Thursday, August 8, 2019

Tips For Effective Cross Selling and Upselling and its benifits

Tips For Effective Cross-Selling and Upselling and its benefits

Tips For Effective Cross-Selling

Tips For Effective Cross-Selling

Tips for effective Cross-selling and Up-selling: 

1. Make sure your customers know what other products and services you provide. If you don't tell them you have a corresponding or alternative product or service, you can't expect them to know. And don't expect that your customers would have done their homework in this matter or wait for them to ask. 

2. Suggest only relevant products or services that your customer might actually need or appreciate. There is no long-term value in selling someone something they don't really need as they're less likely to buy from you again. 

3. Recommend the product at the right time. Cross-selling is usually best to do before checkout to maximize on the potential for impulse buys, while it is better to up-sell earlier in the sales process before your customer has made up their mind. While conversing with your customers try to gauge their needs. Drop enough hints that you understand them. 

4. Up-sells and cross-sells should be recommendations only — don't continue to push products or services on your customers if they have said they don't want them. However, do provide them with your contact number, in case they wish to revert. Update the CRM appropriately. 

5. Make sure all employees know your range well so that they can advise customers on how you can best help them and which products go together (Age profile and need of the customers to be understood along with the products). 

6. Target your clients; Estimate which clients are suitable candidates for the cross-selling process, create clients' behavior profiles and predictive modeling using Business Intelligence / CRM tools. CRM is available in our bank, for Business Intelligence once may request the Analytics department to throw up results in the form required. Scan your branch environment and the area of operations. 

7. Provide your clients with good customer service. This will help repeat sales when you have higher chances of cross-selling and especially up-selling. Please remember the competition is increasing day by day and coupled with new Financial Technologies, the impact on earnings of the bank will be high, if we do not provide good customer service. 

8. Inform your clients correct about the opportunity to buy an additional product without forcing them to wonder or search. You can take the help of YONO / website in these matters. 

9. Keep track of refusals to accept cross-selling or up-selling offers and lost business report in order to make follow up calls or visits. Use CRM effectively. 

The benefit of Cross-Selling 

1. Enhances customer experience with the organization (Customer gains) 

2. Enables acquiring of new-to-branch customers and retention of existing customers. 

3. Enables customers to form opinions and introduce new customers to the branch (Won of mouth publicity). 

4. Improves your customer base and help meet goals and objectives. 

5. Encourages customers to use multiple products and services and prevent switching II competitor banks. 

6. Assist in developing new products and value propositions through constant engagement (make suggestions regularly). 

7. Enjoy customer lifetime value (customer longevity), reduce acquiring cost. 
How to get into Cross-Selling 
1. Bank has a Cross-Selling department under the National Banking Group. An officer c Scale-IV is appointed as CM cross-selling for each type of product at every LHO (Gros selling — SBI Gen etc ;) Besides at RBO level there a Deputy Manager is posted in ever region for cross-selling & Sales campaign management performance management. 

2. One needs to clear an exam to be able to sell the products of SBIMF, SBILife and SE General. 

3. No exam has to clear for selling NPS or other Government Products / Business. Don forget government business is lucrative for bank. 

4. One needs to register on the website of National Institute of Securities Markets (NISM (available on banks intranet) for NISM series V-A — Mutual Fund distributors certification exam. 

5. After registration, the URN needs to be submitted to the cross-selling department. 

6. One can select the exam date and time online from the NISM website. After completing! the exam, the certificate needs to be submitted to the cross-selling department in till respective RBO. 

7. For SBI LIFE & SBI General (only for SBI employees) — one needs to download SMAR. Investor app from Google play store (those having android phones) and through ones PI number one can register for the composite certificate (that is one can appear for single exam c Life and Gen insurance). After keying the data and selecting the center, the URN is received. in a few days on the e-mail / through SMS by the candidate. Thereafter the candidate needs to complete 50-75 hours of training depending on the type of certificate and educations qualifications (at the Insurance Institute of India — website). 

8. One can appear for the exam of insurance only after having completed the training. 

9. After having cleared the respective exams one can start cross-selling the Insurance an. MF products on behalf of the bank. 

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