Presentation deck from a March 22nd, 2012 webinar in which Fifth Third Bank shared their story of how they worked with Forum to implement a customer focused sales strategy.
4. Purpose and Agenda
Purpose: to introduce a model for managing sales force effectiveness
and a case study to illustrate it, so that sales leaders can use this tool
to assess and improve their own organizations
Agenda
– Introduction
– What do we mean by sales force effectiveness
– The Forum model for understanding the elements of sales force
effectiveness
– Fifth Third Bank case study
– Questions and Answers with webinar audience
www.forum.com
5. Fifth Third Challenges
2008 Financial meltdown
2009 Focused on end goal: The Top Performing Bank in
the Top 25
2010: very low number of products/household
Operating in silos
Undifferentiated products
www.forum.com
6. Polling Question
What grade do you think your CEO would give
your sales organization?
oA
oB
oC
oD
oF
www.forum.com
7. CEO’s Grade Their Sales Force
C-
CEO‟s top issues with their sales force:
1. Speed
2. Calling too low
3. The sales force can‟t tell the story
4. We have the wrong people
Source: George Colony, CEO of Forrester Research
http://blogs.forrester.com/george_colony/11-03-01-ceos_want_better_sales_forces
www.forum.com
8. Top 3 Objectives for Chief Sales Officer’s
for the Next 12 Months
Half of the CSO‟s surveyed rate sales effectiveness as one of the top three objectives
What are the top THREE objectives you have for your sales organization for the
next twelve months?
Increase Revenues 61.9%
Increase Sales Effectiveness 49.5%
Capture New Accounts 41.7%
Improve Up-selling/Cross-selling 31.7%
Improve Customer Loyalty/Satisfaction 31.7%
Improve Margins/Reduce Discounting 18.5%
Optimize Lead Generation 16.1%
Reduce Administrative Burden on Sales Force 15.1%
Improve Team Selling 11.5%
Reduce Cost of Sales 9.2%
Reduce Sell Cycle Time 6.9%
Increase Reorder/Renewal Rates 6.9%
Other (please specify) 3.2%
Source: CSO Insights - 2011 Sales Performance Optimization Study (over USD 1B revenue)
www.forum.com
9. What Do We Mean by
“Sales Force Effectiveness”
Effectiveness is the degree to which a sales organization can:
Consistently meet and exceed its financial targets
Effectively articulate and deliver distinctive value to
customers
Adapt quickly to changes in strategy
Continually renew and grow its capacity to perform
Central Questions for the Chief Sales Officer:
How do I determine where to invest to optimize returns?
What‟s my business model?
Which “levers” are most important now to driving my sales strategy?
www.forum.com
10. Essentials of Sales Force Effectiveness
Marketing Department Marketing Communications
Structure Talent
Value
Proposition
Sales
Account & Sales People
Managers
Sales Territory Markets
Business Assignments
Strategy Strategy &
Sales Force Customer Customer
Customers
Size & Service Service People
Structure Managers
Compensation
Plan
Customer Knowledge (VOC) & Business Intelligence
Processes and Standards
Metrics and Feedback
www.forum.com
11. Marketing Department Marketing Communications
Business
Strategy Sales Strategy Structure Talent
Top Performer
“One Bank” • Alignment
in Top 25 • Engagement
One Bank Value Sales and Service Centers of Markets
people most Proposition: Excellence &
value and trust Better Comp Plan: • Coaching Skills Customers
Listening, Shift to Team • Consultative Selling Skills
Solutions, Rewards • Service Skills
Ideas, • Measurement & Feedback
Commitment
Customer
Customer Knowledge
Experience Index
Processes and Standards One Bank sales process
Metrics and Feedback Impact Workshop
www.forum.com
12. Voices From the Front Lines
“The customer came in to exchange
One of the best training sessions I foreign currency and open an account
have attended here. Lot of great with us, and left excited about the
tools to keep this going‟ financial plan he now has in place.”
- Retail Regional Manager - Customer Service Rep
“This is an „AHA!‟ moment – struggle with
“I hit 176% of quarterly goal in
looking at same deals in the same place in
less than 1 month after skill
pipeline month-after-month. This
training and brand release.”
(exploring consequences and payoffs) is
- Personal Banker – with Fifth Third what we need to move deals.”
less than a year
- Market Manager, Business Banking
www.forum.com
13. Business Results
Customer Contact Center
329% increase in sales of complex
products
$
Retail Direct Sales (inside sales teams):
Highest sales/hour month in outbound
selling since 2006
2011 2012
Business Banking Group
12% increase in Customer Experience
Index (CEI) survey question:
Has your Relationship Manager presented
a new business solution or idea to your
company in the last 12 months?
www.forum.com
14. Key Drivers to Our Success
1. Senior Leadership
2. Strategic Focus (One Bank)
3. Aligned strategy with behaviors
4. Aligned compensation with behaviors
5. Equipped sales managers to lead strategy
6. Equipped sales people to execute
7. Monitor progress & adjust
www.forum.com
15. Lessons Learned About Driving Sales
Strategy and Sales Effectiveness
Create a mindset of investing in people
Communicate continually to achieve strategy
clarity and alignment
Ensure managers own daily execution
Collaborate at every level
www.forum.com