Cross-servicing – as it should be

I have been selling IT-solutions to clients in the financial services sector for 20 years now. Those of you that have followed this blog know that I have been evangelizing on cross-servicing from both a customer experience and sales effectiveness perspective for ages. During my crusade, I have heard so many objections and explanations to why cross-selling only works in theory and on PowerPoint slides. In this blog post, I will share my personal experience to prove that cross-servicing works and how natural it is to Länsförsäkringar and me as a customer.

Me and my girlfriend are finally about to take the big step and move together. In our pursuit of the perfect house, we have to ensure that we have backing from a bank. My girlfriend is a loyal customer to Länsförsäkringar and she didn’t have to argue that long to persuade me that we should submit our loan application to them. Our application started a well-orchestrated sales machine at Länsförsäkringar. The relationship manager at Länsförsäkringar Bank called my girlfriend the next day and asked for some clarifications and information on me, the joint applicant and prospect! Based on the information that my girlfriend provided, he offered us the service of having some real estate agents that they have within the group to come and assess the value of her house and my apartment. My girlfriend agreed and asked them to call me directly. The information on me as a lead reached the real estate agent faster than the time it took my girlfriend to call me. I was busy talking to the real estate agent that services the area where I live when she called. It was less than 24 hours since we submitted the application and Länsförsäkringar has already engaged three different employees to ensure that we get the best service and that they acquire a new customer.

I met the real estate agent the very next day. She was well prepared and gave me a frank assessment on the value of the apartment that was well aligned with deals that other real estate agents had closed in my neighborhood. She did a good job as a sales rep. You can imagine my smirk when she offered me the opportunity to have them to prepare the sales material so that I quickly can put the apartment on the market whenever we find our dream house. They are probably right when they say that sales reps are suckers when sold to. Naturally, I agreed and am now on the verge of becoming a customer. But I dodged the question on my costs for home insurance. That would probably have triggered a call from her colleagues in home insuranceJ. Meanwhile, the relationship manager at the bank called my girlfriend and informed her that they have approved our application and that they would like to schedule a meeting to meet the two of us.

T+2. Two days have passed since we submitted the application and Länsförsäkringar has already won three engagements; selling two real estates and a mortgage loan. And we know they will offer us better terms if I sign up as Gold Customer and move my engagements to them. This journey is truly what cross-servicing should be all about. And Länsförsäkringar has really proven that the objections to cross-selling can be overcome. Organizational boundaries and different incentive schemes do not have to stand in the way of providing an excellent customer experience and good sales effectiveness.

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