Tips for Cross-Selling Success

Nicolette Lemmon
December 9, 2008 | COMMENTS

The recession has created opportunities to attract more market share for financial services due to credit unions having a trustworthy reputation n the marketplace. Capturing as much of the member business and as many quality new members as possible has to be supported with an excellent front line.

In the tough economic times, the issues about personal finances become worrisome and consumers are looking for financial solutions that will help them. In cross-selling, the first aspect for a teller or member service representatives to realize is that members or new members think of the credit union as their “banking” choice. Your front line should be reminded that every person they serve wants to make more money or save money!

The “one-minute cross-sell” is a great place to start in training because it just takes a minute to suggest a financial solution to members. Here are a few ideas:

• Review their account relationship on the screen to see if there is a cross-sell suggestion for one of four items: an auto loan, home equity loan, certificate, or money market account.
• Have the current promotion piece handy to give to a member with the comment that maybe they might benefit as well as a family member.
• Remind members that if they feel the services have helped them achieve financial peace of mind that they tell a friend, family member or co-worker.

Consistent Coaching

Having a front line that effectively cross-sells depends on the amount of quality coaching by supervisors and managers. However, many supervisors are promoted based on seniority with the credit union, rather than on managerial training and skills. Here are a few key coaching tips for cross-selling success:

• Show total buy-in. Because cross-selling is based on the importance of building multi-service relationships with members, supervisors must be fully supportive of the training, process, and goals for the front line.
• Provide consistency . Coaching aims to enhance the performance and learning ability over time. To change a behavior, a person must be encouraged to keep the new behavior for up to six months before it replaces the old habit(s).
• Use positive feedback . The most powerful tool for a coach is to catch someone doing something right and give positive strokes. Focusing only on poor behavior reinforces negative feelings about the cross-selling. Praising good cross-selling behavior provides a better foundation for continued improvement.
• Inspect what is expected. To avoid disappointment at the end of a goal-setting time frame, the coach must use careful observation and documentation all along the way. If a team member is not making interim goals, the consistent review allows the coach to step in and discuss how to improve performance rather than waiting until the team member fails.

Keep Offering Training

After the initial cross-selling training to changing the culture of a credit union from service to a hybrid of service-selling, the next step is to create goals for every front-line person to achieve. Cross-selling goals are often tied to performance evaluations and monetary incentives.

Changing a culture requires attention to building new behaviors, new ways of talking to members, new habits, and new expectations. To keep a team on their toes does require front-line and coaching training on a regular basis.

The adage, “Old habits die hard,” is very true. Without consistent reinforcement of new tips and techniques, a team can slip back into old habits and goals will go unmet.

Ideas for refreshing your cross-selling culture include:

• Keep a training calendar with a cross-selling session once a quarter
• Bring in outside training on topics related to better communication, presentation skills, or related skill sets for cross-selling
• Create contests for capturing certain services or products
• Have front-line staff develop role-playing skits for several different member situations for a staff training session

Nicolette Lemmon is founder of LemmonTree Marketing Group. Contact her at 888-536-6243 or nslemmon@lemmontree.com.