A cross seller is a person who sells or suggests the related or complimentary products to a prospect or among the established clients, markets, traders, etc. In the financial service arena, cross seller can sell different type of investments to investors, or even sell insurance to investors or help in tax preparation or retirement planning of clients.
Basically, many businesses define cross selling in many ways. It is based on the size of the business, the industry sector it operates within and the financial motivations are some of the factors required to define the term ‘cross selling’. Here the main strategy of a cross seller is to sell an additional product or service to the existing customers. This additional product being sold to the client enhances the value that the client gets from the organization.
Effective cross selling is not only a good business practice, but is effective in making financial decisions as well. A cross seller can be a stock broker, insurance agent, or a financial planner. Here the purpose of a cross seller is to research on the clients to know the best targets for cross selling and their new financial service product. He finds out which client segment would prove most profitable for their product.
Example: WellsFargo & Company is a diversified financial services company and is ranked as the seventh largest bank holding company in the US as of 2000. This company is one of the top “cross sellers” of financial services in the country, offering credit cards, personal loans, wealth management services, and insurance.