The Tools You Already Have Before Cross-Selling, Get Paid Firs
Cross-selling techniques that work center on providing value, so don't just cross-sell, value-sell. This means using customer data such as purchase history to offer information on products and services you have reason to believe a customer would want. For example, a husband and wife take out a loan against a retirement account. In the retirement account statement, their plan provider could include a personalized message describing the impact of such borrowing on their retirement plan goals and suggest better ways to meet their borrowing needs, such as auto, educational or housing loans.
The familiar context of a transaction document is an opportunity to share useful ideas and tell the customer how to take action. Once the customer responds, lead the reader to further value through more detailed information about other funding options. The call to action might be to phone or e-mail for more information on loan alternatives. Offer convenient ways to explore options, such as running different loan scenarios either on-line or over the phone. This is a great opportunity to integrate your transaction documents, voice response systems and Web sites to value-sell the customer.
Unlike in an insert or a brochure, here you only have minimal text to coax the reader to the next step. Highlight color can be used to enhance cross-selling and draw the eye to a call to action.
Many companies have poor tracking methods and little or no customer history. Therefore, they don't know if their cross-selling efforts are paying off, or if they are just experiencing fluctuations coinciding with normal seasonal changes.
Your transaction documents can support tracking by placing bar code or glyph markings on the documents, including any return coupons or other pieces mailed back by the customer. Then you can establish processes to scan data from outbound and inbound documents. Source and key codes such as those used with catalogs can also be used to facilitate testing, tracking and quality control.