customer-experience Case Study
Optimizing Cross-Selling Opportunities
The Client's Situation
Our client, a major financial services firm, knew that cross-selling is a major opportunity for revenue growth. But which customers want what products?
They turned to Phoenix MI to determine which customers would be the most likely target for cross-selling specific products.
Approach + Solution
Then, we conducted primary research with our clients’ customers to:
1. Understand the drivers of satisfaction and loyalty for its product
2. Create a customized customer segmentation to determine the best product for each segment, and which features most resonated with each product’s target customers.
All the research components formed the basis of a cross-sell strategic marketing plan that was executed by the company, with extremely successful results. In some cases, the cross-sell acquisitions led to product purchase while learning more about other products, which led to additional, immediate or future sales.
Customer satisfaction research also showed that customers who received these communications were more likely to be loyal to the company and appreciated that the company which products were relevant to them.