{"id":5356,"date":"2021-10-27T08:47:25","date_gmt":"2021-10-27T08:47:25","guid":{"rendered":"https:\/\/getvymo.com\/us\/blog\/?p=5356"},"modified":"2023-04-05T22:04:17","modified_gmt":"2023-04-05T22:04:17","slug":"retail-banking-cross-selling-tips","status":"publish","type":"post","link":"https:\/\/vymo.com\/blog\/retail-banking-cross-selling-tips\/","title":{"rendered":"3 Retail Banking Tips to Boost Cross-Selling for Sales Reps"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>[vc_row][vc_column]<style>@media (min-width: 992px) { .ld_spacer_69f553e030479{height:15px};}<\/style>\r\n<div class=\"ld-empty-space ld_spacer_69f553e030479\"><\/div>[vc_column_text]For retail banks, cross-selling has been gaining in importance since a few years now. Earlier, digitalization of banking meant that customers didn\u2019t have to visit bank branches very often. And after the Covid-19 pandemic, customers have adapted to the online banking model so well, their physical visits to the bank have reduced even further.<\/p>\n<p>While the online model helped banks slash costs and boost productivity, it has also reduced the opportunity to cross-sell to existing customers in person. With a steep decline in footfalls, physical branches have much fewer opportunities to speak to the customer, understand their needs, and pursue cross-selling opportunities.<\/p>\n<p>Thankfully, banks that use smart platforms to make selling more efficient and accelerate sales processes are still able to ring in more sales.[\/vc_column_text]<style>.ld_images_group_element_69f553e030569 {margin-bottom:10px !important;  } .ld_images_group_element_69f553e030569 {margin-bottom:10px !important;  } <\/style><div id=\"ld_images_group_element_69f553e030569\" class=\"lqd-imggrp-single ld_images_group_element_69f553e030569\"   >\r\n\t\r\n\t<div class=\"lqd-imggrp-img-container\"    >\r\n\t\t\r\n\t\t\t\t\r\n\t\t\t\t<figure ><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"600\" src=\"data:image\/svg+xml,%3Csvg xmlns=&#039;http:\/\/www.w3.org\/2000\/svg&#039; viewBox=&#039;0 0 1200 600&#039;%3E%3C\/svg%3E\" class=\"attachment-full size-full ld-lazyload\" alt=\"retail banking cross selling\" data-src=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/10\/3-4.jpg\" data-srcset=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/10\/3-4.jpg 1200w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/10\/3-4-300x150.jpg 300w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/10\/3-4-1024x512.jpg 1024w\" data-sizes=\"(max-width: 1200px) 100vw, 1200px\" data-aspect=\"2\" title=\"\"><\/figure>\t\t\t\t\t\t\t\t\r\n\t<\/div><!-- \/.lqd-imggrp-content -->\r\n<\/div><!-- \/.lqd-imggrp-single -->[vc_column_text]<\/p>\n<h2>Why cross selling is important<\/h2>\n<p>For retail banks, cross-selling is important for a wide array of reasons. Here\u2019s a few of them:<\/p>\n<ul>\n<li>It\u2019s both easier and a great deal less expensive to sell to your existing customers than to new ones.<\/li>\n<li>With cross-selling, banks can help customers consolidate their financial needs in one single place. That enables banks to offer better service through an improved understanding of the customer.<\/li>\n<li>Cross-selling helps build brand loyalty, something vital in a world where banking services are increasingly becoming commoditized.<\/li>\n<li>Banks can realize customer lifetime value (CLV) by engaging customers for multiple products.<\/li>\n<li>Customers are paying much less attention than before to SMS or emails. That makes cross-selling more important, because it\u2019s more personalized and gets attention.<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_column_text]<\/p>\n<h3>3 top tips for cross-selling for retail banking<\/h3>\n<p>Now that we\u2019ve discussed why cross-selling is important, it\u2019s time to share some actionable ideas.<\/p>\n<p>Here is a brief discussion on the top 3 tips for cross-selling in banks.[\/vc_column_text]<style>.ld_images_group_element_69f553e03f01c {margin-bottom:10px !important;  } .ld_images_group_element_69f553e03f01c {margin-bottom:10px !important;  } <\/style><div id=\"ld_images_group_element_69f553e03f01c\" class=\"lqd-imggrp-single ld_images_group_element_69f553e03f01c\"   >\r\n\t\r\n\t<div class=\"lqd-imggrp-img-container\"    >\r\n\t\t\r\n\t\t\t\t\r\n\t\t\t\t<figure ><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"600\" src=\"data:image\/svg+xml,%3Csvg xmlns=&#039;http:\/\/www.w3.org\/2000\/svg&#039; viewBox=&#039;0 0 1200 600&#039;%3E%3C\/svg%3E\" class=\"attachment-full size-full ld-lazyload\" alt=\"cross selling tips\" data-src=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/10\/4-1.jpg\" data-srcset=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/10\/4-1.jpg 1200w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/10\/4-1-300x150.jpg 300w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/10\/4-1-1024x512.jpg 1024w\" data-sizes=\"(max-width: 1200px) 100vw, 1200px\" data-aspect=\"2\" title=\"\"><\/figure>\t\t\t\t\t\t\t\t\r\n\t<\/div><!-- \/.lqd-imggrp-content -->\r\n<\/div><!-- \/.lqd-imggrp-single -->[vc_column_text]<\/p>\n<h3><strong>1. Segment your customers<\/strong><\/h3>\n<p>As any successful sales professional will tell you, old-age tactics like pressure selling no longer work. Because customers are getting busier by the day, they don\u2019t want to waste time learning about products they don\u2019t care about, or being tricked into products that aren\u2019t relevant to them.<\/p>\n<p>One of the best cross-selling strategies is based on customer segmentation. You can segment your customers on criteria like demographic characteristics, age, lifestyle, risk appetite and risk exposure, profession, history of relationship with your bank and more.<\/p>\n<p>By segmenting your customers, you not only better understand their financial goals, but also speak their language. What\u2019s more, you\u2019ll only be talking about products they will find useful. As a result, you have much higher chances of conversion, and basically a higher ROI.<\/p>\n<p>For each of these segments, you can use your smart sales platform to dovetail products with customer relevancy. Have some upwardly-mobile customers in their mid 30\u2019s? They might have a better risk appetite and fewer obligations, so you can offer them aggressive products. A group of senior executives close to retirement? They\u2019ll find safer investment alternatives much more in lines with their requirements, so pitch that accordingly.<\/p>\n<p>Finally, it\u2019s important to remember that because you pitch only relevant products, your customers\u2019 perception about what you offer rises in value. Next time you approach them, they will be even more attentive, because they know you are helping them achieve their financial goals.[\/vc_column_text]<style>.ld_images_group_element_69f553e04dd5f {margin-bottom:10px !important;  } .ld_images_group_element_69f553e04dd5f {margin-bottom:10px !important;  } <\/style><div id=\"ld_images_group_element_69f553e04dd5f\" class=\"lqd-imggrp-single ld_images_group_element_69f553e04dd5f\"   >\r\n\t\r\n\t<div class=\"lqd-imggrp-img-container\"    >\r\n\t\t\r\n\t\t\t\t\r\n\t\t\t\t<figure ><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"600\" src=\"data:image\/svg+xml,%3Csvg xmlns=&#039;http:\/\/www.w3.org\/2000\/svg&#039; viewBox=&#039;0 0 1200 600&#039;%3E%3C\/svg%3E\" class=\"attachment-full size-full ld-lazyload\" alt=\"use data to understand\" data-src=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/10\/5-1.jpg\" data-srcset=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/10\/5-1.jpg 1200w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/10\/5-1-300x150.jpg 300w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/10\/5-1-1024x512.jpg 1024w\" data-sizes=\"(max-width: 1200px) 100vw, 1200px\" data-aspect=\"2\" title=\"\"><\/figure>\t\t\t\t\t\t\t\t\r\n\t<\/div><!-- \/.lqd-imggrp-content -->\r\n<\/div><!-- \/.lqd-imggrp-single -->[vc_column_text]<\/p>\n<h3><strong>2. Use data to understand<\/strong><\/h3>\n<p>Cross-selling should be an extension of how you actually help customers solve their problems. That requires you to understand your customers and understand your products. While your bank will provide you with product training, a smart sales acceleration platform will fetch you valuable insights on your customers.<\/p>\n<p>These insights are important in several layers. For example, they will guide you on where to begin first. Often, sales reps rush in to selling advanced products to customers who haven\u2019t even begun using the primary products in their existing accounts.<\/p>\n<p>Let\u2019s say a customer holds an account with your bank but has engaged little beyond that. Pitching them a personal loan or investment service for their retirement planning is unlikely to resonate, primarily because they don\u2019t even have a regular relationship with you. But the same insights can show you some low-hanging fruits.<\/p>\n<p>Instead of pushing other products, you can help the customer discover the convenience of a debit card tied with that account. Because they already have an account with your bank, using a debit card doesn\u2019t involve much of an additional effort from them. The result: you\u2019ve successfully initiated a relationship. The next time you pitch them, they\u2019ll be more receptive to what you\u2019re saying and willing to try what you are offering.[\/vc_column_text]<style>.ld_images_group_element_69f553e05c1e3 {margin-bottom:10px !important;  } .ld_images_group_element_69f553e05c1e3 {margin-bottom:10px !important;  } <\/style><div id=\"ld_images_group_element_69f553e05c1e3\" class=\"lqd-imggrp-single ld_images_group_element_69f553e05c1e3\"   >\r\n\t\r\n\t<div class=\"lqd-imggrp-img-container\"    >\r\n\t\t\r\n\t\t\t\t\r\n\t\t\t\t<figure ><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"600\" src=\"data:image\/svg+xml,%3Csvg xmlns=&#039;http:\/\/www.w3.org\/2000\/svg&#039; viewBox=&#039;0 0 1200 600&#039;%3E%3C\/svg%3E\" class=\"attachment-full size-full ld-lazyload\" alt=\"retail banking selling tips\" data-src=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/10\/6.jpg\" data-srcset=\"https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/10\/6.jpg 1200w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/10\/6-300x150.jpg 300w, https:\/\/vymo.com\/blog\/wp-content\/uploads\/2021\/10\/6-1024x512.jpg 1024w\" data-sizes=\"(max-width: 1200px) 100vw, 1200px\" data-aspect=\"2\" title=\"\"><\/figure>\t\t\t\t\t\t\t\t\r\n\t<\/div><!-- \/.lqd-imggrp-content -->\r\n<\/div><!-- \/.lqd-imggrp-single -->[vc_column_text]<\/p>\n<h3><strong>3. Schedule follow ups at the right time<\/strong><\/h3>\n<p>You might be surprised to know that although 80% of sales require an average of 5 follow-up calls, nearly half (44%) of salespeople don\u2019t follow up more than once (Source). Needless to add, those who didn\u2019t follow up are unlikely to win the business from those customers.<\/p>\n<p>And yet if you dig deeper, it\u2019s not that surprising. Salespeople don\u2019t follow up because they don\u2019t always get leads worth following up. That boils down to bad quality data (or incomplete data) your conventional systems supply to your sales reps. Or it could be the tool was too old-aged to make the follow-up any easier.<\/p>\n<p>It may not sound very obvious, but cross-selling is a lot about follow-ups. Follow-ups occupy a special place in your sales cadence and the right timing of the follow-up can often be the difference between an ignored proposal and a converted lead.<\/p>\n<p>So how do you know when\u2019s the right time to follow up? Or how often should you follow up? Trust your smart sales acceleration platform to answer these questions, as also others. A new age sales solution will have specific interventions and activities laid out for you with a unified calendar. That makes sure you neither skip the follow-up nor the timing of the follow-up.<\/p>\n<p>As a matter of fact, a smart mobile solution can also see, through geo-fencing, the vicinity in which you\u2019re having meetings and prompt you, time permitting, to touch base with other customers in the same neighborhood. That way, this solution makes sure you don\u2019t waste a single opportunity to even say hi to customers, which is what efficient follow-up is often about.<\/p>\n<p>A final word: Selling banking products involves trust because it\u2019s all about money. There\u2019s little to match regular meetings by way of following up and keep building trust.[\/vc_column_text][vc_column_text]<\/p>\n<h3><strong>Closing remarks<\/strong><\/h3>\n<p>Cross-selling is about investing in your existing customers in order to help them further. It\u2019s about \u2018showing up\u2019 in a way, by constantly anticipating your customer\u2019s requirements ahead of time and taking the initiative to pitch them at the right time. It\u2019s about offering solutions to existing customers and keeping a steady stream of revenue coming in for your bank.<\/p>\n<p>With your SDRs always on the road or on the phone, it\u2019s not difficult for them to miss a follow-up here or a chance to reschedule a meeting there. A smart, digital platform that sits in their smartphones is the answer. It not only makes them highly efficient but also contributes to build brand loyalty among your existing customer base. In a world where customers keep shifting their business from one vendor to another, this is one ROI that your organization should be chasing.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]For retail banks, cross-selling has been gaining in importance since a few years now. Earlier, digitalization of banking meant that customers didn\u2019t have to visit bank branches very often. And after the Covid-19 pandemic, customers have adapted to the online banking model so well, their physical visits to the bank have reduced even further. While [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5363,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[133,54],"tags":[51,53,52,55],"class_list":["post-5356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-retail-banking","tag-nobile-first-solution","tag-retail-banking","tag-rms","tag-sales-enablement"],"_links":{"self":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/5356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/comments?post=5356"}],"version-history":[{"count":4,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/5356\/revisions"}],"predecessor-version":[{"id":5365,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/5356\/revisions\/5365"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/media\/5363"}],"wp:attachment":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/media?parent=5356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/categories?post=5356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/tags?post=5356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}