Each division has a distribution team consisting of field sales and independent resellers.
The bank introduces new financial products on a weekly basis. At the end of the month it receives sales updates from the field teams.
The problem was that if a product fails to sell, the sales manager learns about it only at the end of the month, when it’s too late to improve sales performance.
They wanted a sales team communication tool to help motivate the team and boost overall sales performance..
The personal loan division deployed Teamchat in its distribution team of 5000 salespeople and resellers. All the employees in the division were asked to download Teamchat app on their phones and create their accounts with their official email IDs. The organization admin setup multiple groups: by region, by product and by rank. The individual users also setup their own groups as required.
The sales manager published new product information, including marketing collateral, along with a poll.
The sales team voted on each new product based on their estimate of whether the product would sell well or not.
As the votes came in, the sales managers got instant feedback on the sales team sentiment. They found that the team sentiment was a strong lead indicator of the end-of-month sales performance. For products that received negative votes, the managers re-launched alternative offers.
Additionally, they used Teamchat for employee motivation; they asked for daily performance on Teamchat and accordingly gave out reward and recognition by announcing salesperson-of-the-day awards & so on
The sales team used it for constant communication sharing best practices and suggestions with their colleagues.
Sales people that had queries about product details were able to get instant responses from the support team.
The sales team performance improved dramatically through:
quick replacement of unpopular products
increased competition among sales team members
instant resolution of sales team queries
sharing of best practices among large teams
live reporting to sales managers leading to faster decision making
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