In a recent webinar on cross-selling, Charles Wendel and Buck Bierly discussed the challenges business bankers face in expanding relationships with business customers. The bottom line: Cross-selling may not be the secret sauce, but it is a key ingredient to increase per account revenue growth.
Here are some of their key points:
•Selling more to an existing customer is less expensive and more likely to succeed than prospecting.
•Cross-selling needs to be mandated from the top of the organization and reflected in compensation.
•Management needs to set priorities for the products to be cross-sold.
•Enhancing individual product profitability goes hand-in-hand with a cross-sell effort.
•Cross-selling needs to be a continual and dynamic effort, not a one time event.
•The account planning process should highlight cross-sell opportunities.
To listen to this complimentary webinar, go to http://mzbierlyconsulting.webex.com
Bonus: To read an article by Charles Wendel on cross-selling that appeared in the BAI enewsletter click on the following link:
