A strong sales force performance helps create value-added relationships with customers. However, factors such as fierce competition and poor retention strategies are making it difficult for sales managers to retain and attract salespeople in the company. Consequently, it has become imperative for the sales managers to rethink the way they manage, train, and motivate their sales force. A well-defined retention strategy aimed at improving the sales force productivity will ensure that the customers avail their products on a regular basis.
Quantzig’s sales force performance optimization team offers insights on how to optimize sales force performance information, agent performance on a real-time basis. Our research team also utilizes machine learning algorithms to study patterns that exist across internal and external data. We also offer actionable insights on sales growth opportunities and agent effectiveness.
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The Business Challenge and Quantzig’s Approach
With an aim to track the performance of their sales force, the client, a leading insurance player in the US collaborated with the Quantzig team to develop a solution for agent retention and optimize their strategy to improve conversion rate. Due to stiff competition in the market – and the need to ensure that their customers continue availing their products – there was a need to improve the existing strategy and their sales force productivity. There was a lack of advanced forecasting capabilities and a well-defined retention strategy.
The primary objective of this sales force performance optimization was to minimize agent attrition and maximize sales force productivity to improve long-term profitability.
Our performance analytics team also collaborated with the client to develop an efficient solution based on the data collected from various sources and the information procured from sales representatives. To meet the specific needs of the leading insurance player in the US, our sales analytics team analyzed various historical data such as the date of joining, educational qualification, size of the organization, customer feedback, and average working hours per week.
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An overview of the data used and models applied are given below
The Business Benefits and Insights
With the objective to help improve sales force productivity and strategy, Quantzig deployed a sales analytics team with experience in handling similar sales force performance optimization assignments. The analytics team performed a merging and aggregation of collected data to create a single source for data analysis. Additionally, the sales performance analytics team designed machine learning algorithms to study patterns that existed across internal and external data.
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The solution assisted in clear understanding of the impact of training and compensation levels of the sales force and identified factors that affected the success, growth, and tenure of candidates after training to ensure maximum ROI from existing agents.
The analytics team also developed a dashboard for real-time updates and insights on operational metrics, agent performance, call details, and trainings of new recruits. Quarter-on-quarter trends for agent sale performance, attrition, incentives, and new recruits including the impact of seasonal factors was derived from the study.
In a span of just 10 weeks the client was able to understand the key factors to focus on to minimize agent attrition and maximize sale force productivity. At the end of the sales force performance, the client witnessed an improvement in agent satisfaction through various retention and training programs.