Academic journal article ABA Banking Journal

Selling More to Your Existing Customers: Let Account Analysis Lead the Way!

Academic journal article ABA Banking Journal

Selling More to Your Existing Customers: Let Account Analysis Lead the Way!

Article excerpt

The mantra today's competitive commercial banking arena is "your existing customers are your best source of new business." The bank's product managers and account executives are usually able to recite the bank's cross-sell ratio from memory and frequently incorporate the statistic in strategic goal-planning initiatives. How, then, do you get your customers to slide up to the table again for another product? Or, two, or three? The textbook answer is to accurately identify your customer needs and then satisfy those needs with a competitively positioned product or service. That's great in theory. But, again, how?

The benefits of selling more products to existing customers are well-known by now. Typically, the cost of sale is lower. The sales cycle itself is shorter. And, the overall transaction is smoother between both parties. This is a direct result of two very important factors: the already established relationship between the bank and the customer, and, the wealth of secondary data stored in the databases of multiple systems across the bank. The data reveals the customer's buying patterns and market classification. So, to determine the next logical product or service your customer should purchase from you is dependent on your ability to harness the facts and use deductive reasoning to formulate a sales proposition.

While the account analysis statement is a good snapshot of customer activity over a monthly period, it is only of limited use when prospecting for sales. …

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