Ideas & musings about consumer behaviour

Share of Wallet: Best Practice in Cross-selling

SoWTeam

Global Reviews has now launched Share of Wallet, a unique data and insights solution that helps your digital and marketing teams to understand the opportunities for a better cross-sell experience for desktop web, mobile web and native app. We’d like to share some information on our methodology with you and show you a few best practice examples.

We conducted research in the banking industry in which 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.

With Share of Wallet, we found a solution to:

  • Align/contrast share of wallet performance against the promotion of cross sell opportunities
    • Measure the consumer share of wallet allocation of key brands within banking and insurance industries
    • Audit the implementation of feature and function best practice on digital assets across the same brands
    • Correlate share of wallet performance against the promotion of best practice digital cross-sell strategies
  • Identify best practice in this area across all industries
  • Provide recommendations to improve cross-sell features and functions

Our research shows that there is no correlation between volume of sales a customer has with your company and the volume they have with a competitor. Someone with a current account at one bank, could easily have a home insurance with another bank.

We also can’t focus on absolute satisfaction as a means of understanding share of wallet, for what drives share of wallet, is not what drives the Net Promoter Score (an index that measures the willingness of customers to recommend a company’s products or services to others, used as a proxy for overall customer satisfaction and loyalty to the brand).

Our study on Australian banks shows that the satisfaction rank has no impact on the number of brands customers use.

SoWSatisfaction

So, despite high satisfaction with one product, we found that these are the main reasons for customers to choose a brand for another product they’re interested in:

1. They have the best deals/ offers for my needs (48%)
2. They look like they have good customer service and support features (45%)
3. Their products/ offers were easy to understand (43%)

After our extensive research, our recommendations are:

  • Facilitate quote and applications: This must be a function that is prioritised and provides a good user experience within secure areas, as this is where the existing relationship can play a big part in decision making and ease of completion
  • Help me complete the form: If a current customer is getting a quote or applying, within the customer services area or app, their information should be provided and merely confirmed by the customer (name, address, date of birth, email address, income, employer, assets, debts etc.)
  • Help me understand: Use customer data to provide product recommendations, such as the optimal credit card or loan for them
  • Communication: If you are handing the customer off from one channel to another, ensure that the customer is informed but also that their details are passed on
  • Manage applications and quote: Allow visitors to view and manage applications from within the app, updating them on the progress and status of the application form, and promoting if incomplete
  • Contextual offering and solution approaches: Consider information architecture and content approach, promoting other products softly, in areas where ideal prospective customers may be
  • This content should be shown in a solution/ content manner, rather than an advertisement, in order to be viewed as helpful, UNLESS a strong offer or proposition is available
  • Checking out and quoting functionality: Promote the ability to add, combine, upsell options when quoting or checking out – it is important that cross-buy doesn’t have a negative impact on those who wish to only buy one product
  • Recalling customer data: If an existing customer is following the journey on the public site, they should be given the option to complete in the secure area or recall their details via a policy number etc. to reduce effort required

So how are providers helping existing members to buy more products? Some best practice examples:

SoWAvivaSoWANZSoWANZ2SoWLloydsSoWLloyds2SoWLloydsAviva

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
E:         hannah.farrington@globalreviews.com

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