Foresight Research: Cross-Selling Banking Products and Services "Hot Spots"

ROCHESTER, Mich., May 6, 2021 /PRNewswire/ -- One of the first steps is developing a successful cross selling strategy includes targeting and communications.  Start with knowing the cross-selling "hot sports".  This report is about that.  Foresight Research interviewed almost 11,000 people across the United States all of whom are involved in the household banking decision.  Then Foresight Research followed up with additional samples in Georgia, Alabama and Florida.  That technique gives you the deep dive analysis and then a look at your local market(s).  We found some very interesting facts about cross selling. 

Older customers are more likely to want multiple products and services, but many already have them in place.  For example, the number of products Millennials have with their primary financial institution is 2.5.  That does not change much by age – Gen X has 2.6 and Boomers 2.7.    Those who are with their primary bank or credit union 3-10 years have 2.5 accounts, while the loyal customer (over 10 years) have 2.7 accounts.  So where is the "hot spot" – who are the best prospects? 

What about younger customers/members?  As Gen Z age into Millennials, life stage changes require more checking and savings accounts as well as credit cards.  Then When Millennials age into Gen X that trend continues.  Among older customers, look for CDs and money market accounts. 

Make your cross-selling effort more efficient – cut the waste by using a good targeting and communications strategy.  Go to our website and look at the brochure that describes our new study CROSS SELLING BANKING PRODUCTS AND SERVICES.  Find out about targeting by products and services, the role of customer satisfaction and communicating to your customers or members - media and content.  And of course - bottom line – targeting the best prospects.

Syndicated research offers major advantages compared to custom research.  For example, at a fraction of the cost, larger samples, local market information, all balanced to U. S. Census data to ensure accuracy.   Foresight Research is a marketing research firm and a leader in cost effective syndicated research – working with Fortune 500 companies for over 20 years.  Go to our website, give us a call or shoot us an email to find out more.

Contact
Steve Bruyn, CEO Foresight Research
www.forsightresearch.com 
248- 608-1870 X12
[email protected]

SOURCE Foresight Research

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