A 57% increase in New Sales
Increase in Sales
Increase in new customers
A 27 year old software solution provider to the Mortgage industry was experiencing declining sales. At the time, the Mortgage Industry was going through a major restructuring, with many of the small lenders going out of business while the larger ones were consolidating. As a result, the company saw its sales drop by over 30% from previous years.
Furthermore, the company’s compensation plan was such that there was little incentive to hunt for new business, with commissions coming for years after a closed deal. The combined effect of the industry experiencing depressed overall volume, with the company’s lack of hunting skills deprived it of the new business it sorely needed.
The company engaged SOMAmetrics to address its declining sales challenge.
After conducting a preliminary sales assessment to understand the underlying causes, SOMAmetrics made and implemented the following recommendations:
- Installed new metrics and Key Performance Indicators for managing the team towards higher productivity
- Standardized sales methodology across new and experienced sales team members
- Changed compensation plan to provide stronger incentives for getting new business
- Increased marketing campaigns directed at non-customers (new business leads)
- Added two Business Development reps that generated an average of eighteen Sales Qualified Leads each month
- Built automations in Salesforce.com to provide lead alerts and assignments to accelerate action on new leads
- Accelerated business cycle through automation of quotes, discount approvals, and contract generation
The result was a 57% increase in sales over the previous year and 60% increase in new customers.