Territory Management

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This is not an end-all-be-all primer for Territory Management - it was developed for a very specific situation to fix a very specific business problem.

This is not an end-all-be-all primer for Territory Management - it was developed for a very specific situation to fix a very specific business problem.

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  • 1. Territory ManagementGeography + Account Valuation = Great Territory Management! North West Base East South Highest Value Sales Certification Program August 2005
  • 2. Course Overview Territory Management This course will provide you with theknowledge and skills to efficiently and effectively establish, service andmanage a geographic sales territory.
  • 3. Course ObjectivesAt the end of this training session, you will be able to: EXPLAIN: How to Find Leads and Pre-qualify Prospects EXPLAIN: The Three Phase Approach to Territory Management EXECUTE: A Base + NEWS Prospecting Plan DEVELOP: A Base + NEWS Territory Management Plan EXPLAIN: The concept of Account Valuation EXPLAIN: The concept of Account Deployment DISCUSS: How you will eventually develop a Geographic + Value- based Territory Management Plan
  • 4. Territory ManagementSome Basic Terminology: TERRITORY: The geographic area in which you sell. ACCOUNT: A business customer. LEAD: A business within the territory, that may or may not be a qualified prospect. PROSPECT: A potential customer account or person with whom you are not doing business today, but might. BROKER: A business owner or manager. Typically the decision-maker. CONTACT: A person within an account.
  • 5. Territory Management It’s An APPLe  Applied Productivity and Performance Levers, or APPLes,” are the competencies and skills required for success as a Sales Rep.  Territory Management is one of the eight major APPLes.Technology  Territory Management is a systematic, logical process that allows a sales rep to achieve optimal results from the potential customers in a given geographic area.
  • 6. Territory ManagementIt is Accomplished By: Identifying leads and qualifying prospects Allocating appropriate time and resources for prospecting, servicing, and developing accounts Mapping routes efficiently Prioritizing prospects and accounts to ensure that the energy, budget and time spent on them is in direct proportion to their value to the company, and to maximize the revenue and profit potential of the territory Primary Objective
  • 7. Territory ManagementIt is Important Because: It ensures the proper and efficient geographic coverage of the territory It is a vehicle for balancing work load It is a means of containing costs, such as travel expenses It ensures proper market penetration and account development Maximizing your territory translates into more loans, and higher commissions
  • 8. Territory ManagementFactors to Consider: Lead sources Target account profile Number and potential value of prospects Number and value of accounts Size and shape of the territory, including distance between key points The layout of roadway systems, which determines the time between key points Duration and frequency of presentations or visits
  • 9. Territory Management Three-Phase Process PHASE I: 0 to 90 Days Prospecting Plan to Establish Accounts 90 to 120-150 Days PHASE III PHASE IIAdvanced Territory Management Basic Territory Management (Account Deployment) Plan to Solidify Core Account Base 120-150 Days +
  • 10. Territory Management Phase I – Prospecting Plan Prospecting Plan (Geographic) North  Find leads (from Marketing, personal experience, observation, state banking commission, associations, Yellow Pages, other advertising and/or networking.) Base  Map leads using Base + NEWS method (geographic prospectingWest East plan - divide territory into 5 parts, with the center being your home base and the others being North, East, West, South).  Qualify prospects when possible (phone and other research). South  Set appointments when possible.  Visit prospects on appointments when possible or cold call as needed.  Rotate the areas/accounts you visit based on day.  Start at the farthest-most office and work your way back home.  See 8-12 prospects per day - run sales meetings and presentations.  Do Account Selection… retire prospects and acquire accounts, as appropriate.  Balance your efforts over time based on overall account potential compared to revenue realization.
  • 11. Territory ManagementFinding LeadsYou may receive some leads fromMarketing. To do that… You must also: Contact your Territory VP and follow  Research state banking commission Websites their instructions.  Search the Yellow Pages  Search online sources such as www.411.comKnow that… and www.smartpages.com They may automatically send a list  Review other advertisement sources of prospects within your territory for  Join and get member lists from you to review… associations You may need to request it.  Network within your market and community There may not be many or any  Ask for referrals from prospects and accounts good leads in our database These leads are customers that have worked with us at some point, or that we know about. That’s why…
  • 12. Territory ManagementPre-Qualifying Prospects Call leads by telephone to confirm they’re in business, meet our pre-qualifcations, and are not already working with us. (Set an appointment if possible.) Cold-call those prospects who won’t talk on the phone, when you are in their geographic area. (Get and give business cards; set an appointment). Talk to others inside the prospective account… receptionists or others. Ask questions of referral sources and our employees; gather information from all viable sources. Be creative. Look for large Yellow Page or other ads. If it’s a known account that has deactivated, research past production.
  • 13. Territory ManagementHit the RoadNow it’s time to put your Prospecting Plan into action: Go the appointments Cold call as required Use your Partnership Selling and Account Selection skills Work hard to establish accounts and get ready for Phase II of Territory Management
  • 14. Territory Management Phase II – Basic Territory Management Basic Territory Mgt. (Geographic) North  Continue the Base + NEWS system.  Visit 5 accounts per day and see 1-3 prospects per day (if prospects are limited, see more accounts). See at least 2 in theWest Base East morning and 3 in the afternoon. (Same accounts, same days, same locations, and same times – throughout the month.)  Spend one hour at a office for every sales you made there last month, South or expect to get this month.  Contact the right people for the right action. Use your inside staff and Solutions Desk to get product/underwriting/policy questions answered. Use your TVP to get obstacles removed, or for help with special customers in the field.  Continue to work with accounts geographically to further profile, confirm your Account Selection decision, and develop production potential.
  • 15. Territory Management Phase III – Advanced Territory Management North Account Deployment Preview  Evaluate and rank accounts based on Past and Current production, and Future production potential (PCF).West Base East  Rework Territory Plan to spend the most time (more than one visit per week) with top-ranked accounts with the most value, and see remaining accounts once per week (or less) geographically (or by phone). Effort spent on accounts should be in direct proportion to their South value.  Visit 6 accounts per day and see 1-2 prospects per day, as availability allows (if prospects are limited, see more accounts).  Spend one hour at a office for every sales made last month, or Highest Value expected this month.  Contact the right people for the right action. Use your inside staff and Solutions Desk to get product/underwriting/policy questions answered. Use your TVP to get obstacles removed, or for help with special customers in the field.
  • 16. Territory Management Phase III – Advanced Territory Management Account Valuation PreviewHighest Value
  • 17. Territory Management Course Review Territory Management is a systematic, logical process that allows you to achieve optimal results from the potential customers in a given geographic area. The primary objective of Territory Management is to maximize the revenue and profit potential of your territory. You do that by prioritizing prospects and accounts to ensure that the energy, budget, and time spent on them is in direct proportion to their value. Leads may come from internal sources and your own research. Initially, calling prospects ensures they’re still in business and can save you time. When you have an account base that you visit weekly, you can see other prospects when you are in the area. For a new sales rep, Territory Management is a three-phase process.
  • 18. Territory Management Course ReviewPHASE I: Prospecting Plan to PHASE II – Basic Territory PHASE III – Advanced TerritoryEstablish Accounts Management Plan to Solidify Management (Account Core Account Base Deployment) Find leads.  Continue to work with  Evaluate and rank account Map leads using Base + accounts geographically to production and potential. NEWS method (geographic prospecting plan). further profile, confirm  Rework Territory Plan to selection decision, and Qualify prospects, when possible. develop production. spend the most time (more than one visit per week) with Set appointments, when possible.  Visit 5 accounts per day, and accounts with the most Visit prospects on appointments see 1-3 prospects per day (if value, and see remaining or cold call leads. prospects are limited, see accounts geographically. See 8-12 prospects per day – run more accounts).  Visit 6 accounts per day, and Broker Meetings and LO see 1-2 prospects per day (if Presentations. prospects are limited, see more accounts). Select, retire and acquire accounts, as appropriate.
  • 19. Territory Management Course Review This concludes our course on Territory Management Thanks for your attention and efforts Best of success on the Course Assessment!