Selling a consumer on related or complementary products is known as cross-selling. One of the best forms of marketing is cross-selling.
Selling different sorts of investments or products to investors or providing tax preparation services to clients who are in the retirement planning business are a few examples of cross-selling in the financial services sector.
A personal line of credit or a savings product like a certificate of deposit could be offered to a bank customer who already owns a mortgage by the sales team.
One of the main strategies used by many firms, including financial advisors, to generate new revenue is cross-selling to existing customers.
Given that they already have a relationship with the client and are aware of their requirements and goals, this is probably one of the simplest ways for them to expand their business.
A money manager who cross-sells a mutual fund that invests in a different industry can be a useful approach for the client to diversify their portfolio, but advisers must exercise caution when using this strategy.
But in many instances, difficulties can arise when an advisor tries to sell a client a mortgage or another product that is outside the advisor’s area of expertise.