Increasing customer retention rates by 5% can lead to a 25-95% increase in profits according to a Harvard Business School study.
The needs of bank customers and credit union members are constantly changing. To strengthen your relationships with your customers and increase customer value, you must meet these changing needs by offering customers the right products at the right time in their lifecycle. A well-planned cross-sell program is a great opportunity to incrementally grow your customers’ product portfolios.
Syntropy Group’s data-driven approach to cross-sell and up-sell programs reveals opportunities for customer growth. By analyzing your customer data, we identify which customers are most likely to need particular products and develop appropriate targeting and marketing strategies. Many customers have bank relationships or life-stage changes that trigger needs; others simply profile as having a potential need for an additional product. Analyzing customer data to identify and target customers with growth potential allows us to develop highly efficient campaigns to maximize growth while minimizing marketing budget impact.