Case study

Optimizing Cross-selling Opportunities

Client/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? Our client turned to Phoenix MI to determine which customers would be the most likely target for cross-selling specific products.

Approach/Solution

First, we analyzed our syndicated databases to understand what products appealed to what kinds of customers. Second, 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.

Results

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.

In addition to increased revenue generated from cross-selling, customer satisfaction research 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.

Back to case studies

Put us to work for you!

Connect