Most successful cross-selling programs have incentives in place that reward employees for selling additional products and services to existing clients. While financial incentives are often indispensable in certain parts of the industry, and there is nothing wrong with such programs at their core, they do open the door to unethical behavior that can have unfortunate consequences for the companies that run them, as well as for customers.
To reduce this risk of non-compliance, companies can eliminate or revise existing sales goals and contests that are focused on sheer quantity, and instead put in place programs that reward the quality of relationships with customers. Reward good service. Reward customer longevity. Incentivizing performance based on customer service and the strength of relationships is a strategy that can improve overall customer quality and operational efficiency, all while reducing risk.
With the use of business intelligence and analytics technology, companies can better understand their customers’ behavior to identify good prospects for cross-sell opportunities. This can enable employees to focus on customers who are more likely to agree to apply for another product, thereby ultimately giving the company a strong return on investment.
In a new guide, we outline six ways financial services organizations can employ a strategy focused on building customer and public trust, strengthening a company’s culture, and reducing risk exposure, all while increasing sales. To read the other five ways, you can download the guide here.