Benefits of cross selling customers over the phone

Posted on: July 20th, 2017 by Art Barger

Nothing is more important to your contact center operations than achieving and maintaining a high level of customer service. How you treat your customers has a tremendous impact on your bank’s overall success.

While providing exceptional customer service has and always will be job No. 1, cross selling customers plays an important role for increasing sales. The recent article, “Cross Selling A Product Is Important And Here’s Why,” explores the business benefits of cross selling products and services to your customers, and when contact centers need to place the customer’s needs first.

Some of the top benefits for cross selling banking customers over the telephone channel include:

  • More revenues: Along with increasing annual revenues, cross selling to customers over the telephone channel allows agents to introduce new products and services that help improve their banking experience.
  • Increase efficiency: When talking to customers, call center agents can double as sales reps when the opportunity arises. Cross selling over the phone helps reduce the costs of hiring and paying for additional sales reps, which can improve a call center’s overall efficiency.   
  • Earn customer loyalty: When an agent identifies a clear customer need, cross selling services that enhance the caller’s banking journey can go a long way with earning their loyalty.
  • Reduce operating costs: Integrating cross-selling techniques into your call center experience reduces the need for additional telemarketing and drip marketing campaigns. This can help reduce your bank’s overall operating costs. 
  • Boost customer trust and confidence: When it comes to the bank-customer relationship, nothing has a greater impact than trust. Cross-selling services that add value to your customers help strengthen trust and confidence. That’s essential for customer retention.

In order for contact centers to increase efficiency without shaking the customer’s trust with your brand, it’s important to know when and how to cross sell. Trying to push a product when a customer has other things on their mind will irritate them and create a frustrating experience. 

Focusing on your customer’s issues should be every agent’s top priority. Only after the customer’s problem has been resolved in a timely manner, and the customer is receptive to hearing about a product that’s relevant to their banking needs, should an agent put on their sales hat. This is when cross selling can be most effective.

Successful cross-selling opportunities typically emerge when you’ve done other things right. Creating a trusted and efficient banking environment that allows telephone reps to resolve customer issues in a timely manner can set the table for other sales opportunities. 

One way financial institutions are creating more satisfying banking experiences is through automatic authentication. Proactively validating callers without adding the time and frustration that knowledge-based authentication (KBA) solutions can create is how contact centers save time and build goodwill with their customers.

By automatically verifying callers while the phone is ringing, the TRUSTID® Physical Caller Authentication solution allows banks to address and resolve customer issues faster. Doing so enables call center agents to provide a higher level of customer service while using the extra time on the phone to seize cross-selling opportunities with customers who are open to hearing about additional products and services.