Creating Cross Selling Opportunities

Cartoon Crowd Links, Layered System Close-UpIn a recent article from the Financial Brand, Datamining Social Media Profiles for Actionable Results, the first paragraph talks about the biggest challenge to cross selling. ”If a financial institution could know that one of its customers just got married…Or had a baby…Or got divorced with the right resources for this, Check This Out to find more about this…Wouldn’t those life events create selling opportunities for that financial institution? If a bank or credit union understood its customers’ life situations, wouldn’t they be able to market specific products and services centered around people’s unique needs? If only there was a way to figure out what was going on in people’s lives…”

As the title of the article indicates, it went on talking about data mining as a way to see these customer needs.


No, indeed, people do not walk around with a sign on their back listing their current financial needs. As a matter of fact, many people are not even aware of many of the financial needs they face. Others just choose to ignore them.

But finding out what these needs are can be easier than you think, even as fewer people walk into branches today.
All it takes is an understanding of two key facts. First, most people out there today are confused and desperately looking for helpful information and guidance from someone they trust. This includes the millions of baby boomers that just want to be told what to do when it comes time to retire. The second fact is that these people will do business with the one who is there to provide that information just at the time it is needed.

Any financial institution that becomes a resource for this kind of help will be in place to take care of a wider range of their customers’ needs. How the information is presented is the key to making a request into a sale. The information and guidance need to be provided as a value added service, not some repackaged sales material. The marketing of this service should be done by communicating the benefits of what the information can do for customers such as saving money or avoiding mistakes. When a customer makes a request, they are raising their hand asking for help. Not a better time to connect them with someone in the financial institution that can help. The costs involved can be quite low as a financial institution can leverage their existing points of customer contact to deliver their story. This includes, the branches, the website and more and more through social media.