Background of client: A Fortune 500 insurance company in Hong Kong
Business unit(s) involved:Sales Team
As it is difficult to initiate sales meetings with prospective customers in the cold-call market and the sales cycle is quite long, most financial planners are too eager to close deals at the end of the first face-to-face meeting, even when it is very early in the selling process and there is insufficient mutual trust. This leads to lower closing rates and creates a defensive relationship between the two parties.
Furthermore, the traditional sales management system provides only analytical figures to measure closed deals and cannot provide any figures or data on the effectiveness of a salesperson at each step of the sales process. Traditionally, to collect information about sales progress, sales managers can directly ask salespersons. However, this information may be subjective and unqualifiable. This makes it difficult for sales managers to monitor and help their salespersons in the right ways and at the right time. In this situation, closing rates are quite low.
Methods Involved:Design Thinking, CEN/TS 16555 and 5i Customer Management Method