Product / Service Innovation

Industry: Retail Banking; Challenge: Cross-Selling Strategies

Challenges & Objectives
As a result of two mergers and three reorganizations, product sales in the retail branch organization of a major money-center bank had become disorganized and uncoordinated, resulting in significant revenue declines.

Reporting relationships and communications had become too decentralized to effectively coordinate marketing campaigns. New business from existing customers had come to a virtual stand-still.

Challenge: create better communications and product coordination between and among field divisions and product marketers.

The Work we did
Kiron consultants conducted multiple facilitated meetings over a nine-month period. Participants in these meetings consisted of a wide range of retail and HQ personnel, including support staff as well as managers with line and product responsibility.
  • Early sessions concentrated on improving communications and product knowledge at the retail branch level.
  • Mid-project sessions focused on identifying synergies between products and developing strategies to capitalize on the bank's existing customer base.
  • Later sessions addressed providing the resources necessary to support renewed product marketing efforts, including staffing and systems needs.
Client developed and successfully coordinated the implementation of fifteen new cross-selling plans efforts across all the divisions over an eighteen month period. Total product sales achieved new highs in every branch.

Print the whole case study "Cross-Selling Strategies (retail banking)".

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