Marketing Cross-Sell in Communications and Utilities: Are You Missing Key Sales Opportunities?
In today’s highly competitive market, if you’re not effectively cross-selling, you’re missing a sizeable slice of the revenue pie. And if you’re like many businesses that offer products and services to both consumers and businesses, you probably have separate databases for both. This can be a problem when trying to fully exploit marketing cross-sell opportunities.
The knowledge vacuum
Do you know if your potential customer is a business principal, guarantor or leader of that business? Most businesses are typically registered by their business name and address. If it’s a franchise, it may be legally registered under a different name than it uses to do business as (referred to as a DBA).
To complicate things even further, many business structures have moved to the limited liability company (LLC) model of multiple owners — a considerable departure from the president/owner/workers paradigm, especially in a small business. If you’re trying to identify consumers to engage in marketing cross-sell, you might encounter three owners, each with separate addresses, dates of birth and Social Security numbers — another complicating factor when attempting to identify potential customers in the corporate office and those in off-site branches. Compound this with the fact that some LLCs are owned by multiple people in multiple locations and you could end up with a major knowledge vacuum.
The keys to cross-selling
Fortunately, there are tools that can zero in on the many potential customers who may be associated with a business. These tools utilize multiple keys in a three-level hierarchy: a key associated with the information used to register the business (formally with the government), a key linked to the corporate location and keys tied to the organization’s individual sites. This lets you create a business file that already has an established hierarchy of owner, locations and LLC partners. Armed with that, you can map out a relationship table that reveals an organization’s multiple owners, locations and addresses.
One marketing cross-sell tool that falls into this category is EFX Link™ from Equifax. “We take the people associated with a business, not the business, and run them through Connexus™. Then we create another relationship table that shows that the business is associated with the owner and the other partners.” says Tom Lenahan, Vice President of Product Management at Equifax. Clients only need to send in their list of consumers, and Equifax keys them in and compares them to the cross-reference table that shows if that person is actually associated with the business. The relationship table also shows other important relationships — owners and locations, which can provide an offline solution for enhanced marketing.
Once you’ve created a relationship that ties a consumer to the business, you’ve identified a marketing cross-sell opportunity. You may have two partners using your consumer phone service, while the third one may not. If they aren’t already using your business phone service, you can cross-sell that product to any one or all of the other partners. “Basically, a system like this does the detective work of identifying consumers you already know who happen to own businesses or are involved with a business in some way,” explains Lenahan. Systems like EFX Link allow you to fully exploit these cross-sell opportunities.
Image source: morgueFile
Recommended For You
Online consumers can make their purchase with various payment options, like credit card, Apple Pay or PayPal. As a result, […]
We often simplify “customer experience” to just the point-of-purchase. But it encompasses the entire buying process, from the start of […]
Not all Affluent Households are Alike Reaching high-income households online isn’t hard. There are many digital targeting segments based on […]
Does Segmentation Go Far Enough? Segmentation for customer acquisition is a mainstay of daily business for most financial services firms. […]