Addressing the Sales and GTM Gaps in a BPM/FinServices Company
Jan 26, 2025
As I sat down to conduct a thorough assessment of the sales strategy for the financial services BPM, I felt a mix of excitement and determination. My goal was clear: I needed to pinpoint areas for growth and improve sales performance to ensure we not only met our targets but exceeded them.
I began by diving deep into the sales vision and objectives. Gathering data and insights from various teams, I listened to their experiences and challenges. It became evident that a skilled salesforce was essential, one capable of confidently navigating the complexities of the financial services market. I envisioned a team that could build strong partnerships and enhance customer success functions, ultimately increasing both wallet share and customer satisfaction.
Next, I focused on identifying gaps within the current approach. I discovered that the onboarding process for new sales representatives lacked structure. There was no formal coaching methodology or certification program in place, which left many team members feeling unprepared. I knew that implementing a more robust training program would empower the salesforce with the skills they needed to thrive.
Data and analytics emerged as another crucial area for success. I set out to establish a solid data architecture that would allow for informed decision-making and effective performance tracking. I concentrated particularly on understanding the Customer Acquisition Cost (CAC) and Customer Lifetime Value (CLTV), as these metrics would guide financial strategies moving forward.
As I delved deeper, I recognized the potential benefits of account-based marketing. I recommended increasing our investment in this area, as it could significantly improve lead generation efforts and engagement with existing customers. This approach would allow us to tailor our marketing efforts to meet the unique needs of our key accounts.
With a clear understanding of the organizational focus needed, I began to draft a plan for improvement. I proposed the development of clearer internal processes for territory design and quota management. Centralizing the sales enablement team was also crucial to ensure consistency and support across all sales efforts. Additionally, I emphasized the importance of retention strategies and upselling initiatives to maximize revenue from existing accounts.
As I outlined strategic sales initiatives, I realized that optimizing pricing structures and sales strategies was vital. Conducting market research to align offerings with customer expectations ensured that we remained competitive. Strengthening collaboration between the marketing and sales teams was another key focus; I believed that working closely together would enhance lead generation and customer engagement strategies.
Finally, I identified key actions for moving forward. I proposed implementing a formal quota and performance tracking system to hold the team accountable and drive results. Strengthening customer success metrics and improving coaching and mentoring within the sales teams would also be essential for fostering a culture of continuous improvement.
Reflecting on this assessment process, I felt a renewed sense of purpose. By systematically addressing each area and developing actionable recommendations, I was confident that the financial services BPM could achieve sustainable growth and position itself for success in the competitive landscape ahead.
Here’s a detailed 120-day plan to address the gaps identified in the assessment of the financial services BPM. The plan is divided into four 30-day phases, focusing on key areas such as sales enablement, data and analytics, account-based marketing, organizational processes, and performance tracking.
Phase 1: Assessment and Planning (Days 1-30)
Objectives:
- Conduct a thorough analysis of current processes and resources.
- Gather feedback from stakeholders to define priorities
Actions:
1. Stakeholder Meetings:
- Schedule meetings with sales, marketing, customer success, and data analytics teams to gather insights on existing gaps and challenges.
- Conduct surveys to collect quantitative feedback from team members regarding their onboarding and training experiences.
2. Current Process Review:
- Map out the current onboarding process, training programs, and sales enablement resources.
- Review existing data architecture and metrics used for performance tracking.
3. Gap Analysis:
- Identify specific gaps in sales enablement, training, data analytics, and account-based marketing.
- Create a prioritized list of areas needing immediate attention based on stakeholder feedback and performance data.
4. Define Success Metrics:
- Establish key performance indicators (KPIs) for each area of focus, such as improved onboarding times, increased sales conversion rates, and enhanced customer satisfaction scores.
Phase 2: Development of Training and Data Strategies (Days 31-60)
Objectives:
- Develop structured training programs and a data architecture plan.
- Begin implementation of account-based marketing strategies.
Actions:1.Sales Training Program:
- Design a comprehensive onboarding and continuous training program that includes coaching methodologies, certification paths, and role-playing scenarios.
- Develop training materials and resources, including manuals, videos, and online modules.
2. Data Architecture Improvement:
- Work with the data analytics team to create a plan for a robust data architecture that supports real-time reporting and performance tracking.
- Define processes for collecting and analyzing CAC and CLTV metrics.
3. Account-Based Marketing (ABM) Strategy:
- Begin formulating an ABM strategy that identifies key accounts and tailors marketing efforts to their specific needs.
- Collaborate with the marketing team to develop targeted campaigns for high-value accounts.
4. Feedback Loop Creation:
- Implement a feedback mechanism to monitor the effectiveness of training programs and data strategies, allowing for continuous improvement.
Phase 3: Implementation and Optimization (Days 61-90)
Objectives:
- Roll out new training programs and data processes.
- Launch ABM campaigns and monitor their effectiveness.
Actions:
1. Training Program Launch:
- Begin rolling out the new onboarding and training program to new and existing sales representatives.
- Schedule regular coaching sessions and workshops to reinforce training concepts.
2. Data Architecture Implementation:
- Implement the new data architecture plan, ensuring all sales and marketing teams have access to the necessary data for decision-making.
- Set up dashboards for tracking KPIs and performance metrics in real time.
3. ABM Campaign Execution:
- Launch targeted ABM campaigns, focusing on the key accounts identified earlier.
- Monitor campaign performance using the defined metrics and make necessary adjustments based on results.
4. Performance Tracking:
- Establish a routine for tracking and reporting on performance metrics related to training effectiveness, sales performance, and customer engagement.
- Hold weekly check-ins with teams to discuss progress and challenges.
Phase 4: Review and Continuous Improvement (Days 91-120)
Objectives:
- Evaluate the effectiveness of implemented strategies.
- Establish a culture of continuous improvement.
Actions:
1. Performance Review:
- Conduct a comprehensive review of the performance data collected over the past 90 days.
- Analyze the impact of the new training programs, data architecture, and ABM strategies on overall sales performance.
2. Feedback Collection:
- Gather feedback from sales representatives and other stakeholders on the new processes and training programs.
- Use surveys and interviews to assess satisfaction levels and areas for further improvement.
3. Refinement of Strategies:
- Based on the performance review and feedback, refine training programs, data processes, and ABM strategies.
- Identify additional areas for growth and improvement that may have emerged during implementation.
4. Establish Ongoing Training and Review Cycles:
- Develop a plan for ongoing training and skills development to ensure the sales team stays updated on industry trends and best practices.
- Schedule regular review cycles (quarterly or bi-annually) to assess performance metrics and make adjustments as needed.
By the end of the 120 days, this plan aims to create a more effective sales organization, equipped with the right tools, training, and strategies to excel in the competitive financial services landscape.
If this sounds like something you want for your team and need help with bringing the right connections and relationships with C-suite and executive leadership, then let’s meet!
Regards,
Matt
NICE TO MEET YOU
I'm Matt Slonaker
As the Founder of M. Allen, I empower B2B companies to achieve breakthrough sales in half the time. Leveraging strategic insights, proven methodologies, and a robust network, I have produced or overseen $200 million in new revenue opportunities for stakeholders.
With experience as a revenue, financial services C-suite executive leader, and a U.S. Navy combat veteran, I bring resilience and strategic insight to every project. My results-driven approach ensures that your goals are met and exceeded.
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