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Customer focused strategy


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Presentation deck from a March 22nd, 2012 webinar in which Fifth Third Bank shared their story of how they worked with Forum to implement a customer focused sales strategy.

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Customer focused strategy

  1. 1. SMA WebcastFifth Third Bancorp: How to Execute aCustomer Focused Sales StrategyMarch 22, 2012Presented by © Copyright 2012 The Sales Management Association.
  2. 2. About the Sales Management Association A global, cross-industry professional association for sales operations and sales management. Focused in providing research, case studies, training, peer networking, and professional development to our membership. Fostering a community of thought-leaders, service providers, academics, and practitioners. Learn More: © 2012 The Sales Management Association . All rights reserved. Slide 2
  3. 3. Today’s Speakers Jeffrey Baker • 14 years with Forum selling and consulting to clients • VP Worldwide Customer Care for Intervoice-Brite (now Convergys) • Manager of Services Products for global channel partners at PictureTel (now Polycom) • Sales Director Major Accounts New England, Siemens Communications Christine Nester • Joined Fifth Third Bank in 2010 as the Director of Performance Consulting • Supports all Lines of Business • Previously spent 13+ years with Fidelity Investments in variety of roles • Vice President of Learning and Development • Regional Vice President of Relationship Management 3 © 2012 The Sales Management Association . All rights reserved Slide 3
  4. 4. Purpose and Agenda  Purpose: to introduce a model for managing sales force effectiveness and a case study to illustrate it, so that sales leaders can use this tool to assess and improve their own organizations  Agenda – Introduction – What do we mean by sales force effectiveness – The Forum model for understanding the elements of sales force effectiveness – Fifth Third Bank case study – Questions and Answers with webinar
  5. 5. Fifth Third Challenges  2008 Financial meltdown  2009 Focused on end goal: The Top Performing Bank in the Top 25  2010: very low number of products/household  Operating in silos  Undifferentiated
  6. 6. Polling Question What grade do you think your CEO would give your sales organization? oA oB oC oD
  7. 7. CEO’s Grade Their Sales Force C- CEO‟s top issues with their sales force: 1. Speed 2. Calling too low 3. The sales force can‟t tell the story 4. We have the wrong peopleSource: George Colony, CEO of Forrester Research
  8. 8. Top 3 Objectives for Chief Sales Officer’s for the Next 12 MonthsHalf of the CSO‟s surveyed rate sales effectiveness as one of the top three objectives What are the top THREE objectives you have for your sales organization for the next twelve months? Increase Revenues 61.9% Increase Sales Effectiveness 49.5% Capture New Accounts 41.7% Improve Up-selling/Cross-selling 31.7% Improve Customer Loyalty/Satisfaction 31.7% Improve Margins/Reduce Discounting 18.5% Optimize Lead Generation 16.1% Reduce Administrative Burden on Sales Force 15.1% Improve Team Selling 11.5% Reduce Cost of Sales 9.2% Reduce Sell Cycle Time 6.9% Increase Reorder/Renewal Rates 6.9% Other (please specify) 3.2% Source: CSO Insights - 2011 Sales Performance Optimization Study (over USD 1B revenue)
  9. 9. What Do We Mean by “Sales Force Effectiveness” Effectiveness is the degree to which a sales organization can:  Consistently meet and exceed its financial targets  Effectively articulate and deliver distinctive value to customers  Adapt quickly to changes in strategy  Continually renew and grow its capacity to perform Central Questions for the Chief Sales Officer:  How do I determine where to invest to optimize returns?  What‟s my business model?  Which “levers” are most important now to driving my sales strategy?
  10. 10. Essentials of Sales Force Effectiveness Marketing Department Marketing Communications Structure Talent  Value Proposition Sales  Account & Sales People Managers Sales Territory Markets Business Assignments Strategy Strategy &  Sales Force Customer Customer Customers Size & Service Service People Structure Managers  Compensation Plan Customer Knowledge (VOC) & Business Intelligence Processes and Standards Metrics and
  11. 11. Marketing Department Marketing CommunicationsBusinessStrategy Sales Strategy Structure Talent Top Performer “One Bank” • Alignment in Top 25 • Engagement One Bank Value Sales and Service Centers of Markets people most Proposition: Excellence & value and trust Better Comp Plan: • Coaching Skills Customers Listening, Shift to Team • Consultative Selling Skills Solutions, Rewards • Service Skills Ideas, • Measurement & Feedback Commitment Customer Customer Knowledge Experience Index Processes and Standards One Bank sales process Metrics and Feedback Impact
  12. 12. Voices From the Front Lines “The customer came in to exchange One of the best training sessions I foreign currency and open an account have attended here. Lot of great with us, and left excited about the tools to keep this going‟ financial plan he now has in place.” - Retail Regional Manager - Customer Service Rep “This is an „AHA!‟ moment – struggle with “I hit 176% of quarterly goal in looking at same deals in the same place in less than 1 month after skill pipeline month-after-month. This training and brand release.” (exploring consequences and payoffs) is - Personal Banker – with Fifth Third what we need to move deals.” less than a year - Market Manager, Business
  13. 13. Business Results  Customer Contact Center  329% increase in sales of complex products $  Retail Direct Sales (inside sales teams):  Highest sales/hour month in outbound selling since 2006 2011 2012  Business Banking Group  12% increase in Customer Experience Index (CEI) survey question: Has your Relationship Manager presented a new business solution or idea to your company in the last 12 months?
  14. 14. Key Drivers to Our Success 1. Senior Leadership 2. Strategic Focus (One Bank) 3. Aligned strategy with behaviors 4. Aligned compensation with behaviors 5. Equipped sales managers to lead strategy 6. Equipped sales people to execute 7. Monitor progress &
  15. 15. Lessons Learned About Driving Sales Strategy and Sales Effectiveness  Create a mindset of investing in people  Communicate continually to achieve strategy clarity and alignment  Ensure managers own daily execution  Collaborate at every
  16. 16. Thank You. © Copyright 2010 The Sales Management Association