Marketing Goal
Improve customer retention and profitability by cross-selling the next-most-likely product to existing customers.
Target Market
After a structured Onboarding program has welcomed new customers into the bank, they (and all other customers) should be part of an ongoing effort to cross-sell additional products and services. WordCom would receive a monthly file update and would select the appropriate customer households to receive mailings each month.
Program
WordCom’s proven Matrix Marketing Program provides professional assistance and turn-key support.
- The Message: This is a positive communication with an expression of appreciation for their business and an offer to help them in the future, with the specific product targeted to their next most likely needs.
- Timing: A cross-sell, Matrix Marketing program can be done quarterly, but is most often produced and mailed monthly. Customer household records are flagged to limit the number of touches over the year.
- Mailing Package: These customer mailings would consist of a personalized letter signed by the local branch manager, a personalized reply coupon and a reply envelope, all mailed in a window envelope with a stamp.
Results
A structured Matrix Marketing Program to selected customer households can bring successful results of 2% to 6% in new account openings, with millions in new deposits and a Return on Investment of 200% or more.
Case Study: Customer Cross-Sell »
Case Study: Business Cross-Sell - Loans 1 »
Case Study: Business Cross-Sell - Loans 2 »
Case Study: Business Cross-Sell - Deposits »
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