Not many would argue with the fact that cross-selling to current customers is one of the easiest and least expensive ways to source new business. And we all know that selling the wrong product or service to the wrong customer can be ineffective and inefficient for both parties, leaving you an unhappy and less profitable customer.
To successfully grow relationships per customer, begin by focusing on a results-based cross-selling program – one that’s about building and cultivating lasting connections by matching useful products with the appropriate customers in an effort to improve your bottom line. There are many components of and methods for introducing a cross-selling program, but no matter where you start or which method you choose, a successful plan must include the following:
- It’s all in the Data! There are many ways to collect data, and chances are, you’re already doing it (we hope). Whether you are using a lobby tracking software of some kind, have trained your customer service reps to ask and record all the right questions and answers, or have simply outsourced it, start collecting and analyzing this data today. Use this data to get to know your customers at each branch – segmentation is the key to understanding your current customers so you can more effectively match them up with the right product.
- Empower Your Teams! Give your teams the power of knowledge: a list of appropriate questions to ask customers, a clear view of your strategic goals, and a reward system to keep them engaged. Empowering your frontline is essential to the success of any cross-selling effort. You won’t get anywhere without it.
- Keep It Alive! Continually monitor and analyze your results and adjust your program accordingly. Having technology that tracks employee productivity, such as the above-mentioned lobby tracking solution, will make this much easier and success a far more realistic goal.
Implementing a successful program can seem overwhelming and taxing when it comes to planning and utilizing business resources. Be sure to break it down into manageable tasks and introduce it to staff and customers at a measured rate, always tweaking and adjusting the program based on results and feedback. Once in motion, a successful program should run with minimal effort and bring you big results.