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:
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.
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.
Make sure you have a solid grasp on how you are communicating about cross-selling with your 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.
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...
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.
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!