There has been quite some debate recently as to whether “sensitive” industries such as Financial Services, Healthcare and Elderly Services should run activities such as sales competitions, or use a variable compensation model built on commissions and bonuses.
Many critics have commented that staff within these industries should be only incentivised to think of the customer, not their own wallet. In other words, the incentives must align the goals of the customer with the goal of the staff member.
Many of these industries, for example financial services, are so heavily regulated that staff are not actually allowed to “sell”, rather they can only inform prospective clients and customers of their product or service.
With this in mind then, how should a leader within one of these companies think about driving high performance and a culture of improvement, quality and progress?
Bottom line, regardless of industry, great teams in any company are driven by a will to succeed, to improve and endlessly improve the value they deliver to their customers.
However, in these industries - measuring and ranking your staff on financial results (as such total value of insurance sold in $$$) does leave you open to being criticised and of course, the risk is that your sales reps goals are not aligned with the goals of your customer.
Here are 2 simple ways you can focus on building a high performance culture within a regulated or sensitive industry:
Measure Customer Satisfaction and Loyalty
As I noted above, to run a high performance sales team, that doesn’t encroach on the rules and regulations, you must incentivize your staff to work in the best interests of the customers. Measure loyalty and satisfaction and reward and recognise your top performers by this metric instead.
Measure Activity Levels and Core Behaviours
As a leader, analyse which behaviours, KPIs or activities correlate with success and satisfied customers - and then measure and compete on those vigorously. That could be - time on the phone with customers, it could be solved cases per day per rep or even dollars saved per customer.
Running a high performance sales team inside a regulated, sensitive industry is tough - but a simple tweaking of which metrics you measure and incentivise can lead to solid results and get you closer to running a high performance team.
What is Sparta?
Sparta is an end-to-end sales performance solution that helps you coach, train and drive your team into higher performance.
Create sales competitions, set collabarative team targets and inspire your team to crush their goals!