Business Challenges
- To increase the effectiveness of new entrant sales training and thereby impact sales to high net-worth customers by 25%
- Reduce turnover of 15% of its 9000 employees to less than 10% within 12 months
Initiatives
- An observational research study was implemented, including how well reps sales training helped them sell to high net worth customers
- Developed and maintained a core group of 20 managers and 32 field sales trainers to observe sales behaviors and customer reactions to a level of accuracy such that their data could be statistically analyzed
- Over 3000 sales calls were analyzed examining salespeople behaviors correlated with customer values, their financial profiles, salesperson experience, and call outcomes
Results
- Developed a sales skills model based on value-adding behaviors
- Redesign of sales training including improved quality control and evaluation methods
- Sales premiums increased by 18% over a 12 month period following the changed emphasis on coaching
- Turnover of field personnel dropped to 9% in 12 months with a decreasing trend
- Demonstrated that skill decay was about 85% within 6 weeks if coaching emphasis was not maintained
- Increased the ROI of the client’s current $32million training program, as demonstrated by improved skills retention, and increased call business
Update
The new training model was adopted for company-wide use and remains as the model of choice for new entrant training as well as on-going field coaching.
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