Why cross selling fails and how to change that
- 1. Why Cross Selling Fails and How to Change That 1
- 2. • 14 year old Financial Marketing Company • Principals have spent a majority of their careers in the financial services and marketing industries • Work with financial institutions of all sizes in helping them generate more sales through more channels 2
- 3. Today’s Remote Customers • Technology is causing more customer remoteness, moving brand attributes away from people to transactions • 34% haven’t been in a branch in 6 months (bankrate.com) • Millennials see branch as irrelevant with 92% preferring to do their banking online (TD Bank Study) 3
- 4. Need for Personal Engagement • Building a brand image beyond transactions - as a place to go for more financial needs • Leverage branch and digital channels to engage customers in more meaningful ways • Turn those engagements into selling opportunities 4
- 5. Engagement Means Sales • Gallup research “customers that are fully engaged represent an average 23% premium in terms of share of wallet, profitability, revenue, and relationship growth.” 5
- 6. Content Will Engage 6 • Creating and distributing relevant and valuable content to engage customers. • Moving that engagement into more life events to start dialogues and provide solutions.
- 7. Why So Powerful? • People are looking for easy to understand answers to their financial questions. • People will buy from the one who provides it. 7 Source: Next Century Media
- 8. Why So Powerful? • This is especially true around life events when, according to Forrester Research, they are 43% more likely to buy a financial product. • You want to engage in a meaningful way that makes you that resource for answers, not the competition. 8
- 9. 9 Content Marketing: A New (Old) Strategy • John Deere – 1895 – newsletter on technology in agriculture • Nike -1966 - benefits of jogging, not selling shoes • Home Depot - today– teaches people how to build a fence
- 10. What Type of Content is Needed? • Your customer needs… Broad Branded Easy to navigate Easy to read and understand. No jargon! 10
- 11. What Type of Content is Needed? • Your institution needs… Professionally created and maintained to satisfy legal, tax and regulatory changes. Compliance reviewed including FINRA review letters for investment related content Reviewed and approved by B/D compliance department Expanded as needed to reflect changing rules and regulations 11
- 12. 12 • Content that sits idle is not helping your customers and not helping your financial institution • Its more than just passively offering financial literacy or general education • Most people react to events as they occur • They want just the answers they need at just the time they need them It Takes More than Content to Set Up Selling Opportunities
- 13. • Delivered around life events when people are looking for answers and more likely to buy. • Delivered in a way that engages people and allows them to uncover hidden needs. • Delivered in a way that connects them with the person who can help with those needs. Delivery Platform is Key 13
- 14. Examples of Delivery Platform 14 Financial Answer Center Business Answer Center
- 15. Leveraging What you Have in Place 15 Engagement through multiple channels To initiate dialogues with the person that can help with Leverage existing branch and online channels to build awareness promote usage of a new value added service. Interactive delivery platforms
- 16. Emotion Adds Impact Feelings are Facts - “Only 30% of human decisions and behaviors are actually driven by rational considerations” – Nobel prize winners Gallup – “Emotionally connected customers tend to deliver significantly enhanced business results when compared to their rational counterparts.” 16
- 17. 17 Engage Emotionally • Save money (Satisfaction) • Avoid mistakes (Fear) • Protect those who count on you (Confidence , Lack of Guilt) Focus on the emotional benefits of the help you can provide
- 18. Engagement in the Branch 18 Onboarding Account Servicing Frontline employees introduce the content as a value added service and offer guides relevant to their life events as a part of their everyday service-focused routine. The request for a guide is an automatic lead.
- 19. 19 Simple Introduction of a Service
- 22. Engagement Through Email Feature your content in emails to your members! 22
- 23. Twitter Solution Facebook Solution Edu PostsEdu Tweets Engagement Through Social Media 23 Promoted for relevance and value to get followers (e.g.. Tuesday’s Tips)
- 24. Engagement Through Mobile 24 EZ Viewer All content and features of the Financial Answer Center are formatted for easy access through mobile devices
- 25. Worksite Engagement 25 Financial education is one of the most rapidly growing employee benefits. Your business customers can provide it to their employees with a simple link. Link to Financial Answer Center as an employee benefit draws employees of business customers to you for financial education and people that can help
- 26. The Financial Focus • If 1 in 3 appointments buy with an average net present value per sale of $2000 (deposit, loan, mortgage, investment, insurance, etc.) the value of 1 sales appointment is $660 • Target of over $100,00 new revenue/branch/yr. A single appointment from a branch in a month returns over 6 times the cost. 26 Make your own assumptions using a Revenue Opportunity Calculator at www.Truebridge.com
- 27. Truebridge Content Marketing System • Affordable monthly subscription includes: • Full turnkey Content Marketing System • Customized to match your look and feel • Integrated employee pictures and contact information • Professionally maintained by a top national accounting firm • Individual customer service to ensure active usage and shared “best practices” • Hosted through top-ranked secure facility 27
- 28. So, What’s the Next Step? • Schedule a 1 on 1 demo- learn more at www.truebridge.com 28