“It all boils down to communication and having the skills and the knowledge,” says Peters. From a customer standpoint, make sure there is a benefit to accepting the entire bundle together, at once, versus separately over time. Is it important for you to earn interest on an account. It’s OK to service those existing accounts, but removing them from marketing brochures helps to “eliminate the clutter” and allows bankers to focus more specifically on relevant products that people want to buy today, notes David. 6. Do you conduct online banking through a computer or mobile device? Today, community banks should look for sales experience, rather than just banking experience, when they hire. “Too many banks still sit back and wait for the customer to walk in the door, and that doesn’t work today,” says Lynn A. David, president of Community Bank Consulting Services Inc., which has offices in St. Louis, Mo., and Midway City, Utah. Five ways to make cross-sell more effective It’s common knowledge that it’s easier and cheaper to sell to existing customers than to attract new ones. You can have the best cross-sell campaign in the world, but it won’t generate optimal returns if it’s targeted to the wrong customers or you are positioning the wrong products. “So, we just have to be diligent about keeping that up without being intrusive.”. Bundle up. The downside is you do have to invest money in creating a brand, paying a manufacturer to produce a product, and buying in bulk. Our free whitepaper helps you: Want to build a stronger connection between your brand and your customers? 1. ➢ Make sure every front-line staff member has the necessary training to converse constructively with customers. Communicate across multiple channels Build on a Solid Foundation ➢ Use your customer data to determine the most logical product/service combinations for your customers. Customer Communications Group, Inc., is not responsible for products or services offered by third parties or websites mentioned and provides such information and sites solely for your convenience. Cross-selling strategies are evolving as community banks work to connect with customers both in person and online. Apply “verbal nods” to the conversation Use filler words to avoid the dreaded silence! For loan officers, these are often the easiest products to sell to a potential borrower. Customers want value. Product owners can sell digital products such as computer software and EBooks, as well as physical products such as health products, food supplements, etc. Offering packages of three or more products/services lets you instantly create sticky customer relationships. - Make, and maintain, eye contact as they approach your wicket. Some of common available banking products are explained below: 1) Credit Card: Credit Card is “post paid” or “pay later” card that draws from a credit line-money made available by the card issuer (bank) and gives one a grace period to pay. Verbal nods, such as ‘uh-huh’, and ‘I see’, help to combat pure silence on your end of the phone, which makes the customer feel helpless and unappreciated. Create a structured training program to give frontline employees the tools they need to sell. To be successful, it has to focus on customer needs. Ask questions SA Peters Marketing and Consulting Inc. They have daily opportunities to ask customers about their needs, and then offer appropriate product or service solutions. Our services, solutions and more than 40 years of industry expertise will help you retain a loyal customer base and grow your portfolios. Many community bankers agree on the strategies that don’t work: aggressive, high-pressure sales tactics. “We have to be careful in setting goals and making sure those goals are being achieved in accordance with policy and procedure.”. But Wells Fargo is best in its class. Your business can save money by selling its wares online. Train your tellers to be on the lookout for opportunities to cross-sell. It might be possible for you to sell one or more of your company’s other products, to help them meet their new requirements. The reason questions are a successful sales tactic is that they allow the customer to do most of the talking. For example, First Community Bank and Trust has created a series of educational videos on a variety of topics, such as a video that explains how to use its First eMobile banking app. Some examples of questions to ask include: 3. Leverage your data. 3. 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