The financial sphere is a competitive space for attracting consumers and maintaining a steady influx of revenue. However, the process of cross-selling is a practical way to advance your credit union and offer the best, most personalized services to your members. Cross-selling is a sales technique that is truly one of the most profitable ways to retain credit union members and grow your credit union.
Steps to Enhance Your CU's Cross-Selling Ratio
First, you need to determine your credit union's current cross-selling ratio. To do this, add up the total products and services you've sold. Then, divide that sum by how many members you have. Once you have your ratio, you can establish specific goals to achieve.
CUs can find success through strategic marketing and increased education. Many times you can also find valuable supplementary sales by inquiring about a member's interest in your other products and services based on their relevant needs. Here are four critical steps necessary to effectively cross-sell to your members:
1. Detail & Assess Your Cross-Selling Technique
The main goal of cross-selling is to sell a larger number of services and products to more members who could benefit from them. One key component to successful cross-selling is to fully understand and spell out your credit union's views on cross-selling as a whole. Identify the goals you will work to achieve and find a way to measure the effectiveness of your efforts.
2. Institute Metrics to Examine Performance
Your staff members are the first line of offense when it comes to cross-selling. This is why it's so important to have clear metrics to analyze each employee's personal performance.
A clear, systematic set of metrics will inevitably improve employee engagement in the cross-selling approach. In addition, it will offer them valuable constructive criticism that will allow them to see what is and what isn't working.
3. Improve & Simplify Your Marketing & Cross-Selling Communications Strategy
Make sure you have a solid grasp on how you are communicating about cross-selling with your members.
- Take notes on what is helping and hurting, and quickly abandon any fruitless methods.
- Focus on developing excellent communication with both current and prospective members on all fronts, including initial customer service interactions and monthly statements.
- Send out personalized direct mail and emails that sell other products or services (sell checking accounts and direct deposit to auto loan recipients), which will lead to better member engagement.
4. Celebrate & Reward Exemplary Staff Members
Recognized employees tend to be the most satisfied and motivated employees. Don't underestimate the power of a good reward system! Create a system that honors workers who exceed cross-selling expectations, whether you hand out gift cards or certificates. Showing appreciation will not only improve satisfaction in the workplace but also offers an incentive for other employees to step up their game.
5. Segment Your Members
Segmenting refers to dividing your member base into distinct groups based on certain criteria or characteristics. In the context of cross-selling in your credit union, segmenting allows you to tailor your cross-selling efforts to the specific needs, preferences, and behaviors of different groups of members. You can segment by...
- Demographics
- Life stages
- Financial behavior
Once you've segmented your member base, you can then develop targeted cross-selling strategies for each segment. This might involve creating customized product bundles, designing specific marketing campaigns, or offering personalized recommendations based on the unique needs of each group.
Start Improving Your Cross-Selling Today With Efficient Core Software
As a credit union, you can boost the use of products and services by implementing a cross-selling strategy. Doing so is simply a matter of clearly defining your method, implementing employee-measuring metrics, enhancing your communications, and rewarding high-performing employees.
Today, credit unions can now cross-sell and market all in a single platform, making it easier than ever to appeal to current members and prospects. Are you interested in refining your approach? Download the Flex Cross-Selling eGuide today to learn more about how you can start selling additional products and services!
