CX environments are becoming the new channel for revenue generation today. Almost 95% of potential customers are unlikely to form new relationships with companies that don’t prioritize CX. Moreover, Funnel Strategist also claimed that around 88% of global companies are prioritizing CX to churn revenue effectively.
So what are the factors to consider while approaching cross-selling?
Critical Parameters in a Cross-Selling Campaign and Sales Cycle
Coforge has substantial experience in leveraging human resources, processes, and technology while utilizing the industry's best practices, especially in the financial services industry. Certain things to consider while cross-selling in CX environments.
Figure 1. Coforge POV: Critical Parameters for Cross-selling
Identifying and ranking products to scrub customer data daily to identify sales opportunities
Decision management model to forecast sales and set sales goals based on analysis
Coaching skills, data interpretation training for all supervisors, and checking competency by monthly assessment
Creation of specialty queues on profitable products
Queue basis associate product preference to maximize net sales rate
Intelligent call routing based on customer profile, product to be cross sold
Creation of associate front end that helps launch sales palate with scripting and on the call online sales fulfillment with info moving to back end on enrollment
Technology to capture product wise eligibility, associate offer rate performance, accept rates, net sales rate
Identifying minimum skill requirements and training on managing sales balancing with customer satisfaction.
Training in compliance procedure, and selling with integrity.
Creation of violation triggers sales compliance basis risk assessment.
Random, targeted, or 100% assessment of calls to ensure high standards on a compliance basis product/ regulatory risks. Sales compliance performance management
Compliance reporter tool to capture compliance observations and track associate feedback, closure timeliness, and historic trends.
Cross-selling Approach at Coforge
Our typical approach to project management of cross-sell campaigns solutions is listed below, followed by the specific solution that was offered to them:
The value we added was in operationalizing the approach and ensuring specific measurable outcomes.
We have aided clients in successfully cross-selling in real-time in their CX environments as well. A top 5 debit card issuer in the U.S. wanted to up-sell their products across their customer segments, and Coforge stepped in to facilitate the same. To know more about this, stay tuned for the case study and get deeper insights into how we executed this.