Internal Cross-Sell -I in Anatomy of Decisions

It’s a well-known fact that acquiring a new customer is a much more expensive proposition as compared to selling to an existing customer. That is why Cross-sell and up-sell models are very important parts of any company’s customer acquisition strategy.

But what is cross-sell? Suppose you want to buy a laptop. You look it up on amazon, and then you see amazon suggesting you other things like a laptop bag, laptop skin. This is cross-selling. It means selling the customer the product related to what he already purchased. 

And upsell is when you try to sell an upgraded version of the product to the customer. 
These models are very prevalent in the insurance industry as it is a tough job to find new customers.  

But how do you cross-sell? Do you reach out to everyone or you reach out to select few? How do you determine those select few customers? All these questions have been answered by Ashish in the below video.

In the above video, Ashish explained the various steps involved when we try to cross-sell the insurance policies to the existing customers. The process of cross-selling is typically handled by the cross-selling team. In some companies, it is part of the normal sales process, but in some companies, there is a sales team dedicated to this department.

Ashish also touched upon the various fundamental hypothesis his team had before working on the project and how they can be validated. In the next segment, Ashish explains how analytics helps in solving the problem.