Although some firms do quite well at cross-selling, it has become a Holy Grail for many others. In light of the difficulty of landing new clients, firms understandably see value in marketing additional services to existing customers. There should be lower hurdles to surmount with such clients, as they hopefully respect the firm, which makes the sales effort much easier.
While some firms are adept at cross-selling, most have had mixed success. The refrains typically enunciated by those who struggle in this realm are that “we need to do more of this” and “we can and should do a much better job.” Five factors are discussed that, if implemented, should hopefully increase a firm’s batting average in cross-selling efforts.
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