The challenge

Our client was launching an updated quality form, and looking to determine whether metrics are an accurate reflection of agent’s sale approach, and linked to positive outcomes.

We conducted a form effectiveness study, linking sales-focused quality form measurements with real outcomes including sales success rate.

Solution

A quality form with a sales-focus was measuring each step of the sales funnel, including sales technique, adherence to the campaign strategy, managing resistance, and success rate (true outcome).

BPA analysed each of the measured sales behaviours against true outcomes, to determine how well the quality form aligned with results.

Key questions asked during the analysis phase included:

• Did stronger performance in selling technique lead to better sales close rates?
• Did adherence to the campaign strategy (eg offering the right products in the right order to the right customers) increase or decrease close rates?
• Did effectively managing customer resistance lead to higher close rates?

Analysis leveraged a psychometric approach to determine correlation and highlight areas of the form that needed revision.

Findings

Upon completion of the psychometric correlation analysis of attributes to outcomes, we determined that most of the measured behaviours positively correlated to better true outcomes (ie more sales)

Adherence to selling techniques led to 13% better sales close rate, for a modest correlation between behaviour and outcome

Managing resistance when applicable led to 30% better sales close rate, indicating a strong correlation to outcome. Many agents simply did not attempt to address objections, but capitulated immediately at the slightest pushback.

Adherence to the campaign strategy (selling the right products, in the right order) led to 50% lower sales close rate, indicating a strong inverse relationship to successful outcomes.

For this portion of the study, we looked at the campaign recommendations compared to the products agents were actually selling, and further compared to what customers were asking for.

We determined that customers usually asked for the cheapest options, while Agents typically pitched the most popular plans because they were easier to sell.  Agents were not following the campaign recommendations because they perceived them as harder to sell.

Recommendations

Upon conclusion of the psychometric correlation analysis, the following recommendations were made:

• All non-sales related behaviors are currently aligned to KPIs; no changes needed on the form in these areas.
• Sales technique measurements are too loosely defined in the quality from.  Add measurements to categorise points of failure, such as discovery, and asking for the sale.  This will provide more detail for coaches to use in feeding back results to associates.
• Using best-in-class examples of Agents following the campaign strategy to a successful outcome, re-educating Agents on the tactics that work best: providing relevant features and benefits associated with the current campaign strategy.

This helped agents attempt to sell the RIGHT products in the RIGHT way to the RIGHT customers, and using easier-to-sell items as back-pocket offers.