Six Simple Steps to Measure and Improve the Effectiveness of Sales Conversations
One of the greatest challenges faced by the financial industry at this time is the uncertainty among businesses and individuals about their financial future. People are quick to find a new financial advisor if they feel their current one isn’t meeting their needs in this economy. To overcome this challenge, financial companies are spending thousands, and in some cases millions, of dollars every year looking for a way to improve the conversations frontline salespeople are having with clients.
iDealResponse has developed a sales performance system that gives companies the tools they need to monitor and rate the conversations frontline salespeople are having with potential and current clients. iDealResponse’s system allows companies to focus on the best responses a salesperson can provide to a given question, concern or situation. This is accomplished using six simple steps:
1) Formulate and practice a response – Send a common question to every frontline sales employee and ask them to formulate their best idea for responding to the question.
2) Record the best response – Have each employee call the iDealResponse system and record their best response to the question.
3) Rate – Have peers anonymously rate each other’s responses on a sliding scale consisting of 10 speaking and delivery criteria and capture the elements of an idea that they like.
4) Review – Identify the best response using a rating and ranking system. Review the highest scores and best elements to create the ideal response to the question.
5) Share – Push out the ideal response to all team members. Save it in a knowledge library where they can go and see how individual responses were rated on different elements and listen to the recording.
6) Repeat – Repeat the process each week for another common question or use the same one as the company or market conditions change.
Using this simple six step process, enveloped in the iDealResponse system, companies are seeing significant improvement among their sales teams within just a few weeks. On average, the closure rate of companies’ sales teams have increased 10 to 15 percent within a month.