in the financial services industry, examples of cross-selling include selling different types of investments or products to investors or tax preparation services to retirement planning clients. cross-selling products and services to existing clients is one of the primary methods of generating new revenue for many businesses, including financial advisors. licensed income tax preparers can offer insurance and investment products to their tax clients, and this is among the easiest of all sales to make. cross-selling is the act of selling a different product to provide an additional benefit to the customer.
advisors need to know how and when the additional product or service fits into their client’s financial picture so that they can make a more effective referral and stay compliant with suitability standards. that changed when prudential insurance company, the most prominent insurance company in the world at that time, acquired a medium-sized stock brokerage firm call bache group, inc. prudential’s purpose was to create cross-selling opportunities for its life insurance agents and bache’s stockbrokers. to a large extent, they were aiming to expand their retail distribution arms by buying large and established distribution channels of the brokerages, hoping for synergy between banking and investment products and services. it can be difficult for large firms to effectively integrate the use and sale of different types of financial products to the same client so that their needs are properly met in each area. as a result, finra, the independent regulatory body for u.s. securities firms, launched an investigation of cross-selling practices at 14 broker-dealers, with a spokeswoman recently stating that: “in light of recent issues related to cross-selling, finra is focused on the nature and scope of broker-dealers’ cross-selling activities and whether they are adequately supervising these activities by their registered employees to protect investors.” the probe ended in 2018.
cross selling is the process of selling a different product or service to a customer to increase the value of a sale. if a client hired your agency to build a website, you might offer copywriting for each page’s content. you could add them to a drip campaign that introduces them to the importance of copywriting in one email, results that some of your clients get from your copywriting services in another, and then in the third email, send them an offer. so, you need to consider a client’s goals and how your additional services relate to them.
you can sell additional products or services by looking at a client’s previous interactions with your website and purchases they have made. if you currently have a promotion for one of your services, this is an ideal time to cross-sell a client. if you try to sell to a client at the wrong time, it can damage your relationship moving forward or negate the original sale entirely. one of the best ways to do this is through cross-selling. see how to provide all of your audiences with unique post-click landing pages by signing up for an instapage enterprise demo today.
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