Banks now realize they need to transform their approach from a product-centric focus to a more customer-centric view in order to have more success. Making relevant product offers is key to building successful customer relationships and maintaining a competitive edge. A customer-centric cross-sell approach is built on three principles:
- Better customer insight
- Analytics to translate data into intelligent product offers
- Optimizing business processes
The Equifax offer management solution leverages data, analytics and software to rank order the next best offer for every customer interaction.
The evolution of cross-sell gets back to the basic '4P's' of marketing: product, price, promotion, and place. A best practices offer management strategy will offer consumers the right product at the right price, and allow front-line employees, in every channel, to clearly communicate the value proposition around why this is the best offer at this time. The fruits of a customer-centric cross-sell program include higher acceptance rates, greater share of wallet, and happier customers.