Sales Process Design for a Bank
Issue
A large bank was losing share and was not profitable in the mutual fund marketplace.
Results
ZS developed new roles and responsibilities for the sales force that focused on selling accountability and established clear measures for activities and outcomes. ZS also provided a tracking and reporting system to keep sales personnel informed regarding performance against measures. The pay structure was modified to include incentive programs that rewarded desired activities and results. The new selling process focused on increasing the share of wallet with current clients and cross-selling mutual fund products by leveraging bank partners.
Approach
Through an immersion research process, ZS determined the needs and buying preferences of the bank’s customers. This information was used to refine the product offering and the selling process. Elements of the selling process that were considered essential to close a sale were identified and incorporated into the sales force metrics. ZS also designed and deployed a sales model that integrated partners into the selling process.