In the recent years, the idea of cross selling has been one of the greatest buzz strategy used in every industry sector. Cross selling is a selling technique to sell additional products produced by your own company to the existing clients. For example: If you have an insurance broker, he would offer all the types of insurance products like personal, home, car, etc. to a client either at the initial transaction, or later, based on the client’s situations. His idea is to create right mix of products, to protect and create wealth for the client. For this, the broker would have to get an overall picture of the client’s financial goals, including retirement goals, child’s education, etc.
But the general idea of the cross seller is to maximize the possible revenue that one can generate from an existing client and follows effective strategy for their effective cross selling service. In the financial arena, there is a lot of value for cross selling because the cross seller can make the client-service relationship even more valuable.
Once the cross seller establishes the client relationship, he can become more profitable by cross selling other financial products that he have with him. Here the cross seller looks at the products by which he can have the opportunity of cross selling. He also makes partnership with other companies to develop cross selling products for increasing their client base.