Objective:
In this How-To, we will learn about the Cross Sell Opportunities Report and how you can start using it to increase your cross-sell conversions. We will explore the following topics:
- How to pull a Cross Sell Opportunities Report, including a deep dive into different settings and outcomes
- How to create a one-off campaign using your Cross Sell Report data to improve your customer conversion rate
Run a Cross-Sell Opportunity Report
Start off by navigating to the cross-sell opportunity report within Core iQ. This report can be found under the Customer/Member Level tab within the Actionable Reports menu of Core iQ. If you are familiar with our platform, then you will recognize a lot of the settings contained within this area. Below, we will outline the specific items that are available to you within the Cross Sell Opportunity report, then we will explore uses for this report for your financial institution.
Setting deep dive
- Bank Information
- In this section, you will choose which portions of your financial institution to include within your audience. Here, you can toggle whether you will want to directly target customers at a specific branch or those assigned to a particular employee. You can even regionalize your audience through targeting a predetermined part of your branch network.
- Customer Information
- Tell Core iQ what sort of customers you are looking to cross-sell to within your audience. Choose whether you want to only target business or nonbusiness customers, or if you want to include your own employees and directors.
- Total Active Products & Services
- This choice will allow you to tell Core iQ to only pull customers with a certain amount of Active products and services within your financial institution. Core iQ will count ALL of their Active products and services, not just those chosen in the next area. This allows you to find customers with multiple ties to your banking institution when attempting a cross-sell.
- Active Within Any of These
- Choose the products and services that you want Core iQ to filter your customers based on. The system will look for individuals that have any or all of the chosen products.
- But NOT Active Within
- This is the most important choice, as it will be the intended outcome of your future campaign. Choosing the right cross-sell opportunity can be hard to figure out, but we have included several recommendations below to help you get started.
- Date Range
- Drill down into when your customers joined your financial institution using custom date ranges. Those familiar with Core iQ will know that you can use Original Customer Date to key off of when a customer first opened their account at your institution.
- Age/Balance Range
- Here, you can further hone your audience by specifying the balance and age ranges you want to use as filters for your audience. Core iQ lets you choose up to two balance ranges for different accounts within your financial institution. Key off of account information such as Total Current Loan Balance, Total Current Deposit Balance, and Total Loan Origination.
- Only Include Primary Signers, Excluding Others
- Choose whether you want to only send your cross-sell opportunity to those who are a Primary Signer on the account. Depending on the offer, you might want to include all relationships associated with a given loan or account.
Create a One-Off campaign to reach members of that segment
Once you have run your report using the desired criteria, it’s time to create a point-in-time campaign for your audience. Whether you are sending out an email, postcard, or letter, Core iQ can help you to effectively communicate your message to your customers. Just click on the ‘Convert to Campaign’ button on the left side of the screen. From this area, you can name your campaign, choose a template, and choose the Sending Banker for any custom merge fields. You can also tell Core iQ to only send one communication per mailing address or email. This is especially useful if you chose to include all relationships and don’t want to send two or more postcards to the same home. When you are ready to send, press ‘Review Cost and Add Filters’.
This final area will let you review your campaign before it is sent to your custom audience. First, you will be asked to confirm the date and time that your communication is queued up to be sent by Core iQ. Next, you will get a price estimate for your chosen campaign type and you will have the option to send a proof by email in order to gather any additional feedback. You can even send a proof to our Onovative Client Marketing team by checking the box marked ‘Include Onovative’. While we can’t speak directly to Compliance concerns, we can give you feedback on your verbiage and the intended outcome of your communication.
Finally, you will be able to use the last section to add any additional filters to your audience. You can use this area to remove individual customers (based off of their unique ID) or filter out certain age brackets. If you are happy with your current audience, then you can skip this area.
Once you click the ‘Finalize Now’ button, Core iQ will queue up your communication to be sent. We institute a minimum delay of 30 minutes to all outbound communications, so if you do find a mistake, then you can quickly make an edit by navigating to the Outbound Communications Status area. Once your communication is sent, Core iQ will track the desired conversions and will provide you with detailed feedback on the effectiveness of your campaign. If you see results that are working, then we highly recommend documenting your campaign choices and creating a more regular schedule for the cross-sells you find successful.