Fortune 100 Commercial Bank – Case Study

A Fortune 100 commercial bank worked with Massini Group to increase sales per lead by 200% and to increase sales per agent per day by 83%.

Background
A Fortune 100 commercial bank uses an internal telesales team to sell business lines of credit to a select set of pre-qualified small businesses.

At the point in time when Massini Group engaged with this client, the core operating strategy of the team involved using a predictive dialer to manage the outbound queue management process. The task was supplying a managed sales acceleration solution to the team in order to predictably balance sales lead yield with sales efficiency.

Approach
Massini Group used benchmark and best practices data as the foundation for a comprehensive review of the operations of the telesales team via a workflow review, time motion studies and proprietary analyses of 18 months of call history data.

The Findings

The dialer was making twice as many dials per connect versus benchmark data; agents waited an average of 38 seconds for next connect; 63% of all call dispositions were unusable to control the process; 37% of the agents made 90% of the sales.

Solution
The client decided that its internal sales automation and dialer platform could not be modified
fast enough to meet the sales acceleration goals set forth by division management. Therefore, the solution was to launch a cloud based sales acceleration platform within a two
week window, replacing all of the systems used by the team except the internal order entry
system. Instantly, best practices workflow, outbound queue management and dispositioning
became available. As a result, live connects and conversations jumped up by 44%.

Leading indicator metrics are built into the sales workflow automation platform and provide users with real-time visibility into the drivers of the sales performance of every campaign, team and agent. With Massini Group’s assistance, the sales operations team used these metrics to prioritize upgrades to the call approach, queue management and individual agent skills. Further, the team was able to visualize and execute strategies such as list skimming and industry concentration to drive sales effectiveness.

This client is selective when it comes to the customers it seeks. It does not have an unlimited
universe of targets. Accordingly, it measures success both in terms of sales yield (sales per
unit of leads) and sales efficiency (sales per agent per day).

Results

To accomplish both at the same time required continuing alignment of the capabilities of the agents with the needs of the targets. In the first month, sales yield jumped 91% and sales efficiency jumped by 35%. By the six month mark, sales yield was up by 200% and sales efficiency was up by 83%.