Bundled Banking Products
Direct Mail / Point-Of-Sale / Integrated Campaign

Boost sales by bundling up products.

Situation
Bankers know that the more of your products the customer owns, the more likely he is to stick around. But how could a bank cross-sell more products and create “stickier” relationships?

Approach
Working with our client, a prominent financial institution, and using our research findings, Heinrich developed five distinct “product packs,” each of which provided customers with better pricing when signing up for a multi-product bundle.

The product packs clearly explained the cost savings customers could gain by moving more of their accounts to the same bank. A flexible design allowed bankers to re-merchandise a pack on the spot to meet a customer’s unique needs. The integrated campaign used direct mail, POS collateral, statement inserts, sales tools, and employee training tools.

Result
The pilot program topped all expectations, increasing customer retention and cross-sell rates, boosting sales by 17%, and generating $82 million in incremental profits for the bank during the first year. It was quickly rolled out company-wide and has since been copied by competitors nationwide.