FINANCIAL SERVICES CASE STUDY
Annual Revenue Doubled
Challenge:
Mettacite was engaged by an International Information and Financial Services organization to conduct a benchmark analysis on sales operations and client retention. The client was experiencing a decline in contract renewals due to a change in senior leadership and also a change in designation as a minority owned firm. The sales team was struggling to create and close new profitable pipeline. The client did not have designated sales or marketing management team or documented processes in place. The CEO was relying on a seasoned sales team with no marketing support.
Mettacite was contracted to create a benchmark analysis of sales and client support processes as well as create a sales strategy and roadmap in collaboration with the existing sales team.
Desired outcome of Phase 1 and 2 of the data analysis project:
Identify and articulate HCS’ unique value proposition that was based on direct client feedback and experience.
Assess the internal performance of sales support and operations in creating valued, trusted relationships with clients.
Identify barriers to developing and supporting profitable long-term client relationships.
Assess the existing sales and sales support process in order to optimize pipeline development and execution of sales process within a highly seasoned sales team.
Create a data driven sales and marketing roadmap.
Project Deliverable:
Phase 1: Insights Benchmark Analysis/VOC:
Review existing and available CRM data, pipeline and sales call/RFP data; sit in on calls to understand the client service process and client interaction.
Access RFP portal for potential opportunity review-2015 RFP schedule and schedule benchmark against 2014.
Interview existing sales and operations teams for insights into what’s working and what processes might need adjustment.
Review industry best practices and HCS marketing content vs. competitive intelligence and other industry related content.
Survey and Interview existing and past clients to clarify brand and customer perception of the client. Strengths, weaknesses, value add versus the competition and in addition to other qualitative insights.
Survey and Interview all key internal client support staff to identify to understand and assess client engagement process and opportunities.
Review existing and past financial data for LTV analysis and incentive practices.
Present results and recommendations to key internal staff.
Phase 2: Create Sales Process Roadmap in collaboration with Sr. Leadership and Sales team:
Develop and lead sales strategy road map, accountability matrix and monthly benchmark planning for all sales related functions including the C.E.O.
Initial planning session with C.E.O individually to define and confirm annual revenue goals and market focus.
Lead annual business review, needs assessments and separate account-planning sessions- including building specific retention and execution plans for each client and net new sales plans.
Created value based sales messaging based on client feedback from phase 1 and incorporate insights from Phase 2 as well.
Outcome:
Mettacite had access to 7,000 current and former clients for client interviews and also conducted an on-line survey to a random sampling of that customer base.
Based on the outcome of the project the client was able to make some very significant decisions and changes to their business including:
Created 1.5 new sales and sales support positions
Created a new marketing function dedicated to optimizing the company’s ability to respond to and win RFP business in selected verticals.
Promoted a high performing operations manager
Created a new sales support position
Invested in a CRM system to help organize and track sales activity and pipeline development
Created weekly metrics meeting to support change management plan/cultural direction and build momentum on key goals and metrics company wide
Identified opportunity areas for key sales staff to improve results and performance. Incorporated coaching into the sales process.
A measurable and specific client retention plan and process was developed and committed to.
Made significant investment in upgrading IT security and compliance practices. i.e: ISO certification
Results to date: The client sales team has developed a robust pipeline that is 2X current annual revenue.
With Mettacite it is now possible to measure and link revenue acceleration strategies and results to objective metrics which more accurately reflect the overall value of a given customer relationship.
Mettacite makes it possible to assess key customer relationships across multiple dimensions, expanding the benchmarking capability to include the market at large down to the performance of individual customer relationships. This allows senior leadership to view revenue growth and sales performance in "context " providing invaluable insight on growth and sales performance over time.