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- CROSS SELLING
OF
BANKING PRODUCTS & FINANCIAL
SERVICES
-by
Gazal Badlani
Ashok Sarkar
PGDM 2010-12
Trimester – 4
- Introduction
• Selling of banks products/services to an
already existing customer
• Cross-selling stands for being able to offer
to the existing bank customers, some
additional banking products, with a view to
expand banking business, reduce the per
customer cost of operations and provide
more satisfaction and value to the customer
and higher per customer earning.
- Scope of cross selling
• Liability side
• Asset side
- Examples of cross selling
1. Credit insurance
2. Life insurance enhancements to
traditional mortgages
3. Auto and homeowners insurance
4. Medical savings accounts
5. Asset management accounts
- Importance
• Research statistics demonstrate that the
average customer uses less than two
services from any one depository
institution
• Seventy percent of all customers share
their banking needs with more than one
financial institution
- Tools Enablement
Ways:
• Phone banking
• Web
• Walk in
Tools:
• CRM techniques
• Referral tracking
• Sales call tracking
• MIS systems (activity management, information)
- 7 - steps
Marketing facets
- 7 times expense
Strong commitment to customer care at all levels
Promises made must be realistic and achievable
Intimate knowledge of the customer leads to excellent
customer service
Continuous feed back from the customers
- 7 steps approach
- Cross selling & Relationship
Banking
• The emphasis here is on viewing the customer as a long term
business relationship
• Banks plan to meet the total banking requirement of the customers
and expect repeat business
• Relationship is based on full knowledge about the customer needs
and causing total customer satisfaction by providing services that
exceeds his expectation
• An understanding of exactly what the customer is buying in critical.
The basic utility he derives from the product is the nucleus of core in
the center, surrounded by services of both tangible and intangible
attributes
- 7 steps model of relationship
banking
- 7 step model approach
- 7 step model approach
1. On super - ordinate goal: Draw the vision and mission
statements around the customer value
2. Strategy - Draw a strategy of market segmentation to focus on
a customer
3. On structure - Restructure the organization as a cross
functional and process oriented one
4. System - Design a service delivery system on quality and
coordination
5. On skill - Cultivate skill as cutting edge
6. On style - Devise a suitable appraisal system and reinforce it
through top management
7. On staff - Devise policies which empower staff and encourage
open communication
- 7 steps model of personal
selling
- 1. Prospecting & qualifying
2. Pre-approach (deciding the best approach)
3. Approach (ability to observe and listen)
4. Presentation
5. Handling objections
6. Closing
7. After sales service and follow up
- Bundling
- Cross selling process
- Buying cycle
- NPTB modeling
The challenge of cross
selling is to know which
product to sell to which
customer
- NPTB modeling
A next product to buy modeling promises to
enhance the effectiveness of cross selling
by specifying which product to sell to which
customer
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