More and more, financial services organizations are focusing on driving revenue growth by selling more products and services to existing clients. Organizations have a 60 to 70% chance of increasing sales to a current client, versus a mere 20 to 40% likelihood of winning back a former client or closing a sale to a prospect.
Compared to the time, cost, and effort to acquire new clients, this approach makes good sense. It is far more cost effective to market to existing clients than to onboard new clients and these opportunities have a higher success rate.
The status quo is about to change, however, as these organizations redefine their enterprise referral model.