Cross Sell Industry Case Study
Overview: A diversified financial services company wanted to
increase product sales and customer retention throughout their customer
base. They wanted a program that would add value to the customer while
increasing the productivity and effectiveness of their financial
consultants.
Challenge: This financial institution needed to create a system
that would effectively and efficiently assist the financial consultant
in selling additional products and services to their current client
base. The challenge was to get a comprehensive view into the client’s
interests and behavior. This would allow the financial consultant to:
- engage in relevant conversations with their clients
- offer additional services and products of interest, and
- improve customer loyalty
Solution: During their pilot, a Cross Sell marketing platform
delivered over 20,000 personalized email newsletters signed by each
client's financial consultant. With an article from a financial expert
as a key offer, the recipient was directed to their individual landing
page.
The system tracked and reported all landing page activity so
the financial consultants were better able to assist each of their
clients with their individual financial needs and interests. The
real-time dashboard assisted marketing by allowing them to test and
improve the monthly newsletters, making them more effective. Management
could analyze what was working and what wasn’t working, from both the
reports and the dashboard.
Highlights and Results:
- The personalized and relevant messages generated an 85% increase in activity over prior emailed newsletters
- Over 5,000 clients clicked through to read the key article
- 131 clients showed high levels of interest in a product they did not currently own, i.e. Municipal Bonds and Yield Products.
- 37 unsubscribed, indicating potential attrition that could be turned around.
- 391 hard bounces, signaling a change in the client’s
information and providing a reason to call to get their customer’s
profile updated.
- This pilot launched the rollout for the entire customer base
delivering information to the financial consultants to enable expanded
cross selling opportunities.
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