Increasing Loyalty, Multiplying Profits
Cross selling a wide range of products to an existing customer is one of the corner stones of customer strategy in most financial services organizations. Despite a high level of buy-in on this strategy often the satisfaction with execution and results is not high. We believe that solutions driven through analytics can make a big impact on the success of cross selling programs.
We will help you unlock the potential of cross sell through a 3 stage process:
- Creating a detailed landscape of current level of penetration of different products by key business parameters like geography, channel, customer segment etc.
- Developing a list of opportunities that are most profitable for you and are most relevant to the customers. This will include target penetration rates based on our experience.
- Consolidating data from multiple sources including transactional, bureau data, demographic and past response data to build propensity models for various products and programs.
These models will not only identify right product for a segment but also the right time and right price for an offer. Typical examples will be cross-sell and up-sell models, next best product model, trigger based targeting models etc. These models will help you in tackling business issues such as:
- What is the preferred product mix for a segment to cross-sell and up-sell?
- What is the customer’s propensity to take up a product?
- What is optimal price point for each customer so that both response and profits are maximized?
- What are the behavior triggers for the take-up of key products?