Metrics & Benchmarks, From Past to Present

 

The following table illustrates performance improvements for two scenarios: a) an increase in closing ratio from the current rate of 12% to 20%; b) increase from 12% to 30%.

 

Meeting our goal of achieving a 20% closing ratio translates to an increase in net deposits of $; if we surpass our 2006 goals and hit 30%, net revenue increases to $ over our current performance. A corresponding incremental increase of % account size would mean an average increase in account size under the 30% closing ratio scenario depicted.

 

Current Performance

 

Using benchmarks set (in 2004 & 2005), and our strict adherence to metrics, we can report:

• Average conversion ratio of %
• Cost per lead of less than $
• Average account size of $
• With 100+ sales reps, we are opening on average of XX accounts/month
• Top producers are in terms of commissions, new equity, and new account openings clearly identifiable

Currently, "The Client" Canada's sales floor lacks the energy and competitive spirit common amongst top sales teams. We have been successful in converting our knowledge and best practices to our French divisions in Montreal where they too are now using a proven process of selling managed futures products to both new leads and dormant inactive accounts.

Plans for Improvement and Available reports

 

"The Client" Canada has individuals who are in different places on the success and learning curve. A standardized approach for all is unlikely to be successful and may result in some "un-hiring" - the first step of the "Jim Collins, Good to Great" business model. Getting the wrong people off the bus, and the right people on, and everyone in the right seat.

 

A team of highly paid "all-stars" and a few rookies requires the coach/manager to bring a wide variety of coaching techniques in order to obtain the desired results. "The Client" Canada's Sales Director should focus on coaching the great, and teaching and managing the rookies to support our achievers - our A-team (The 20% Club). To that end, over the next quarter we will:

• Write and rewrite approved sales scripts (see drafts Appendix C and D)
• Create training modules and course curriculum by Q4
• Create compelling presentations for:
  • seminars
  • phone calls
  • webinars etc
• Train and prepare qualified AE's to host regular webinar events that will mentor prospects and clients. See "The Elements of Successful Seminar Presentation".

Foster The Right Environment for Success:

 

We should maintain open concept sales floors in order to encourage sales reps to be motivated by hearing other people close deals. Television monitors tuned to markets should be installed in all locations this year.

 

Improve Sales Director's Working Environment:

• Need for privacy difficult to manage and train in current work environment
• Install phone with hands-free and conference call features in order to maximize sales managers multitasking capability

Establish Winning Structure:

 

Consider forming sales teams with managers dedicated to sales results vs. compliance. The strongest sales professional should head a team of 1 or 2 equity raisers. In order to build camaraderie, team leaders who manage sales expectations, will actively pitches with the rest of the team. Team members often improve their technique by osmosis by listening to a winning sales person. We will have Winnipeg, Montreal, Calgary, Vancouver and both Toronto branches set up by the spring of 2006.

 

Reward Success:

 

"The Client" Canada should implement routine practices like "dangling carrots" - give instant cash rewards, public acknowledgements of success, large score boards etc. If the management adage that "you get what you reward" is true, then "The Client" Canada should offer reward and recognition programs that balance financial rewards with advancement opportunities. Timeline: several contests will be designed to reps before the Christmas & New Year season, where its status quo to "slack-off" alittle. A yearly budget and bonus program should be established within the next three months.

 

Improve Pitch - Content and Delivery:

 

"The Client" Canada needs to actively teach reps to continuously improve their pitch. Our reps must ask for more referrals and follow a disciplined selling pipeline procedure. Team leaders should hold meetings once a week, starting by October 2005, to neutralize obstacles by discussing and dissecting objections and rehearsing appropriate responses.

 

In telesales - it's all in the voice. Top closers tend to stand during pitches. It's critical in phone sales to be able to convey energy and passion and that is often better achieved when the rep is standing or walking around; it comes out in the voice and delivery. This will begin to be discussed during up-coming trainings to start by November 2005 - December 2005 in Winnipeg, Montreal and Toronto.

 

Establish Better Discipline: Training and Consulting ... 4 Month Contract ... Marketing in a Box

 

"The Client" Canada's sales team could use more discipline. Across the board they seem to have a lot of non-productive time. Keeping reps busy and focused can only happen by motivated and experienced managers following our procedures