Wells Fargo’s first, and possibly most important, operational strategy is focusing on cross-selling. Dick Kovacevich, former chairman and CEO of Wells Fargo, is often credited with developing the bank’s successful cross-selling strategy. According to Wells Fargo, cross-selling is “the process of offering customers the products and services they need, when they need them, to help them succeed financially.” For Wells Fargo, cross-selling is a part of the organizational DNA. It’s the most important pillar of its operational strategy. Cross selling is important for three main reasons: It’s cheaper than new customer acquisition: It costs a bank much more to acquire customers than to sell to an existing customer. It improves customer retention: Cross-selling
