customer focused strategy

© Copyright 2012 The Sales Management Association.

March 22, 2012

Presented by

Fifth Third Bancorp: How to Execute a

Customer Focused Sales Strategy

SMA Webcast

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: www.salesmanagement.org

Slide 2

© 2012 The Sales Management Association . All rights reserved.

Today’s Speakers

3

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

Slide 3

© 2012 The Sales Management Association . All rights reserved

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

www.forum.com

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 audience

www.forum.com

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 products

www.forum.com

What grade do you think your CEO would give

your sales organization?

Polling Question

o A

o B

o C

o D

o F

www.forum.com

CEO’s Grade Their Sales Force

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 people

C-

Source: George Colony, CEO of Forrester Research http://blogs.forrester.com/george_colony/11-03-01-ceos_want_better_sales_forces

www.forum.com

Top 3 Objectives for Chief Sales Officer’s

for the Next 12 Months

3.2%

6.9%

6.9%

9.2%

11.5%

15.1%

16.1%

18.5%

31.7%

31.7%

41.7%

49.5%

61.9%

Other (please specify)

Increase Reorder/Renewal Rates

Reduce Sell Cycle Time

Reduce Cost of Sales

Improve Team Selling

Reduce Administrative Burden on Sales Force

Optimize Lead Generation

Improve Margins/Reduce Discounting

Improve Customer Loyalty/Satisfaction

Improve Up-selling/Cross-selling

Capture New Accounts

Increase Sales Effectiveness

Increase Revenues

What are the top THREE objectives you have for your sales organization for the next twelve months?

Source: CSO Insights - 2011 Sales Performance Optimization Study (over USD 1B revenue)

Half of the CSO‟s surveyed rate sales effectiveness as one of the top three objectives

www.forum.com

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?

www.forum.com

Essentials of Sales Force Effectiveness

Marketing Department Marketing Communications

Markets

&

Customers

Business

Strategy

Sales

Strategy

Structure

Customer Knowledge (VOC) & Business Intelligence

Processes and Standards

Metrics and Feedback

Sales

Managers Sales People

Customer

Service People

Customer

Service

Managers

Talent

Value

Proposition

Account &

Territory

Assignments

Sales Force

Size &

Structure

Compensation

Plan

www.forum.com

Marketing Department Marketing Communications

Markets

&

Customers

Business

Strategy Sales Strategy Structure

Customer Knowledge

Processes and Standards

Metrics and Feedback

Talent

Top Performer

in Top 25

Customer

Experience Index

Value

Proposition:

Better

Listening,

Solutions,

Ideas,

Commitment

Comp Plan:

Shift to Team

Rewards

One Bank sales process

“One Bank”

Sales and Service Centers of

Excellence

• Coaching Skills

• Consultative Selling Skills

• Service Skills

• Measurement & Feedback

• Alignment

• Engagement

Impact Workshop

One Bank

people most

value and trust

www.forum.com

Voices From the Front Lines

One of the best training sessions I

have attended here. Lot of great

tools to keep this going‟

- Retail Regional Manager

“I hit 176% of quarterly goal in

less than 1 month after skill

training and brand release.”

- Personal Banker – with Fifth Third

less than a year

“The customer came in to exchange

foreign currency and open an account

with us, and left excited about the

financial plan he now has in place.”

- Customer Service Rep

“This is an „AHA!‟ moment – struggle with

looking at same deals in the same place in

pipeline month-after-month. This

(exploring consequences and payoffs) is

what we need to move deals.”

- Market Manager, Business Banking

www.forum.com

Business Results

$

2011 2012

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

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?

www.forum.com

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 & adjust

www.forum.com

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 level

© Copyright 2010 The Sales Management Association

Thank You.