Optimizing Cross-selling Opportunities
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.
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.
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.