Leveraging Existing Training to Propel Progress
After a grueling merger, the organization realized they had been too inwardly focused and had lost sight of new-client acquisition. A senior sales executive, the leader of one of five national regions, sought greater results with regard to this critical measure.
Business Efficacy helped the region’s leadership team more effectively apply disciplines from the organization’s existing leadership training program. By helping them apply those lessons in the field, Business Efficacy addressed five keys to execution:
- Providing clarity for financial advisors on activities that would drive new-client growth.
- Aligning marketing support with the most critical advisor sales behaviors.
- Narrowing the team’s focus to the highest-impact, leading indicators.
- Defining region-officer behaviors required to drive sales-advisor results.
- Assisting region officers in building an implementation and accountability action plan.
Business Efficacy established these objectives via an all-day “clinic” and reinforced them through in-the-field coaching support.
The effort directly impacted the four most critical sales measures within the region:
- Increasing the number of new clients.
- Collapsing the timeframe to measurable success for new-hire advisors.
- Improving the sales success rate of veteran advisors (those with three years or more with firm).
- Growing overall incremental sales.
In doing so, the region moved to number one in the company in incremental sales growth. Four of its five regional officers hit their new-client growth goal by year’s end, while the fifth leads the country in year two. And the region outpaces the national YTD target for new clients by 16 percent.
“New Client Acquisition was a very new measure for our team. We knew we wanted to focus on it, but we didn’t really know how to effectively drive it. We had background on where we wanted to go and what we were trying to accomplish. Business Efficacy made us look at all the stuff we could focus on, make decisions, and instill in us a discipline of follow up that we really haven’t had around here before.”
– Nikki Sorum, Divisional Vice President