FINANCIAL SERVICES SALES VALUE QUADRUPLED
| Client: |
Bank of Scotland Cashflow Finance (formerly, Kellock Limited) |
| Challenge: |
To transform a division of The Bank of Scotland that had been showing disappointing sales performance in a growing market. |
| Approach: |
Assistance in re-structuring sales & marketing strategy. In particular assessing, re-shaping, and translating the company's central Selling Propositions into working tools for the salesforce -- and putting systems and methodologies in place to manage different channels of sales activity. |
| Results |
Sales performance improved four-fold and the Division was transformed from a small player into one of the top 3 in the industry
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Success Story
Kevin Gillett, then the newly appointed Sales Director for Kellock Limited, was first approached by Quantum when Kellock had just undergone a restructure and new shareholders were pressing the management to start growing what had become a pedestrian company. Sales had stalled at around 15 deals per month, and a fresh approach was urgently required.
Kevin Gillett invited Quantum to explain how it could help. He takes up the story: "Our first meeting was seminal," he says, "and was the main reason they were appointed. What distinguished Quantum from the also-rans was they actually listened to what I had to say. There was a real drive to understand what it was I wanted to achieve. They summarised it back to me to make sure they'd got it right, then went away to begin devising solutions".
Quantum's first step involved a thorough investigation of Kellock's sales teams and the sales processes they were using. This helped identify weaknesses which needed to be addressed and enabled Quantum to map out a programme of fundamental change across the entire sales environment.
Key to this change was a radical re-assessment of the company's central Sales Propositions. These were analysed and re-shaped to fit the various niche markets which were being targeted and to take into account what the competition was offering.
In depth development and coaching in the methods and skills of consultative, value-added selling at all levels complemented this change, and accreditation procedures were introduced to measure the progress. "Quantum drove the quantity, direction and quality of sales activity," Kevin Gillett states. "And as part of the process, equipped the sales managers with the tools to plan, organise and manage the re-shaped sales operation. In short, to take control."
But sales teams consist of people and, particularly where change is concerned, it is essential to 'win their hearts and minds'. This, Quantum achieved not through theory alone, but by working in the field with the sales team - actually making appointments and selling with them. Such a hands-on approach helped prove that the new methodologies worked and that the revised Sales Propositions had 'bite'.
Kevin Gillett adds, "Quantum didn't attempt a quick fix solution. It was more a process of evolution, with the composition of the sales team reflecting the change. After two and a half years, there were just two of the original nine sales managers left in place. And only six of the original twenty-one sales people."
"But the bottom line is this: deals leapt from 15 per month to 90 per month within 18 months (so steep a jump that we temporarily had to suspend selling!). Sales value quadrupled - and we became major players in the industry."
Kevin Gillett concludes, "If you want a referral, try this: I'm talking to Quantum to see what they can do for me in my new role within the Bank of Scotland."
 
Kevin Gillett
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