Cross Sell
Up Sell
Use data insights to leverage the business potential of existing customers
Overview
Cross Sell involves selling different financial products to the same obligors – Credit Cards, Personal Finance & Home Finance, deposits, Insurance, Investments etc.
Up-sell involves increasing the monetary value of the current users of each product. Examples of up sell include up grading the credit card of customers, additional ‘Personal or Home Finance’, encouraging customers to maintain higher deposits, motivate them to buy insurance of a higher amount and make bigger investments.
Building propensity models helps our clients in identifying the right profile of obligors which are either willing to buy the new product from the bank (cross sell) or are willing to increase the usage of existing product (Up Sell).
Approach
- Segregate the customers into their respective homogeneous classes/groups according to their behavioural and demographic inputs
- A Statistical Cross Sell Propensity Model for each segment to identify propensity of each customer for a particular product
- Generate the list of possible up selling/cross-selling opportunities
- Some examples would be
- Liability Accounts Cross Sell
- Investment Product Cross Sell
- Card Type Upgrades
- And more
- Target list generation
Key Benefits
- Highly efficient Product Targeting and Offer Timing
- Higher Response and conversion rates
- Better wallet share of the customer
- Lower cost per conversions
- Reduced Customer Spamming
- Overall greater relationship with the customer
