Financial institutions today are competing harder than ever to retain their customer base and grow their revenue. One essential component of any customer retention strategy is to increase customer “stickiness” and decrease the rate at which customers move to competitors.
Cross-sell and upsell initiatives can be a crucial part of a customer retention strategy, as well as a powerful contributor to your bottom line. Statistics suggest that the more products a customer has with their primary financial institution, the less likely they are to move to a new one. So getting your cross-selling and upselling right pays off, both in increased revenue and in increased long term customer stickiness.
To help you on your way, here are three moments during the customer lifecycle when your customers are more willing to consider additional products and services. Focusing on any one of these opportunities can be an excellent first step to cross-selling and upselling success:continue reading »