strategic, long-term goals. These FIs develop programs and campaigns that focus on the customers’ needs, not on what products they want to sell.
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