Cross-selling is an effective tool for making profits. Features of cross-selling in banks Selling cross-products in a bank

In previous articles, we worked in detail on the classic 5 step sales model. We have reviewed secrets, technology and errors managers at every stage: from establishing contact to completing a transaction with a client. This path is enough effective, especially for front-line specialists of banks. I'm sure you've noticed that in this model we've looked at selling only one product, the main one that the client came for.

What do you think, what else can be done if we, adhering to this model, convinced the client to issue the main product? Right! Can be issued in parallel with the main product a few extra. Or they are also called cross products.

WHAT IS CROSS-SELLING OF BANKING PRODUCTS?
Cross-selling (or cross-selling, selling additional bank products) is an offer to the client additional products and services that are related in some way to the main product.
TO example, the client issues a credit card. This is the main product. IN addition you can offer an insurance service, an Internet banking service, SMS notifications, and even a deposit (although at first glance this combination may seem completely incompatible, but this is not so - we will look at this later).

Remember one simple thing:

A client who has purchased one bank product is like a transit passenger on a train. He will get off at the first stop.

Therefore, your main task tie the client as strongly as possible to your bank, sell him as many products as possible that satisfy him needs.

true crime for the manager - to bring the client to the design of the main product and not offer any additional ones.
At the same time, I very often witness a situation where a bank specialist is limited to only selling one specific product.

Why is this happening?
Here are some causes that prevent managers from cross-selling:
1. Fear offer additional products;
2. Uncertainty— inability to work with client objections when selling additional products;
2. Laziness— I just don’t want to burden myself with “unnecessary” work. It is much more attractive to give the client what he came for and continue with his business;
4. Ignorance product line of cross-products and a lack of understanding of the essence of “why is this product needed at all?” (for example, not everyone understands why a non-state pension fund is needed, and naturally cannot explain this to the client)
5. Fear client refusal - fear of refusal very often becomes a real obstacle in sales in general, and in cross-selling in particular.
6. Feeling discomfort(imposition) - the manager seems to step over himself when he starts cross-selling, feels that he is imposing himself on the client. “He won’t be 100% interested in this, but I MUST offer...”
7. Perceive the need for cross-selling as "whims of management" and therefore, very often they voice ridiculous reasons why there were no cross-sales: “this client barely agreed to issue a loan, what kind of insurance is there... it’s good that I got it without it”…” and this client, like the 10 previous ones, said, that he is not interested in the NPF and still won’t see his pension...” and so on..
8. Absence skills successful cross-selling. Many bank specialists do not have successful experience in cross-selling, and there is no clear algorithm of actions on what to offer and to whom. Therefore, cross-selling is more likely to be chaotic and often are absent at all.

I think many of you will be able to highlight points from this list that interfere with you increase cross-selling.
Review these points again and mark yours. weak places (just be honest, don’t deceive yourself :) - what’s stopping you from successfully selling additional products and services of your bank.

In this article I will give only a few recommendations in each area.
So, here's what helps you get rid of fears, insecurities and increase cross-selling in the bank:
1. Knowledge of the product line(meaning cross-products). I wanted to put the manager’s sincerity and desire to understand the client first, but I thought that knowledge was more important. You can be as sincere and good-natured as possible, but not know what additional product to offer the client to meet his needs and how to do it.
2. Sincere interest. This is the golden rule of successful sales. Identify customer needs and offer cross-selling based on identified needs. For example, I often come across a situation where the manager is not even interested in the purpose of applying for a loan or plastic card. He can find out everything: from the amount of the credit limit to the payment system and category of the card, but not ask the most important thing - for what purpose the client is applying for a credit card, what transactions he is going to perform. After all, it depends on what banking products and services he may need additionally.
3. The third thing to do is forget phrases like “would you like to register...?”, “You are not interested in...”. These are negative phrases that are more conducive to a negative answer rather than a positive one. And besides, offering cross-products this way is “killing your sales.” There are very effective connections for cross-sentences. We will look at them in the following articles.
4. Use technique PNED (Just Start Doing It)🙂 - yes, yes. just start crossing. The first time there may be a refusal, but the main thing for you is to start offering. Moreover, offer not just one free product, but offer at least 3 banking products, one way or another related to the main one. And literally after 3-4 unsuccessful attempts, your confidence and efficiency will significantly increase.
5. Compose cross-product matrix. There's nothing better than a small, handy cheat sheet of cross-products at hand. In other words, the cross-product matrix is ​​a table of compatibility of different products. This tool will allow you to never miss additional sales, because... In any situation, you will know which product can be offered additionally and how to do it. We will look at the matrix in the following articles.

Step-by-step instructions for implementation in your work for the next 2 days.
1) Tomorrow and the day after tomorrow (2 days in total) lead this sign:

Number of clients who purchased 1 main product - ____;

Number of clients who purchased 1 main product + 1 additional — ____;

Number of clients who purchased 1 main product + 2 additional — ____;

2) place this sign on the table and simply mark immediately after serving customers. This will take 10 seconds.

3) count at the end of the day.
4) answer just one question: what else could you offer clients from columns No. 1 and No. 2? Here it is important not to look for reasons and excuses why the additional product was not sold, but it is important to understand for yourself how you could offer and sell it.

If you do this and analyze it, then on the second day you will have positive dynamics.

I hope that each of you is once again convinced of the need to do cross-selling in the bank. The benefits are obvious - both for the manager and for the client. I hope some of the techniques discussed in this article will allow you to think differently about the cross-selling process and increase the confidence of your proposal.
In the next article, we will look at at what stages it is best to do cross-selling, so that it is as natural as possible for the client and as effective for you.
Sell ​​beautifully and easily!

Cross selling, also known as cross selling, is the sale of an additional product immediately after or during the sale of the main one. What does it mean to have a main and an additional product, and what is the main point of cross-selling, we will now look at it.

What are the benefits of using cross selling?

The point of any sales is to make a profit from the sale of goods or services, and the more it is, the better. Cross-selling can provide you with:

• • Increase in cumulative profitability. Let’s say you sell a smartphone for $200 with a profitability of $20, then sell a protective glass and case for it for $20 with a profitability of $5, then a car charger for $10 with a profitability of $2, the total margin is already $27, which 35% more than could have been simply from the sale of the main product.
  • Increasing customer loyalty by showing him care and additional attention, as well as more fully satisfying his needs;
  • Expansion of the range. By selling paint, you can successfully sell thinners and brushes without risking anything;
  • The ability to make discounts, promotions, sales of the main product due to the profitability of the additional product. Many large supermarkets do this; they can sell goods at zero, and make up lost profits on a cross-product.
  • Additional earnings for sellers - you can earn money for selling the main product and for selling a cross-product (sometimes, the monetary motivation for an additional product is equal to or even exceeds the motivation for the main one).

Cross selling example

Let's look at a real example from sales practice. For example, you sell a video camera - this is the main product, and a camera bag is an additional product; in this case, selling a camera bag is a cross sale. Selling a camcorder will be much more difficult than selling an accessory for it. “Why” you ask? Because the bag costs tens of times less than a video camera. In the buyer's mind it looks like this: “I paid 1000 USD for the camera. – the consultant is probably right, you need a bag-case, so the camera will be safer. 70 USD don’t build weather anymore!”- this is the highlight of cross-selling. What does this give us? An increase in the average check amount and, of course, additional profit!

It is important that the sales consultant makes an offer to buy an additional product with an explanation of its benefits (benefits), this is the essence of cross-selling!

As for the sale of small consumer goods from trays, kiosks, snack bars, and small cafes, we recommend that you make it a mandatory rule to offer everyone a cross-product that is logical in meaning. Many of them have introduced a mandatory rule in the form of a speech module: it is MANDATORY to offer something else with the main purchase. Let's look at examples.

If a person orders coffee: offer dessert; if he buys a pack of cigarettes: offer a lighter or chewing gum; if they order pizza: offer a salad or drink; if in a clothing store, when offering a dress or blouse, you can offer a lady a handbag that will match this item of clothing, Accordingly, when selling men's trousers, offer a trouser belt. etc.

In the auto business, when selling a car for $30,000. It’s very easy to sell accessories for 800 USD because This part of the investment is not significant compared to the money already spent by the client, and the benefits from these accessories are not small. This is a kind of inertial purchase, because after all, you can do without a bag-case and without accessories for 800 USD. especially since the majority do not expect to immediately buy anything other than the main product.

Where is cross-selling effective?

This principle works in almost all product niches, product or service, it doesn’t matter. Much depends on the sales manager: will he offer to buy something else or will he be lazy, shy, or not consider it necessary to strain? Today, in almost any diner, at a gas station, and even when ordering food online, you can hear the following scripts: “Should I add ham or cheese?” or “Would you like to top up your phone?”- this is the result of proper company management. Cross-selling is considered effective if your question guesses the client’s thoughts and desires, which he is silent about or has forgotten.

Cross-selling may also affect other participants in the trading relationship. For example: when selling a car, you can sell to a client, which is not a direct product of a car dealership, but an insurance company is a separate organization that insures not only cars. Or selling a tracksuit or sports equipment, you can sell a gym membership.

Conclusion

Use the cross-selling principle and offer an additional product that would be logical to offer in addition to the main one, and the client will only be grateful to you for the care and service shown. Cross selling is an excellent tool for increasing the check amount and customer satisfaction indicators.

How to kill two birds with one stone - that is, sell a client something for which he was not originally going to come to you at all? Moreover: how to build sales so that all clients buy from you more than they planned?

Let’s look at the “Cross-selling” template from the book "Business Models: 55 Best Templates"(Alpina Publisher).

What is this?

Cross-selling involves offering additional (besides the main) company products or services. The goal is to leverage existing customer relationships in a way that sells more. The Cross-Sell pattern allows you to extract as much value as possible from resources, sales, and marketing.

• The main advantage of such sales for customers is obtaining more value (benefits) from one source by saving on the search for additional products (what).
• Another definite plus of this template is the feeling of security that it instills.

Clients who have established a trusting relationship with a company trust it again with peace of mind, which cannot be said about their perception of a new company. Therefore, while offering additional products and services, it is critical to continue to satisfy requests - so that dissatisfied customers do not abandon the original product. This requires careful planning and maintaining the company's product range.

Origin

Cross-selling was already in use among traders in ancient times in the bazaars of the Middle East. Currently, they are used, for example, by the oil and gas giant Royal Dutch Shell (better known as Shell). Through its network of gas stations, Shell sells non-oil products such as groceries and everyday items.

According to legend, it all started when a savvy buyer of a Kentucky Fried Chicken (KFC) franchise opened his restaurant in a Shell gas station. Soon, customers were filling not only their own stomachs there, but also theirs, inspiring Shell to come up with the idea of ​​cross-selling. In fact, the combination of food and gasoline was so successful that the company immediately began applying the cross-selling concept to other aspects of its business.

Innovators

The Swedish company is the world's largest furniture retailer. The company produces ready-to-assemble furniture, household appliances and. IKEA applies the concept of “Cross Selling” by complementing furniture sales with a huge variety of services and products, such as home furnishings, home decorations, in-store dining and car rental services. All of the above has a more than favorable effect on profits.

Tchibo, a German coffee chain and coffee retailer, has also successfully implemented a cross-selling business model. The company's original business, founded by Karl Chilling-Irjan and Max Hertz in 1949 in Hamburg, was selling coffee beans by mail. Subsequently, Tchibo successfully expanded its range with non-coffee products. In 1973, Tchibo founded a new division specifically for non-food products.

Now, under the motto “Every week is a new world,” Tchibo is offering a wide selection of non-food products at low prices for a limited time: cookbooks, household goods, clothing, jewelry and insurance policies, to name a few. The expanded product range brings about 50% of revenue and more than 80% of Tchibo's profit. “Cross-selling” is largely responsible for Tchibo’s outstanding brand awareness in its native Germany: at least 99% of Germans know about the company.

When and How to Use the Cross-Sell Template

The enormous potential of a template can be revealed in situations where ordinary, not particularly profitable goods or services that satisfy a basic need are combined with highly profitable products.

This is particularly true in the case of consumer goods, where customers make additional purchases for convenience. For example, they buy food at gas stations. The pattern also finds use in applications where highly specialized products are grouped with other goods and services. This could be special elevators for high-rise buildings in a building with conventional elevators and escalators, or installation of new elevators that includes maintenance. Such combinations usually satisfy the desire of buyers to purchase everything they need in one place.

A few questions to think about:

1. Is it possible to group products for consumer convenience?
2. Is the subjective perceived usefulness of Cross-Selling high enough?
3. Is there a natural need to group these products from a consumer perspective?
4. Can we set uniform prices for these products?
5. Are the barriers to entry high enough for potential new competitors?

The effectiveness of the development of financial organizations directly depends on the quantity and quality of services sold. So, for example, in - these are sold loans, installment plans, loans and other services, in insurance companies - these are insurance policies for cars, real estate, life insurance.

Selling some additional goods and services along with the goods and services the client needs is called cross-selling. In other words, this is cross-selling of services or products.

The main task of such methods is to increase the income of the organization. Often, products sold using such methods are highly profitable, but less popular, which is why they are offered in addition to other popular products.

Types of cross-selling

Conventionally, they can be divided into sales in the service sector and in the goods sector. In the service sector, this type of sales is often represented in banking and insurance activities.

The difference between this sales methodology in different areas of business

- This is a combination of services that differ in their purpose. For example, if a person has a loan, you can also sell a payment card at the same time. Thus, the load on the client will be much higher, and the institution’s profitability will be greater. Another example: an enterprise applied to the bank for the Bank made a decision on lending, but taking into account the opening of a current account and with a transfer

In this case, we see a voluntary-compulsory version of such implementation of the current account and salary contract.

Cross-selling in insurance has also become increasingly popular. Almost any insurance company strives to be comprehensive. That is, if you contact an insurance company to insure real estate, you will definitely be offered other types of insurance (life, car, etc.). Selling other insurance company products along with the main one is cross-selling in insurance.

Trading and sales methods

Cross-selling in trading is a little different from doing so in finance. Here they are presented more as an addition to the main sale than as a separate product. For example, when purchasing a smartphone or computer, you will be offered additional services or software for an additional fee. In this way, they popularize products that do not sell well.

What benefits do such methods provide?

• Popularization of services that sell poorly.
• Cross-selling often brings high profits, so using this technique significantly increases the company’s financial performance. The liquidity of the organization increases, which significantly improves statistical indicators.
• The desire of organizations to switch to European quality of cooperation, where enterprises receive a significant part of the profit (up to 30 percent) from additional services, which are sold through cross-selling.
• The use of this technique makes it possible for an organization to make “universal soldiers” out of its managers, since the implementation of this method in practice is only possible if the staff has excellent knowledge of all the company’s products.

Cross Selling or cross-selling is a technique that allows you to get additional sales of products similar to those that the buyer has already purchased or is about to purchase.

Cross Selling and Up Selling

It is very easy to confuse these two types of tactics. Cross-selling is aimed at purchasing additional goods for purchase, and upselling is aimed at purchasing a more expensive model of the selected product.

Cross Selling Examples

According to reports, Amazon generates about 35% of its total revenue through cross-selling. He uses widgets on each product page: “customers who bought this product paid attention to the following products” and “items often purchased together.” This method allows you to encourage the buyer to buy a suitable or necessary product.

• The online digital electronics store offers to buy memory cards for the camera;
• The cashier at McDonald's asks: "What would you like with your fries?";
• On the product checkout page in the online store, you are prompted to add additional related products to your cart;
• When purchasing a machine, additional components for the selected model are offered;
• In an online clothing store, a complete image is shown: the buyer can see how everything will look together and add all the products from the image to the cart.

Cross selling: how to get it

The most effective ways to get cross-selling:

• Recommend purchasing the necessary accessories for the product, without which it will not be able to perform its functions at full capacity;
• Always offer relevant products so that the visitor does not have to waste time searching for them.
• Add temporary discounts on product bundles: if a buyer purchases 2 units of a product, he will receive a certain discount and will be able to use it within 24 hours.
• Demonstrate how additional products will work with the main purchase.
• Offer additional products easily and naturally, using special phrases that are difficult to say no to. For example, a waiter serving a dessert menu and offering several popular options.

Cross-selling in online business is easily feasible compared to offline business. In the latter case, you will need to properly train your staff. However, this tactic perfectly increases the average check and significantly increases the company’s overall revenue.