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