Case Study
Assessing An Up-sell and Cross-sell Strategy for a Midwestern Bank
Challenge
A mid-western bank wanted to utilize VoC feedback from their new loan/new account customers to determine if their existing up-sell/cross-sell strategy of providing customers information about other product offerings during their loan application/account opening process was working.
Approach
PeopleMetrics incorporated specific survey questions into the existing VoC program to measure the experience of customers who had recently met with a loan/customer service offer.
These questions were intended to determine if customers received product brochures, recalled the information in the brochures, and were more knowledgeable about product offerings.
Outcome
PeopleMetrics used the findings to determine that customers for loans were not interested in, and even annoyed, by receiving product brochures while working through their loan transactions.
These customers were primarily concerned with the bank's ability to service their loan, not new product sales.
Our client changed their sales tactics during loan applications, using the VoC feedback as a jumping off point.
Rather than attempting to push their offerings to a captive yet uninterested audience, the bank focused on servicing the customer needs first, and then following up 60 days later with loan-approved customers by sending them product brochures.
The data showed that customers were more receptive to hearing about other product offerings at this time.
Through continuous listening using the VoC program, the bank was able to refine its up-sell strategy while maintaining a positive customer experience.