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HBEG External Sales Strategy Presentation to Halla Sakr HBEG DMD, PFS/Branches March 2008
Strategic Objectives <ul><li>Leverage a large sales force to optimize mass acquisition with the aim to  </li></ul><ul><li>...
Destination Model <ul><li>An external sales model to capture market share through focused/intense  </li></ul><ul><li>targe...
Opportunities/Situation Analysis  <ul><ul><ul><li>Population </li></ul></ul></ul><ul><ul><ul><li>Market Share </li></ul></...
1. Population   <ul><ul><li>Most populous country in Middle East; 78 million (JUL06); annual growth 1.9%.  </li></ul></ul>...
2. Market Share  <ul><li>A, B+ segment estimated at 2m (estimates backed up by post-paid mobile  </li></ul><ul><li>users a...
2(a) Market Share - General Market Share - still dominated by the public sector banks. CBE Website
2(b) Market Share – Competition PFS Assets/Liabilities
2(c) Market Share – Competition PFS Loans/Deposits
2(d) Market Share – Credit Cards <ul><ul><li>Egypt is one of the fastest growing countries in Middle East in terms of card...
2(e) Market Share - Credit Cards Growth -15.2  -13.8  -1.3 -1.0 Growth in HSBC Market Share 8.3 (8% as at 2Q06)   9.5 9.7 ...
2(f) Market Share - Credit Cards Growth 250.0  7.7  225.0 Growth in HSBC Market Share 1.4  1.3 0.4 HSBC Market Share 659.8...
2(g) Market Share - Credit Cards Rank / Share 1  / 29% 1  / 30% Visa Gold Retail Spend 1  / 24% 1  / 27% Visa Gold CIF 5  ...
3(a) Competition - General <ul><li>Aggressive competition; new products/ services, and pricing  </li></ul><ul><li>challeng...
3(b) Competition – External Sales <ul><ul><li>Citibank (1999); PFS sales fully outsourced to their own company; sales forc...
4. Life Cycle Management <ul><li>Economy – growing economy, with GDP growth rate 5.7% (estimate 2006). Strong government e...
5. Services <ul><li>Service levels under threat due to: </li></ul><ul><ul><li>Complexity of sales/increasing number of pro...
6. Embedded Value <ul><li>Cross sales ratio currently at 2:14; the upside is doubling this  </li></ul><ul><li>figure, ther...
7. Geographic Coverage <ul><ul><li>Geographical coverage to enhance profit per square meter. </li></ul></ul><ul><ul><li>Ag...
External Sales Strategies <ul><li>An external sales strategy meets the challenges / opportunities of the  </li></ul><ul><l...
TIMBRE  <ul><li>TIMBRE countries - similar market dynamics of emerging markets;  growth  </li></ul><ul><li>opportunities -...
TIMBRE - Mexico <ul><li>An outsourced direct sales company (Fuerza Movil) leveraging the branch network (1316 branches, 6....
TIMBRE - India <ul><ul><li>Limited network coverage due to regulatory environment; 46 branches, 2010 target is set around ...
Set-up 2001; 14 Direct Sales Staff
TIMBRE – Egypt (Direct Sales) HBEG Direct Sales Team; set-up Y2001; 14 sales representatives
The Ideal Sales Model <ul><li>Build on Group experience (TIMBRE, HBME). </li></ul><ul><li>Establish the ideal sales model,...
The Ideal Sales Model - Implementation Options
Model A – HBEG External Sales  <ul><li>Model A – In-house external sales structure. </li></ul><ul><li>General Assumptions:...
Model A – Financials
Model A - Advantages   <ul><li>Benefits over the existing set-up are: </li></ul><ul><ul><li>NPV out-weighs the impact of t...
Models B – External Sales Company <ul><li>External Sales Company - internal management team and sales force.  </li></ul><u...
Models B – Financials
Model B – Advantages <ul><li>Additional benefits over Model A are:  </li></ul><ul><ul><ul><li>Standalone, flexible busines...
Models C / D – Outsourced Sales Force <ul><li>Models C and D are external and internal models, both using an outsourced  <...
Models C / D   …cont <ul><li>General Assumptions </li></ul><ul><ul><li>YI cards income contribution - 50% of average credi...
Models C and D – Financials (2/day)
Models C and D – Financials (1.5/day) Low sales (1.5/day); productivity nil; cost growth 10%
Models C and D – Financials (3/day) Higher sales (3/day); productivity 12%; cost growth 8%
Model C - Advantages <ul><li>HBEG Sales Company, with an outsourced sales force. </li></ul><ul><li>Additional benefits ove...
Model D - Advantages <ul><li>HBEG External Sales Department - internal management team, with an  </li></ul><ul><li>outsour...
Key Considerations -1   0   1     Rating
Recommendations  <ul><li>While Models C and D both meet HBEG business objectives, the  </li></ul><ul><li>recommended optio...
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2 External Sales Strategy 10 Mar08 Final

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2 External Sales Strategy 10 Mar08 Final

  1. 1. HBEG External Sales Strategy Presentation to Halla Sakr HBEG DMD, PFS/Branches March 2008
  2. 2. Strategic Objectives <ul><li>Leverage a large sales force to optimize mass acquisition with the aim to </li></ul><ul><li>achieve HBEG’s strategic objectives: </li></ul><ul><ul><li>Generate and Sustain Revenue Growth </li></ul></ul><ul><ul><li>Grow Market Share of PFS segment </li></ul></ul><ul><ul><li>Enhance Productivity </li></ul></ul><ul><ul><li>Enhance Profitability </li></ul></ul>
  3. 3. Destination Model <ul><li>An external sales model to capture market share through focused/intense </li></ul><ul><li>targeting of NTB customers, to generate revenue growth and profitability. </li></ul><ul><li>This entails: </li></ul><ul><ul><li>Alignment to HBEG PFS Strategy (“Hunter-Farmer” model) </li></ul></ul><ul><ul><li>A business structure where cost-to-income ratios are directly linked to sales and goal achievement </li></ul></ul><ul><ul><li>Recruitment based on characteristics and sales skills </li></ul></ul><ul><ul><li>A sales culture to take forward aggressive acquisition strategies (targets, incentives, performance management, rewards and recognition, training etc.) </li></ul></ul>
  4. 4. Opportunities/Situation Analysis <ul><ul><ul><li>Population </li></ul></ul></ul><ul><ul><ul><li>Market Share </li></ul></ul></ul><ul><ul><ul><li>Competition </li></ul></ul></ul><ul><ul><ul><li>Life Cycle Management </li></ul></ul></ul><ul><ul><ul><li>Services </li></ul></ul></ul><ul><ul><ul><li>Embedded Value </li></ul></ul></ul><ul><ul><ul><li>Geographical Coverage </li></ul></ul></ul>
  5. 5. 1. Population <ul><ul><li>Most populous country in Middle East; 78 million (JUL06); annual growth 1.9%. </li></ul></ul><ul><ul><li>Density of the population with 95% of inhabitants living in the Nile Valley - 70% within 150 km of Cairo; concentration makes marketing efforts effective in terms of reach. </li></ul></ul><ul><ul><li>Young population, 63% within 15-64years age group; opportunity to capture and retain customers from the beginning of the life cycle. </li></ul></ul>
  6. 6. 2. Market Share <ul><li>A, B+ segment estimated at 2m (estimates backed up by post-paid mobile </li></ul><ul><li>users approximately 3m). </li></ul><ul><ul><li>50:50 male-female Married – 88% </li></ul></ul><ul><ul><li>Have Children – 90% </li></ul></ul><ul><ul><li>Stable employment for 16-25 age bracket - 38% </li></ul></ul><ul><ul><li>97% have Bank accounts - 13% only have credit cards, and 14% planning to acquire (270k). </li></ul></ul><ul><ul><li>Household Income for 83% ranges between EGP2-4000 </li></ul></ul>
  7. 7. 2(a) Market Share - General Market Share - still dominated by the public sector banks. CBE Website
  8. 8. 2(b) Market Share – Competition PFS Assets/Liabilities
  9. 9. 2(c) Market Share – Competition PFS Loans/Deposits
  10. 10. 2(d) Market Share – Credit Cards <ul><ul><li>Egypt is one of the fastest growing countries in Middle East in terms of cards, with an average growth rate 39% (as compared to Middle East) </li></ul></ul><ul><ul><li>POS usage growing strongly, with retail sales volumes growing year-on-year at approximately 12% for the past 5 years </li></ul></ul>
  11. 11. 2(e) Market Share - Credit Cards Growth -15.2 -13.8 -1.3 -1.0 Growth in HSBC Market Share 8.3 (8% as at 2Q06) 9.5 9.7 HSBC Market Share 44.2 15.9 11.7 26.6 Growth in HSBC CIF 71.2 18.2 13.2 27.9 Growth in market Visa CIF Cumm. (02–05) % 2005 % 2004 % 2003 % Visa Card (Credit Cards)
  12. 12. 2(f) Market Share - Credit Cards Growth 250.0 7.7 225.0 Growth in HSBC Market Share 1.4 1.3 0.4 HSBC Market Share 659.8 76.8 329.6 82.7 Growth in HSBC CIF 142.6 71.9 (49.6%-SEP06) 41.2 - Growth in market MasterCard CIF Cumm. (03–05) % 2005 % 2004 % 2003 % MasterCard (Credit Cards)
  13. 13. 2(g) Market Share - Credit Cards Rank / Share 1 / 29% 1 / 30% Visa Gold Retail Spend 1 / 24% 1 / 27% Visa Gold CIF 5 / 2.2% 6 / 2.6% 6 / MasterCard Retail Spend 6 / 1.4% 6 / 1.3% 7 / MasterCard CIF 2 / 12% 3 / 10% Visa Classic Retail Spend 3 / 7% 2 / 8% Visa Classis CIF 2005 2004 2003 2002 Credit Cards
  14. 14. 3(a) Competition - General <ul><li>Aggressive competition; new products/ services, and pricing </li></ul><ul><li>challenges on supply side putting pressures on market share/ </li></ul><ul><li>profit margins. </li></ul><ul><ul><li>Public Sector Banks – greater geographic coverage & larger customer base </li></ul></ul><ul><ul><li>Subsidiaries of global banks (Citibank, Barclays) </li></ul></ul><ul><ul><li>Mergers and acquisitions (Credit Agricole, NSGB) </li></ul></ul>
  15. 15. 3(b) Competition – External Sales <ul><ul><li>Citibank (1999); PFS sales fully outsourced to their own company; sales force 94 </li></ul></ul><ul><ul><li>Credit Agricole (2003); internal management - outsourced sales force - 60-100 sales executives </li></ul></ul><ul><ul><li>Arab Bank (2004); internal management and sales force - 20-30 sales staff </li></ul></ul><ul><ul><li>CIB – recent set up of internal sales team; 30-40 staff </li></ul></ul><ul><ul><li>Barclays Bank (2006); internal management - outsourced sales force; approx. 400 sales executives (to grow to over 1000 during plan period) </li></ul></ul>
  16. 16. 4. Life Cycle Management <ul><li>Economy – growing economy, with GDP growth rate 5.7% (estimate 2006). Strong government efforts in fiscal consolidation, privatization and the restructure of some key sectors. Positive climate for foreign investment creating employment and growth opportunities. </li></ul><ul><li>Customer – large young population; opportunity to capture with hook products for potential future cross sell, as they move with life cycle requirements. </li></ul><ul><li>Product – opportunity to develop the basic products offerings for higher returns through loyalty programs, expenditure promotions. </li></ul>
  17. 17. 5. Services <ul><li>Service levels under threat due to: </li></ul><ul><ul><li>Complexity of sales/increasing number of products; </li></ul></ul><ul><ul><li>Expansion growth rate </li></ul></ul><ul><ul><li>Sales targets </li></ul></ul><ul><ul><li>Enhanced awareness of targeted/ bankable customers: </li></ul></ul><ul><ul><ul><li>more demanding requirements </li></ul></ul></ul><ul><ul><ul><li>continuously changing needs </li></ul></ul></ul><ul><ul><ul><li>expectations of good service standards, convenience and pro-activeness from banks. </li></ul></ul></ul>
  18. 18. 6. Embedded Value <ul><li>Cross sales ratio currently at 2:14; the upside is doubling this </li></ul><ul><li>figure, thereafter need to invest in future market. Opportunity to </li></ul><ul><li>create embedded value: </li></ul><ul><li>External sales models break even – within 2 years, thereafter it is direct embedded value </li></ul><ul><li>DSC creates a new pool of customers for future growth (derived embedded value) </li></ul>
  19. 19. 7. Geographic Coverage <ul><ul><li>Geographical coverage to enhance profit per square meter. </li></ul></ul><ul><ul><li>Aggressive expansion of branch network, will be complemented by large sales force to optimize reach. </li></ul></ul><ul><ul><li>The proactive reach of customers, at their convenience. </li></ul></ul>
  20. 20. External Sales Strategies <ul><li>An external sales strategy meets the challenges / opportunities of the </li></ul><ul><li>market environment. </li></ul><ul><li>It is also in line with market and Group practice; successful Group models </li></ul><ul><li>in place - HBME, Asia, and TIMBRE. </li></ul>
  21. 21. TIMBRE <ul><li>TIMBRE countries - similar market dynamics of emerging markets; growth </li></ul><ul><li>opportunities - young un-banked large population – economies </li></ul><ul><li>undergoing structural reforms. </li></ul><ul><li>The external sales models – identified as cost efficient strategies for mass </li></ul><ul><li>sales acquisition, to grow market share and increase raise profitability, </li></ul><ul><li>through NTB customers. </li></ul><ul><li>The External Sales Strategy should encompass: </li></ul><ul><ul><li>Focused sales approach – clearly defined market segments </li></ul></ul><ul><ul><li>Variable income of around 0.6% of disbursement amount </li></ul></ul><ul><ul><li>Systems to measure and manage productivity and performance </li></ul></ul><ul><ul><li>Systems to measure and manage sales activities, leads and referrals </li></ul></ul><ul><ul><li>Sourcing of sales referrals through regular campaigns, promotions </li></ul></ul>
  22. 22. TIMBRE - Mexico <ul><li>An outsourced direct sales company (Fuerza Movil) leveraging the branch network (1316 branches, 6.8m customers, 4.5k ATMs and 20k FTEs) </li></ul><ul><li>Sales force size - 663 (includes supervisors, Managers, Regional Heads) </li></ul><ul><li>Sales force - managed within PFS structure and work with branch units to align synergies </li></ul><ul><li>Dedicated to credit card sales </li></ul><ul><li>Performance based compensation applied bank-wide ; the “Motivator” system – calculates incentives based on value generation </li></ul><ul><ul><li>Sales force incentives - based acquisition and usage; small fixed income, large variable </li></ul></ul><ul><ul><li>Branch incentives - based on average balance variation, promoting referrals </li></ul></ul><ul><li>CRM usage – for sale referrals, cross-and-up sales </li></ul><ul><li>Multi channel campaigns to generate leads </li></ul>
  23. 23. TIMBRE - India <ul><ul><li>Limited network coverage due to regulatory environment; 46 branches, 2010 target is set around 60 - 70 branches </li></ul></ul><ul><ul><li>Mass acquisition strategy - outsourced outbound tele-calling centre to generate leads </li></ul></ul><ul><ul><li>Total sales force exceeds 1000 for personal loans and credit card, 60% outsourced </li></ul></ul><ul><ul><li>Supervisor ratio 1:10; each Direct Sales Agent reports to a Sales Manager </li></ul></ul><ul><ul><li>Home mortgages – separate team 85-90 </li></ul></ul>
  24. 24. Set-up 2001; 14 Direct Sales Staff
  25. 25. TIMBRE – Egypt (Direct Sales) HBEG Direct Sales Team; set-up Y2001; 14 sales representatives
  26. 26. The Ideal Sales Model <ul><li>Build on Group experience (TIMBRE, HBME). </li></ul><ul><li>Establish the ideal sales model, key elements of which are: </li></ul><ul><ul><li>Aligned strategies with Bank’s strategic objectives </li></ul></ul><ul><ul><li>Appropriate structure/ management span </li></ul></ul><ul><ul><li>Selection/recruitment of the management team, and the “hunters” </li></ul></ul><ul><ul><li>Training and development </li></ul></ul><ul><ul><li>Targets and incentives </li></ul></ul><ul><ul><li>Performance Management/ Management Information </li></ul></ul><ul><ul><li>The Sales Culture. </li></ul></ul>
  27. 27. The Ideal Sales Model - Implementation Options
  28. 28. Model A – HBEG External Sales <ul><li>Model A – In-house external sales structure. </li></ul><ul><li>General Assumptions: </li></ul><ul><ul><li>YI cards income contribution - 50% of average credit card </li></ul></ul><ul><ul><li>YII+ cards income contribution – 25% more than average credit card </li></ul></ul><ul><ul><li>YII+ Premier/Gold share of card base – 20% </li></ul></ul><ul><ul><li>Income Contribution; Premier/Gold EGP913 - Others EGP296 </li></ul></ul><ul><ul><li>Turnover per card growth – 8% </li></ul></ul><ul><ul><li>Fixed cost growth – 8% </li></ul></ul><ul><ul><li>Fixed salary growth – 5% </li></ul></ul><ul><ul><li>5 year Discount Rate – 10.5% </li></ul></ul><ul><li>Assumptions specific to Model A: </li></ul><ul><ul><li>FTE 40 - planned sales force 50; (turnover, recruitment process) </li></ul></ul><ul><ul><li>Fixed salaries sales force - 60% </li></ul></ul><ul><ul><li>Productivity 8% </li></ul></ul><ul><ul><li>Incentives – EGP69/unit </li></ul></ul><ul><ul><li>Incentives; Team Leaders – 20% of sales force incentives; Sales Executive – 20% of Team leader Incentives </li></ul></ul>
  29. 29. Model A – Financials
  30. 30. Model A - Advantages <ul><li>Benefits over the existing set-up are: </li></ul><ul><ul><li>NPV out-weighs the impact of the high cost structure over plan </li></ul></ul><ul><ul><li>Reduced fixed salary costs (60% of HBEG salary scales) </li></ul></ul><ul><ul><li>Higher sales and productivity given: </li></ul></ul><ul><ul><ul><li>Management structure, supervisory overview (1:10) </li></ul></ul></ul><ul><ul><ul><li>Product focus and intensity </li></ul></ul></ul><ul><ul><ul><li>Rewards and recognition programs </li></ul></ul></ul><ul><ul><ul><li>Performance and activity management </li></ul></ul></ul><ul><ul><ul><li>Campaign referrals and leads </li></ul></ul></ul><ul><ul><ul><li>Increased training cycles </li></ul></ul></ul>
  31. 31. Models B – External Sales Company <ul><li>External Sales Company - internal management team and sales force. </li></ul><ul><li>General Assumptions: </li></ul><ul><ul><li>YI cards income contribution - 50% of average credit card </li></ul></ul><ul><ul><li>YII+ cards income contribution – 25% more than average credit card </li></ul></ul><ul><ul><li>YII+ Premier/Gold share of card base – 20% </li></ul></ul><ul><ul><li>Income Contribution; Premier/Gold EGP913 - Others EGP296 </li></ul></ul><ul><ul><li>Turnover per card growth – 8% </li></ul></ul><ul><ul><li>Fixed cost growth – 8% </li></ul></ul><ul><ul><li>Fixed salary growth – 5% </li></ul></ul><ul><ul><li>5 year Discount Rate – 10.5% </li></ul></ul><ul><li>Assumptions specific to Model B: </li></ul><ul><ul><li>Sales force – 50; </li></ul></ul><ul><ul><li>Fixed salaries sales force - 40% </li></ul></ul><ul><ul><li>Productivity 10% </li></ul></ul><ul><ul><li>Incentives – EGP77/unit; gateway 11 cards/month </li></ul></ul><ul><ul><li>Incentives; Team Leaders – 20% of sales force incentives; Sales Executive – 20% of Team leader Incentives </li></ul></ul>
  32. 32. Models B – Financials
  33. 33. Model B – Advantages <ul><li>Additional benefits over Model A are: </li></ul><ul><ul><ul><li>Standalone, flexible business structure </li></ul></ul></ul><ul><ul><ul><li>Flexible recruitment policy – focus on sales characteristics; </li></ul></ul></ul><ul><ul><ul><li>Exit bottom 5-10% performers annually </li></ul></ul></ul><ul><ul><ul><li>Flexible remuneration policy linked to sales achievements </li></ul></ul></ul><ul><ul><ul><li>Reduced fixed salary costs – 40% </li></ul></ul></ul><ul><ul><ul><li>Sales environment more attainable – higher productivity </li></ul></ul></ul><ul><ul><ul><li>Sales environment does not impact HBEG equilibrium </li></ul></ul></ul><ul><ul><ul><li>No commitment to integrate sales force within HBEG </li></ul></ul></ul><ul><ul><ul><li>Ability for HBEG to second management (oversight) </li></ul></ul></ul><ul><ul><ul><li>Increased training cycles, regular coaching and mentoring </li></ul></ul></ul><ul><ul><ul><li>Campaign referrals and leads </li></ul></ul></ul>
  34. 34. Models C / D – Outsourced Sales Force <ul><li>Models C and D are external and internal models, both using an outsourced </li></ul><ul><li>sales force. The two models have similar financial returns based on the </li></ul><ul><li>comparable levels of sales achievement and productivity. </li></ul><ul><li>The key differences lie in: </li></ul><ul><ul><li>Set-up requirements – legalities, time and one off cost </li></ul></ul><ul><ul><li>Degree of impact on HBEG equilibrium </li></ul></ul><ul><ul><li>The ability to attract/recruit best talent </li></ul></ul>
  35. 35. Models C / D …cont <ul><li>General Assumptions </li></ul><ul><ul><li>YI cards income contribution - 50% of average credit card </li></ul></ul><ul><ul><li>YII+ cards income contribution – 25% more than average credit card </li></ul></ul><ul><ul><li>YII+ Premier/Gold share of card base – 20% </li></ul></ul><ul><ul><li>Income Contribution; Premier/Gold EGP913 - Others EGP296 </li></ul></ul><ul><ul><li>Turnover per card growth – 8% </li></ul></ul><ul><ul><li>Fixed cost growth – 8% </li></ul></ul><ul><ul><li>Fixed salary growth – 5% </li></ul></ul><ul><ul><li>5 year Discount Rate – 10.5% </li></ul></ul><ul><li>Assumptions specific to Models C/D </li></ul><ul><ul><li>Sales force – 50 </li></ul></ul><ul><ul><li>Zero fixed cost - sales force </li></ul></ul><ul><ul><li>Productivity 10% </li></ul></ul><ul><ul><li>Incentives; Sales force EGP70/unit </li></ul></ul><ul><ul><li>Incentives; Team Leaders – 20% of sales force incentives; Sales Executive – 20% of Team leader Incentives </li></ul></ul>
  36. 36. Models C and D – Financials (2/day)
  37. 37. Models C and D – Financials (1.5/day) Low sales (1.5/day); productivity nil; cost growth 10%
  38. 38. Models C and D – Financials (3/day) Higher sales (3/day); productivity 12%; cost growth 8%
  39. 39. Model C - Advantages <ul><li>HBEG Sales Company, with an outsourced sales force. </li></ul><ul><li>Additional benefits over Model B are: </li></ul><ul><ul><li>Reduced fixed costs – sales force </li></ul></ul><ul><ul><li>An outsourced sales force enhances scalability, and migrates non-core sales functions to a third party – HR contracts, payroll, insurance, etc.. </li></ul></ul>
  40. 40. Model D - Advantages <ul><li>HBEG External Sales Department - internal management team, with an </li></ul><ul><li>outsourced sales force. </li></ul><ul><li>Additional benefits over Model C are: </li></ul><ul><ul><li>No set-up costs and/or legal complexities relating to establishing a new company (capitol costs, approvals, registration, 3 shareholders, general assemblies, balance sheet, income and profit distribution etc) </li></ul></ul><ul><ul><li>Ability to attract, recruit and retain the best talent. </li></ul></ul>
  41. 41. Key Considerations -1   0   1     Rating
  42. 42. Recommendations <ul><li>While Models C and D both meet HBEG business objectives, the </li></ul><ul><li>recommended option is Model D, due to: </li></ul><ul><ul><li>Setup does not involve the complexities of establishing/maintaining a separate legal entity </li></ul></ul><ul><ul><li>Ability to attract/retain best talent </li></ul></ul><ul><ul><li>Given that there are no restrictions on number of branches, a separate sales company does not provide additional reach/benefits </li></ul></ul><ul><li>Successful implementation/goal achievements are directly linked/subject to: </li></ul><ul><ul><li>A stand-alone business structure, and the ability to create a robust sales environment/culture </li></ul></ul><ul><ul><li>Sales force selection/recruitment with the sales management team </li></ul></ul><ul><ul><li>Management team incentives based on goal achievements </li></ul></ul><ul><ul><li>Ability to handle staff turnover </li></ul></ul>

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