Business banks that solely rely on Relationship Managers to capture cross-sales are leaving money on the table. Most RMs lack the time and skill to identify and follow through on cross-sale opportunities, yet many banks rely exclusively on RMs to recognize cross-sale opportunities and start the sales conversation. 

Many members have also looked to the phone center as a way to supplement RM cross-sale efforts. But telephone service centers often struggle to turn service into sales because employees are unable to identify the best opportunities for a cross-sale or follow through with strong service. However, the service center can be a strong driver of cross-sales, if business banks correctly leverage it.  

We recently profiled how Samsun Bank (pseudonym) used their telephone-based service center to increase their average cross-sale ratio by 17% over two years. 

The three steps to accessing latent revenue potential through your telephone service center are:

1. Identify Opportunities through Back-end Support. As soon as a customer gives their name, a backend system is able to identify their cross-sale potential.    

2. Different Routes for Different Potential. Based on their cross-sale potential customers are routed to either regular customer service, high value customer service or high-potential customer service.

3. Provide Strong Service for Strong Prospects. Customers identified as having the most cross-sale opportunity experience a shorter wait time and faster problem resolution with an experienced and well-trained banker focused on turning service into a sale.   

BBB Members, read more about how Samsun leveraged their service center to grow share of wallet.

If you haven’t already, now is a good time to gear your relationship managers toward customers who’ve purchased credit or cash management products in the last 12 months. 

Our Survey of Business Owners, indicates that 50% of business owners who purchased credit last year report a strong likelihood to purchase credit this year compared to 22% of business owners who didn’t purchase credit last year. Likewise, there is a 21 percentage point increase in the likelihood to purchase products for business owners who purchased cash management products last year.

This data implies that when a banking need arises, customers are likely to evaluate their other banking needs and demand additional products within 12 months of purchasing a product.

To effectively target these cross-sell opportunities, RMs should leverage customer transactional and purchasing information already tracked by the bank to identify these customers.

 Board members, learn more about how RMs can effectively target cross-sell opportunities and download a special podcast prepared specifically for your RMs to help them as they prepare for a successful 2011 close.

Today’s business bankers have a difficult task. They must sell more, but they have lower risk thresholds and more high-risk customers. And as evidenced by the market chaos of the past couple of days, the economy remains extremely volatile. How can RMs help customers navigate uncertain terrain and still protect the bank?

See how one bank generates revenue by helping customers better manage risk. Read More »

Not all customers use all channels the same way. Frequently customers rely on the branch for one type of request and the call center for a different need altogether. When these channels communicate well, banks can gain a comprehensive view of customer needs, preferences, and potential cross-sell opportunities. Unfortunately few banks are able to achieve this level of cross-channel collaboration. See how one retail bank examines customer use of different channels to define the sales goal and vision for each channel, creating a cohesive and cost-efficient delivery model.    Read More »

BBB members often tell us that “what doesn’t get measured, doesn’t get done.”

Banks are constantly trying to refine and perfect how they measure cross sales. The right metrics can encourage sales staff to conduct holistic, needs-based conversations with customers. The wrong cross-sell metrics can encourage “unethical behavior” (in the words of one BBB member) where sales staff push a wide variety of products, regardless of customer need.

In an ongoing discussion at the Business Banking Forum, member executives are debating the best way to measure cross sales. Specifically, they want to know whether or not to count similar products as one sale or multiple, unique sales. Read More »

When I talk with members about the small business sales process, they often will say they aspire to be like Amazon.com with its customized recommendations: “As someone who likes that, you may also like this”. Of course, we fall short of the ideal, particularly in the branch. But what Amazon teaches us is that small improvements to the sales process can go a long way toward providing a customized experience for customers – and boosting sales. Read More »