Cross-selling is a popular tactic used at every bank and credit union. Most financial institutions have developed a strategy and created tools to encourage cross-sell, but process shouldn’t end there…
Engaging and motivating employees is the activation piece that is crucial for long-term success. A good place to start is developing acknowledgement and/or rewards for cross-selling or referring. Rewards should commensurate with the profitability of the product or service to the bank.
In order achieve staff buy-in over the long-term, consider involving staff in developing the campaign or promotional ideas that will promote cross-sell. Involving employees in this process will give them a chance to understand the complexities of the product, rules, regulations and compliance issues. Also, getting staff involved early can provide you valuable feedback into the sales process that may provide insight on how to better target customers.
You can also keep cross-sell top-of-mind by ensuring continuous coaching to understand customer's needs and consistently share progress reports towards a goal.
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