Cross-selling is a procedure by which organisations, based on their internal records, can estimate the likelihood that a customer will purchase/use additional services. This concept had been designed to assist database marketers and marketing managers in determining when individuals should be targeted for the promotion of a new product.
Cross-selling describes "the practice of selling an additional product or service to an existing customer" (Li et al., 2011:683). Cross-selling is an established and valuable technique which increases order size as well as transforming single-product buyers into multi-product buyers (Kamakura, 2008). In many industries, such as financial services, insurance, healthcare, accounting, telecommunications, airlines, and retailing, cross-selling is established as a top strategic priority (Li et al., 2011).
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Cross-Selling References (4 of up to 20) *
- Arora, H. (2011) Max New York Life Insurance Case Study. [Online] Available at: www.cio.in/case-study/max-new-york-life-insurance-used-bi-tools-cross-sell-and-max-their-revenue [Accessed: 14 January 2011].
- Bryce, D., Dyer, J. and Hatch, N. (2011) Competing Against Free. Harvard Business Review, Vol. 89(6), pp. 104-111.
- Cook, G. (2011) Sell! Sell! Sell! Independent Banker, Vol. 5, pp. 58-62.
- Garmhausen, S. (2010) How SunTrust is Revving up Referrals. Bank Investment Consultant, Vol. 18, pp. 34-36.
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