Global Reviews is delighted to announce the launch of SHARE OF WALLET, a unique data and insights solution that helps your digital and marketing teams to understand the opportunities for a cross-buy experience for desktop, mobile, mobile app and public websites.
Global Reviews evaluated five banks in Australia and their audit scores show that they currently achieve between 27% and 57% cross sell success. We were curious to find out why they lost their existing customers, who are looking for another product they offer, to a different brand.
We evaluated the current experience and offering of key brands cross-selling within their digital assets and identified best practice in this area across all their products.
Share of Wallet measures:
- How many existing customers, who are in market for another product, you are losing to a competitor that you could and should have won
- Why your cross sales experience didn’t encourage your customers to buy and to which competitor you lost them to
- The quality and effectiveness of the experience you are providing online with real world conversion metrics
This analysis creates understanding of the competitor and market forces that are influencing purchasing decisions and identifies what changes you need to make to your site and app to impact conversions.
Some examples of best practice we discovered during our research:
- Promote complementary products within content, with a solution approach (consider scenarios or personas)
- Utilise customer data to provide detailed examples of their potential opportunities (borrowing capabilities, repayments, loan type)
- Give the customer the opportunity to buy or find out more – Don’t forget to plant the seed for later
To see more research results and find out more about Share of Wallet, sign up to our webinar of Thursday 6 April 2017, 9am GMT
Global Reviews specialises in helping top brands worldwide convert more of their ideal customers online, through the use of the most advanced research methodologies. To find out more about how we can help you and your digital teams, or if your brand would like to be included in our next round of Share of Wallet research, please contact:
Hannah-Rose Farrington – Commercial Director
T: +44 (0) 203725 8260
M: +353 (87) 1263043