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Personal Finance Training: Building a Cross-Selling Culture
Every financial institution believes in the virtues of cross-selling. Few know how to effectively develop a cross-selling culture or train their sales staff to comfortably and confidently sell products outside their immediate area of expertise.
Improving cross-selling is one reason we offer our Personal Finance library of courses. Using it, your firm can effectively train employees to acquire the knowledge they need to offer your products and services. No doubt you have gone to countless meetings to hear statements like the following:
- It costs ten times more to sell a new customer than to cross-sell an existing customer an additional product.
- Your staff can’t and won’t sell what they don’t understand.
- Clients using two or more products are less likely to leave your institution.
To implement a successful cross-selling culture you need to do the following:
- Train employees on how your products benefit customers
- Show employees which customers are most likely to benefit from each of your products
- Teach employees how to identify customer needs
- Measure results and reward
Product Knowledge and Benefits
Cross-selling success is grounded in product knowledge. That means knowing the features and benefits of your firm’s products and services for each customer.
Your frontline sales people are supposed to be personal finance experts. Too often this is not the case. With our Personal Finance library of courses, you can now train your key sales staff in a few months to be competent prospectors for cross-selling opportunities.
Calculating the Additional Profits
Consider the profit derived from adding two or more products and services for each household you serve. The table below shows hypothetical profits resulting from improved cross-selling and sales which, in turn, is the result of improved employee personal finance training.
The table shows the average profit from each new sale (B), the number of successful internal referrals resulting in a sale and non-referral sales, (C) and the monthly additional profit (D). The total monthly profit is over $32,000. Assume this results from 5 trained employee who spend 20 hours each during the month on personal finance training. At $25 per hour, the cost is only $2,500, a mere fraction of the incremental profit. The payback from training is over 12 x the investment.
Employee Retention
The average retail financial institution experiences a turnover in frontline positions of 20 to 30 percent every year. At an average cost of $3,500 or more to find and train a new employee, smart institutions are developing sales and service cultures to help them train and retain top notch people so turnover won't drain your most vital resources—your staff.
Our Personal Finance library is a powerful employee benefit that gives your employees vital financial knowledge to not only improve their performance, but also to improve their lives. That translates to employees who like their jobs and stay on longer.
- Improve satisfaction: A financially confident employee is a happier, more satisfied employee
- Increase retention: We are all more likely to invest our time with organizations that invest in us and our well-being. Improve your employees' lives by increasing their personal finance know-how and watch your retention rates grow.
- Improved productivity: Research shows that the combined impact of better financial education on employee behavior and well-being can result in a productivity yearly gain to the employer of $700 to $2,000 for every employee.