One of the most common challenges for financial services marketing organizations is how to positively impact the company’s efforts to capture growth from existing clients. This is particularly important in financial services, because between 40 and 70 percent of a company’s growth rate is derived from growing wallet share from existing clients. However, in many instances, financial services marketers struggle to establish a role that allows them to positively impact the growth of existing clients.
As in other industries, financial services has often considered cross-sell and upsell efforts to be primarily led by sales. But more companies are realizing the need to give marketing a key role in growing existing accounts. To determine marketing’s role in cross-sell/upsell, assess these three characteristics of your organization:
In financial services, the best approach for improving marketing’s impact on cross-sell/upsell efforts can vary tremendously. However, assessing the marketing function with these three key characteristics in mind is the first step to developing a plan that will have optimal impact on growing wallet share with existing clients.
Robert is the Segment Director of Financial Services at SiriusDecisions. He is a marketing and sales leader with a background in asset management, corporate banking and brokerage. At SiriusDecisions, he works with marketing leaders in the financial services industry on organizational and strategic alignment, marketing compliance, marketing investment and budget and content strategy. Follow Bob on Twitter @robertmckinno10.