Tag: Sales force

big data

Financial Service Sector market analysis – How sales forecasting solutions helped a financial service firm to better manage their inventory and stock

QZ PR templateLONDON: Quantzig, a global analytics services provider, has recently completed their latest sales forecasting study for a financial service client. The financial services industry consists of several organizations including consumer finance firms, hedge funds, insurance companies, commercial and investment banks, and consumer finance firms. These firms help in managing money and another asset for corporations as well as individuals. Their services are primarily related to asset management, investments, accounting, and foreign exchange.

“The sales forecasting solution offered by Quantzig helped the financial service firm to bring about noticeable changes in accuracy by enhancing product development timing to improve sales.” says an industry expert from Quantzig.

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The sales forecasting solution offered by Quantzig helped the client to bridge the service delivery gaps. Furthermore, the solution also helped the company in better managing its inventory and avoid stock-outs and overstock situations. It also assisted the company to anticipate future sales and develop strategies to improve revenue.

Additional Benefits of the Sales Forecasting Solution

  • Enhance product development timing to improve sales
  • Gain relevant market knowledge to devise strategies that would improve the overall accuracy of operations
  • Explore possibilities to increase net income and revenue
  • To know more, request a proposal

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Sales Force Effectiveness

Sales Force Effectiveness Helps a Health Care Services Client Increase Sales by 10%

Businesses today solely rely on sales force effectiveness to identify and cater to the changing needs of the end users of health care services. According to a study, sales force effectiveness initiatives in MedTech industries is estimated to increase their performance by up to 8%.

The sales force is a crucial engine for the growth of the health care services sector, which comprises of medical products and services companies. But data is often scarce about the impact of sales force effectiveness (SFE) initiatives. As a result, many leading providers of health care services approach firms like Quantzig to improve sales force effectiveness in the pharmaceutical industry. Businesses belonging to the healthcare sector have realized the importance of sales force analysis and data management and are more inclined to invest in such services. Sales force effectiveness provides companies with significant opportunities to improve organic growth and increase their profit margins.

The Business Challenge:QZ_DEMO

A leading health care services provider approached Quantzig as they were struggling to define a successful approach and demonstrate a measurable return on investment (ROI). The client wanted to stay ahead of the shifting market dynamics. The health care services client also wanted to develop and implement an improvised sales model rapidly. The client wanted to implement new sales models about detailing channels and physician access.

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Sales Force Effectiveness Solution Benefits:

Quantzig helped the client achieve an overall 10% increase in sales margins. It also helped them adapt to the dynamic needs of the health care services sector. Quantzig’s sales force effectiveness based solutions provided a more holistic and integrated approach to sales and marketing. The client saw a noticeable difference in the sales percentage compared to the past few years. The solution offered also offered insights on the effectiveness of materials, sales tactics, and ideas to improve current business models.

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Sales Force Effectiveness Predictive Insights:

  • Helps companies in the health care sector to prioritize and access physician needs and develop solutions based on the needs
  • Respond to pressures from competitors, customers, and changing economy
  • Helps develop competencies according to the current market needs
  • Increased physician satisfaction, resulting in repeat sales(RRx)
  • Helps to improve new industry models
  • Optimization of relevant resources
  • Greater control over structure and size of sales teams
  • Utilizing new technological trends for offering excellent health care services

 

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salesforce and sales pipeline management

How Can Organizations Optimize Their Sales Pipeline?

Sales pipeline management entails tracking prospects, achieving goals, and organizing the sales data. An effective sales pipeline management allows the salesforce to keep track of deals in various stages of the sales funnel, and helps them achieve their goals and targets. A sales pipeline or a sales funnel is a Free demostep-by-step sales process right from prospecting, to lead generation, and closing the sale. The sales funnel accounts for the client meetings, emails, sales calls, and other processes that are mandatory to seal a deal. As a result, it allows the salesforce to be organized and direct their efforts towards cross-selling and upselling their product offerings.

Sales Pipeline Management – How Do You Optimize it?

With a clearly defined sales funnel, the salesforce can define their objectives, evaluate their options, and optimize it at every stage in the sales process. The sales and marketing heads know that a sound strategy, efficient management, and a well-functioning salesforce are key ingredients to drive profitability in the organization. To optimize the sales pipeline, marketing and sales teams must align their objectives, resulting in high-quality opportunities and higher revenue for the organization. But how do you optimize the sales pipeline, you ask? Here’s how,

  • First, the sales and marketing functions must define the marketing qualified lead (MQL) that is more likely to convert into a customer. In order to streamline the sales funnel, both teams must use advanced data analytics to gain insights to focus on the right channels and medium to attract MQL
  • Second, the teams must create an ideal sales roadmap from the marketing function to sales, which gives the salesforce a clear picture of potential leads and visitors at different stages in the sales pipeline
  • Third, leverage predictive data analytics, customer analytics, and other advanced data analytics to gain insights about the leads, engage with them at the right time through the right channel, and quickly close the deal. The salesforce can utilize data to perform better and improve the process by streamlining the sales pipeline

 

To know more about sales pipeline optimization and its impact on your organization

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Sales Force Optimization Engagement Guarantees Long-term Profitability for a Leading Insurance Provider

Quantzig’s recent study on sales force performance optimization for a leading insurance provider in the US assures three-fold improvement in agent satisfaction through retention and training programs.

Redefining retention strategies to manage sales force

Building a strong sales team is essential to promote healthier customer relationship and stay competitive in the global market. Insurance companies are adopting various retention strategies to motivate, empower, and recognize the performance of their sales staffs. Developing effective employee productivity and engagement activities will ensure better performance from the sales staff. A well-defined retention strategy improves the sales force productivity and ensures that the customers avail their products on a regular basis. At Quantzig, the sales force performance optimization team provide solutions to optimize sales force performance and agent performance on a real-time basis. The researchers offer actionable insights on sales growth opportunities and agent effectiveness by utilizing machine learning algorithms to examine the patterns that exist across internal and external data.

Many organizations are developing performance evaluation metrics that assesses and measures the effectiveness of the sales force. These methodologies help the companies understand the problem areas and address the issues at the source to increase the individual’s or team’s performance. By building strong metric systems monitoring performance, addressing training needs, analyzing agent’s behavior, and gathering information on sales volume becomes easier. Moreover, it helps organizations to deal with agents from different backgrounds and solve issues efficiently.

Focus on customer relationship management (CRM)

With the advent of Internet and growth of e-commerce models, it is pertinent for organizations to invest in the development of CRM strategies. Companies are implementing SaaS-based and cloud computing software to expand their relationship with the consumers. Innovative CRM tools will create a strong relationship with the supplier and consumer and will allow companies to understand the individual needs and requirements of each end-user. Additionally, a good CRM model ensures proper communication flow and enables suppliers to provide excellent customer services. By using mobile devices and Internet building, productive CRM models will become effortless.

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Creating a diverse sales force

Employing sales force from various backgrounds, culture, race, and gender will diversify the organizations and increase the flow of ideas and designs. The market is also stepping towards hiring millenniums, which results in a younger and more active staff team. Hiring employees from different backgrounds will promote the trend of shorter sale cycle and encourage more interactions with consumers.

Outcomes and solutions offered

Quantzig’s analytics team analyzed various historical data such as the date of joining, the size of the client organization, customer feedback, educational qualification, and average working hours per week and helped improve the client’s sales force productivity and strategy. Here are some of the solutions offered:

  • Performed merging and aggregation of collected data to create a single source for data analysis and reduced attrition rate by 51%
  • Designed machine learning algorithms to help the client study patterns that existed across internal and external data, resulting in 24% increase in conversion rates
  • Provided information on the impact of training and compensation levels of the sales force and identified factors that affected the growth, success, and tenure of candidates after training to certify maximum ROI from existing agents
  • Improved agent effectiveness based on actionable insights on sales growth opportunities
  • Developed a dashboard for real-time updates and insights on operational metrics, agent performance, call details, and training of new recruits

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The complete case study on sales force performance optimization engagement for a leading insurance player is now available.

Recent case studies that might interest you:

For any queries, reach us at – hello@quantzig.com