Does your business growth plan include an effective company cross-selling strategy? Without one, your potential could be stifled. With one, you can tap into your most lucrative asset — your existing customer database.
The upside of cross-selling is that it puts your resources into your most valuable customers — the ones you’ve already won over through lead generation. And these consumers are more lucrative than new ones, so it makes sense to put more of your resources (time and money) into meeting their needs.
In the banking industry, for instance, once your customers take advantage of a basic checking account, company cross-selling should then focus on meeting additional needs, strategically marketing your other services, such as upgraded checking accounts, mortgages and investment services.
The benefits of company cross-selling include:
- Getting the word out about your comprehensive line of products and services – In its most basic form, cross-selling engages the interest of your customers and makes them aware of the other products and services you sell.
- Meeting consumer needs – The first purchase a customer makes is most often for a very basic, low-cost product. But these customers are likely to have the need for the other products and services you provide — ones they might be purchasing from another company.
- Creating customer loyalty – As you meet consumer needs, effective company cross-selling continually showcases your product portfolio, and you create a more loyal customer, one who is more likely to give you a referral and buy higher-priced services from your business.
- Growth – As your individual customers begin purchasing more than one product from you, your sales numbers will go up — dramatically — because you’re focusing more of your resources on customer retention.
The truth is, most businesses believe that their strategic plans include company cross-selling, but in reality, an effective program requires that you take the time to develop corporate marketing communications with convenient ways for your customers to respond.
At Continuity Programs, we’ve developed a proven company cross-selling program. Fill out the Request Information Form on our blog to get in touch with one of our marketing experts and find out how our customizable, personalized cross-selling programs can drive customer retention.
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