Cementing the relationship
Almost 75% of cross-sell in a new DDA relationship takes place in the first three months, and you need the customer insight to preserve and grow the customer relationship in this critical stage. It’s clear from the data: customers who hold multiple accounts are much less likely to defect.
Modeling for the Exact Product Offers
Here’s where onboarding and long-term profitability make the critical connection. As your new customer begins the onboarding process, our CrossLINK solution appends demographic data to the customer records. We create discrete customer segments and optimum bank product profiles by those customer segments. Coupled with your business rules, we build the “next most-likely product purchase” model. Scoring products by both their profitability and the new customer’s propensity to buy, we create an offer matrix that drives relevant cross-sell communications.
Pairing the Offer with the Right Message
Driven by customer insight, CrossLINK methodology crafts the messages and offers that your mail and electronic communications carry to the customer – always ensuring that those offers are relevant and timely. The CrossLINK communications system tailors messaging sequence and frequency, reduces “list fatigue” and eliminates message conflict. Our turnkey system includes creative, printing, personalization and mailing services.
Critical to Customer Growth: Engaged Employees
The success of our proven employee training programs is largely due to the customization for your bank’s brand, market position and product line. As CrossLINK insight drives next-product-to-buy communications, your employees’ training emphasizes the “next product purchase” methodology and a better understanding of what products are most profitable for the bank. Again, your employee training pays off by putting a face to your offers – an informed, engaged employee.
By the Numbers
Typically, after six months of using the total customer-based marketing process, banks see ROI numbers like these:
- Retention rates increase by as high as 15%
- Product ownership ratios increase as high as 120%
- Deposit balances increase as high as 33%
If these kinds of numbers look good for your retail bank, let’s work together on a test to see how good your numbers could be.