How Do I Increase My Market Share - a case study
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Transcript of How Do I Increase My Market Share - a case study
INCREASE MY MARKET SHARE
a case study
how do I
INCREASE MARKET SHARE
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CLIENT ISSUES
GAP ANALYSIS
APPLIED SOLUTIONS
FOOD FOR THOUGHT
RESULTS
CLIENT TESTIMONIAL
1) CLIENT ISSUES
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Diminishing Returns
Scenario: Sales results had stalled and the team was not reaching the required lift to achieve an increase in the expected new target.
Macquarie was unsure of how their current market share was not translating into realised revenue.
The Question: What was required to increase market share of financial planners writing mortgagees through them?
2) GAP ANALYSIS
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Brand Equity & Product Issues
We conducted two rounds of in-depth research. The first being with a profiled
group of financial planners.
The second being with the sales team and their manager to understand the
competency gaps and aspirations of the individuals
2) GAP ANALYSIS
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As an outcome of the research, three key areas needed to be addressed to determine the most appropriate growth strategy:
‣ Macquarie’s brand equity had dimished during the GFC which impacted the financial planners business. A breach in trust had occurred.
‣ The financial planners do not see Macquarie Mortgage products as well suited for Trust structures.
‣ They felt the ‘siloed’ nature of the business was too cumbersome and always caused interface issues.
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3) APPLIED SOLUTIONS
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Re-engaging the Marketplace
We developed a communication and stakeholder engagement plan to enable financial planners to trust Macquarie’s re-entry into this market segment again, and that they were there to stay.
We identified the segments of the financial planning markets where Macquarie products were best suited.
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3) APPLIED SOLUTIONS
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We needed to also significantly upskill both the telephone sales team and BDM’s in sales skills.
We developed an intensive customised coaching platform for the sales manager and the sales team.
The coaching was conducted over a 4 month period.
4) RESULTS
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Results Realised
Final quarter of the coaching platform resulted in 150% volume increase in sales
“I have found the sales courses deliver results immediately. They allow participants to challenge their strengths and encourage sales techniques that inspire success…
Dino Pesce, MACQUARIE
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5) CLIENT TESTIMONIAL
“My sales teams finished the course with a new confidence and our sales results have always continued to climb as a result, with a 150% increase in volumes in the last quarter.
Personally, I have had one on one training with Michael and have transitioned from a manager to a leader. “
Dino Pesce, MACQUARIE
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5) CLIENT TESTIMONIAL
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Price isn’t everything
You can sometimes be so close to your business that you can miss the simple solutions for growing it and where the greatest opportunities often lie.
Solutions that are blindingly obvious, once you're aware of them - but are amongst the best kept secrets on the planet if you're not. 80% of non-routine sales occur only after at least five follow-ups.
6) FOOD FOR THOUGHT
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Sales is a
continuous
follow up effort
6) FOOD FOR THOUGHT
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6) FOOD FOR THOUGHT
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2% INCREASING CUSTOMER
RETENTION HAS NET EFFECT AS A 10% DECREASE IN COSTS.
2% SALES OCCUR AT
THE FIRST MEETING
44% SALES PEOPLE
GIVE UP ON A CUSTOMER AFTER THE FIRST NO
168 Kent St Millers Point NSW 2000
+61 2 9233 8878
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