The sales force effectiveness concept has been around for a long time and has recently gained popularity across several industries. Traditionally, businesses have followed a transactional approach to drive sales, irrespective of the market they operate in, which increased the costs of new customer acquisition. The management viewed the sales function as a cost burden instead of an organizational asset. However, today, organizations have realized the importance of improving the sales force effectiveness of their workforce to boost sales and profitability and are increasingly opting for market analytics solutions. With a proper sales force effectiveness strategy in place, the sales representatives can understand the customer needs which will help them to push the right product to the right customer.
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What is Sales Force Effectiveness?
The old sales model of pitching irrelevant products at high prices and exorbitant margins to the customers is passé. The increasing consumer awareness levels, shorter buying cycle, and technological developments have coerced the sales representatives to shift from the traditional sales model and adapt their sales and marketing strategies to the changing market landscape. As a result, the concept of sales force effectiveness gained popularity across several industries such as the pharma industry and financial services industry. In simple terms, building sales force effectiveness entails developing incentive plans, determining achievable targets, providing the necessary market information, and training the workforce to cross-sell and up-sell their products to potential customers. With an effective SFE strategy, sales representatives can leverage market analytics solutions to identify the challenges faced by the customers. Organizations can redefine their sales process by devising an effective SFE strategy that helps the workforce to perform better and deliver valuable results.
Sales Force Effectiveness in the Financial Services Industry
In the financial services industry, the sales force is key to maximize revenue and continuously target new market segments. Financial services companies are increasingly building their sales force effectiveness to develop strong customer relations and minimize customer attrition. Sales force effectiveness helps organizations in the financial services industry to define customer segments and devise an effective go-to-market strategy to drive the business value proposition. The financial services industry is highly competitive and fragmented with every player providing similar products and services resulting in low customer loyalty. With the help of an effective sales force effectiveness strategy, financial services companies can maximize the ROI, develop new product offerings, and improve overall sales volume.
For instance, Quantzig’s sales force effectiveness study recently helped a leading financial services company to optimize their sales and target niche customer segments. By collecting historical data and real-time information, our expert analysts assessed the current market potential and made future growth projections to maximize ROI. Read the complete case study here.
Today, managers have access to a large stream of data, and decision-making based on gut-feeling, the rule of thumb, and guess works are largely eliminated with the advent of data analytics.
“Without big data analytics, companies are blind and deaf, wandering out onto the web like a deer on a freeway,” says a leading data analytics expert from Quantzig.
For more than 14 years, we have assisted our clients across the globe with end-to-end data management and analytics services to leverage their data for prudent decision making. Our firm has worked with 120+ clients, including 55+ Fortune 500 companies. At Quantzig, we firmly believe that the capabilities to harness maximum insights from the influx of continuous information around us is what will drive any organization’s competitive readiness and success. Our objective is to bring together the best combination of analysts and consultants to complement our clients with a shared need to discover and build those capabilities and drive continuous business excellence.