customer focused strategy
DESCRIPTION
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.TRANSCRIPT
© Copyright 2012 The Sales Management Association.
March 22, 2012
Presented by
Fifth Third Bancorp: How to Execute a
Customer Focused Sales Strategy
SMA Webcast
About the Sales Management Association
A global, cross-industry professional association for sales
operations and sales management.
Focused in providing research, case studies, training, peer
networking, and professional development to our membership.
Fostering a community of thought-leaders, service providers,
academics, and practitioners.
Learn More: www.salesmanagement.org
Slide 2
© 2012 The Sales Management Association . All rights reserved.
Today’s Speakers
3
Christine Nester
• Joined Fifth Third Bank in 2010 as the Director of Performance Consulting
• Supports all Lines of Business
• Previously spent 13+ years with Fidelity Investments in variety of roles
• Vice President of Learning and Development
• Regional Vice President of Relationship Management
Slide 3
© 2012 The Sales Management Association . All rights reserved
Jeffrey Baker
• 14 years with Forum selling and consulting to clients
• VP Worldwide Customer Care for Intervoice-Brite (now Convergys)
• Manager of Services Products for global channel partners at PictureTel (now
Polycom)
• Sales Director Major Accounts New England, Siemens Communications
www.forum.com
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
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
What grade do you think your CEO would give
your sales organization?
Polling Question
o A
o B
o C
o D
o F
www.forum.com
CEO’s Grade Their Sales Force
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
C-
Source: George Colony, CEO of Forrester Research http://blogs.forrester.com/george_colony/11-03-01-ceos_want_better_sales_forces
www.forum.com
Top 3 Objectives for Chief Sales Officer’s
for the Next 12 Months
3.2%
6.9%
6.9%
9.2%
11.5%
15.1%
16.1%
18.5%
31.7%
31.7%
41.7%
49.5%
61.9%
Other (please specify)
Increase Reorder/Renewal Rates
Reduce Sell Cycle Time
Reduce Cost of Sales
Improve Team Selling
Reduce Administrative Burden on Sales Force
Optimize Lead Generation
Improve Margins/Reduce Discounting
Improve Customer Loyalty/Satisfaction
Improve Up-selling/Cross-selling
Capture New Accounts
Increase Sales Effectiveness
Increase Revenues
What are the top THREE objectives you have for your sales organization for the next twelve months?
Source: CSO Insights - 2011 Sales Performance Optimization Study (over USD 1B revenue)
Half of the CSO‟s surveyed rate sales effectiveness as one of the top three objectives
www.forum.com
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
Essentials of Sales Force Effectiveness
Marketing Department Marketing Communications
Markets
&
Customers
Business
Strategy
Sales
Strategy
Structure
Customer Knowledge (VOC) & Business Intelligence
Processes and Standards
Metrics and Feedback
Sales
Managers Sales People
Customer
Service People
Customer
Service
Managers
Talent
Value
Proposition
Account &
Territory
Assignments
Sales Force
Size &
Structure
Compensation
Plan
www.forum.com
Marketing Department Marketing Communications
Markets
&
Customers
Business
Strategy Sales Strategy Structure
Customer Knowledge
Processes and Standards
Metrics and Feedback
Talent
Top Performer
in Top 25
Customer
Experience Index
Value
Proposition:
Better
Listening,
Solutions,
Ideas,
Commitment
Comp Plan:
Shift to Team
Rewards
One Bank sales process
“One Bank”
Sales and Service Centers of
Excellence
• Coaching Skills
• Consultative Selling Skills
• Service Skills
• Measurement & Feedback
• Alignment
• Engagement
Impact Workshop
One Bank
people most
value and trust
www.forum.com
Voices From the Front Lines
One of the best training sessions I
have attended here. Lot of great
tools to keep this going‟
- Retail Regional Manager
“I hit 176% of quarterly goal in
less than 1 month after skill
training and brand release.”
- Personal Banker – with Fifth Third
less than a year
“The customer came in to exchange
foreign currency and open an account
with us, and left excited about the
financial plan he now has in place.”
- Customer Service Rep
“This is an „AHA!‟ moment – struggle with
looking at same deals in the same place in
pipeline month-after-month. This
(exploring consequences and payoffs) is
what we need to move deals.”
- Market Manager, Business Banking
www.forum.com
Business Results
$
2011 2012
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
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
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
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
© Copyright 2010 The Sales Management Association
Thank You.