Financial Services Company - Sales Process Development

This Fortune 500 financial services company was transitioning from an insurance and annuity provider to a comprehensive financial services organization. The sales leadership needed to redefine the sales process and methodology to be used by the field representatives.

The Challenge

With a team of more than 2,500 field representatives, they needed to create a new selling process that incorporated their customers’ values and provided a more holistic approach to financial services. Their current approach was very successful for insurance and annuity transactional sales. However, it didn’t allow them to deeply understand what people wanted to do with their lives and how that impacted their financial decisions.

The Approach

We worked with field sellers, customers and staff to understand how they thought about finances and what they wanted from their representative. We also explored what it would take for them to change providers and what they were most concerned about. We worked side-by-side with the sales leadership group to develop and roll out the new sales process. In addition to the process, we worked closely with both corporate and field leaders to develop the tools, training, communication and workshops to transfer the knowledge to the reps and those who responsible for teaching newer reps. The actual training was conducted by the company's sales management to increase buy-in and reinforcement.

The Result

The end result was a new sales process that asked the representatives to spend more time understanding the complete picture and provided a more comprehensive financial solution. The average case size (revenue per order) grew substantially and the program success was shared with other functions within the company.