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range of needs for tax services, for valuation services and others. To the degree that regulations allow, the accountants may be able to sell services that meet these needs. This kind of cross-selling helped major accounting firms to expand their businesses considerably. Because of the potential for abuse, this kind of selling by auditors has been greatly curtailed under the
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For the vendor, the benefits are substantial. The most obvious example is an increase in revenue. There are also efficiency benefits in servicing one account rather than several. Most importantly, vendors that sell more services to a client are less likely to be displaced by a competitor. The more a
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Selling add-on services is another form of cross-selling. That happens when a supplier convinces a customer that it can enhance the value of its service by buying another from a different part of the supplier's company. When one buys an appliance, the salesperson will offer to sell insurance beyond
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Broadly speaking, cross-selling takes three forms. First, while servicing an account, the product or service provider may hear of an additional need, unrelated to the first, that the client has and offer to meet it. Thus, for example, in conducting an audit, an accountant is likely to learn about a
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The objective of cross-selling can be either to increase the income derived from the client or to protect the relationship with the client or clients. The approach to the process of cross-selling can be varied to include two teams within the same organization or two organizations partnering to
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Unlike the acquiring of new business, cross-selling involves an element of risk that could disrupt the relationship of existing clients. For that reason, it is important to ensure that the additional product or service being sold to the client or clients enhances the
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the terms of the warranty. Though common, that kind of cross-selling can leave a customer feeling poorly used. The customer might ask the appliance salesperson why he needs insurance on a brand new refrigerator, "Is it really likely to break in just nine months?"
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to an existing customer. In practice, businesses define cross-selling in many different ways. Elements that might influence the definition might include the size of the business, the
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The fear of the incumbent business unit that its colleagues would botch their work at the client, resulting in the loss of the account for all units of the firm.
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Cross-Selling
Financial Services to Small and Medium Enterprises via E-Banking Portals
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438:"What is Co-Selling And How Can You Benefit From A Co-Seller?"
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client buys from a vendor, the higher the switching costs.
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452:"Arthur Andersen: An Accounting Confidence Crisis"
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