bd for extreme growth
TRANSCRIPT
Leading2Leadership
Business Development For Extreme GrowthA Case Study
The Catalyst• M&A Strategy derailed• Dissatisfied with incremental growth• Needed to do something different
Challenge: BD a Growth Lever
• Lots of SEGs to manage
• Small employer groups• Lack of SEG employee
engagement• Struggles with the SEG
HR filters
Historical Results
• Slow member growth (3%)
• Incremental balance growth (4.5%)
• Low employee engagement
What was needed
• Growth that would meet our goal to be $3B
• Extreme member growth
• Extreme balance growth
How?
• Larger employer groups
• Compelling solution to create employee engagement
• Tactics to cross sell
Steps
• Create a strategy• Build an
implementation plan• Design a staff model• Establish a
compensation plan
The Strategy
• Grow members and balances
• Engage new SEG employees so they look like our existing members
• Target employer groups of 500+ employees
The Implementation
• Definitions• Set goals• Design job description• Design Comp Plan• Hire/assign Staff• Identify target markets
• SEG• SEG Tiers • New Member
• Existing Member• Balance growth• SEG Member
Set Goals
• Know – Where you want to go– What you want to
achieve– What the end looks like
Job Description
• Helps you– Hire the right skills– Right personality– Right motivation
• Designed to – Drive the right
behaviors– Get the right results
Compensation
• Know what results you want
• Compensate to get these results
• Make it performance based 80/20, 70/30, 60/40
• Balance– Fitting the person to the job– Fitting the job to the person
Identify the Market
• What is a prospect1. Size of group
2. Make up of group
3. Accessible
4. Approachable
5. Has an identifiable need
6. Willing to solve
How
• Product offer that HR was struggling with (H.S.A.)
• Large employer groups– One America – 1400 FTE– Archdiocese of Indianapolis – 6000 FTE– Angie’s List – 1600 FTE
Year One Case Study results• Member growth 22%
– 19% attributed to new employer groups added in 2013
– 9% in second year attributed to new employer groups added in2013
– 47% employee penetration with SEGs added in 2013• Balance growth
– Deposit $535K – Loans $745K
• Checking adoption – over 80%• Products per HH – 1.98
Year One Case Study results• 70% new members from new SEGs• 60% of balance growth from new SEGs• Year 6
– $14M in deposit balance– $26M in loan balances– $190K profits– 2.33 PPHH
