Sales people are expensive resources that often operate remotely, interact directly with customers, and have significant impact on business results. Our sales force effectiveness approach accounts for proper customer targeting, organization deployment, sales talent management, and incentives, which are critical to our clients' success.
Sales Force Effectiveness Specialized for Financial Services
Our team leverages multiple types of our proprietary market benchmarked insight about clients’ people: their pay, their productivity, their client experience, and their talent profiles.
Market Targeting Strategies
Targeting specific markets and customers is one of the primary growth, retention and profit levers for sales. It’s also one of the best ways to ensure that investments in sales resources are optimized. We help clients with the key elements in strategically targeting customers:
- Sales Potential Estimation: Using statistical algorithms, we can help clients predict the total sales opportunity from a customer. This is important when deciding whether to target that customer for new sales, further penetration or retention-focused programs
- Customer Segmentation: By grouping customers with common traits we can more effectively align the sales force to meet customers’ needs and improve a company’s value proposition.
Sales organization deployment is a critical factor in improving revenue and decreasing cost of sales. Our team provides the basis for a structured, intelligent plan that puts the right skills in the right place to achieve strategic objectives.
- Sales Force Sizing: Sales force sizing based on historical data analysis, market potential, future growth projections and a sales team’s productivity are all considerations in deploying the optimal sales force. We analyze these factors to support effective customer coverage.
- Coverage Modeling: Best in class sales forces recognize that selling has evolved to a profession of specialists, requiring a mix of talent that aligns to specific skills, customers, channels, products and productivity levels. We can help clients understand and improve sales results prior to deployment so that risk is minimized.
Talent selection and management are common hurdles that prevent a sales force from being successful. Attracting and retaining top talent provides an important advantage over competitors.
- Selection Criteria: Our team can help you develop job ‘success profiles’ and test candidates based on proven success factors to guide recruitment efforts. We can adapt the sales competencies in these profiles as your needs and target markets evolve
- Engagement: Improved engagement of the sales force can motivate productivity and reduce turnover. Our team can provide leading indicators that identify engagement issues and drivers to scientifically improve sales performance.
Comprehensive Rewards Strategy
Sales force rewards are the primary means of motivating salespeople. Incentive plans influence the activities and behaviors of salespeople and push them to higher levels of performance. McLagan helps clients develop plans that direct sales behavior to drive strategy and revenue goals.
- Goals & Quotas: To execute a sales strategy successfully, goals and/or quotas must be set to effectively evaluate sales activities and achieve results. We help clients develop targeted, achievable performance objectives to align sales performance with strategy and territory potential.
- Sales Compensation: The success of a sales organization is often driven by the compensation plan. A well-designed sales compensation program focuses salespeople on activities that support the company's strategy and revenue objectives, and in turn, rewards salespeople for their contributions. We have designed thousands of sales compensation plans based on our proprietary survey data and our clients’ needs for sales and profit growth.