Selling Better project for Rural Bank delivers better quality clients with more profitable sales over 24 months
“The Rural Muster project has taken the lead in facilitating a complete culture and mindset shift across the entire organisation to improve the customer experience and lift sales.”
- The Customer Value Proposition (CVP) and Sales Process has been adopted and supported across the business.
- Barrett together with RB leadership has influenced the adoption of a customised and sustainable approach to sales which has been embedded through regular self directed learning and effective coaching by sales leaders.
- The sales team is finding and winning more profitable sales with better quality clients.
In 2014 Bendigo & Adelaide Bank acquired Rural Finance Corporation (Vic) and merged it with Rural Bank. Both businesses had different sales models and a relatively limited range of financial products and services.
- The challenge was to combine these two businesses in a way that leveraged their respective capabilities and create a universal sales approach that built customer loyalty and delivered a customer focused and differentiated commercial offer to the market place in the targeted segments.
- In 2015, Barrett was commissioned to help sales leadership deliver one of the four pillars of the integration strategy and reposition the combined business to grow profitably and stably in a very competitive market.
The assignment was completed in 3 phases:
- Phase 1 – Sales Strategy audit, sales process mapping and development of success profiles to inform a Go-to-market plan, KPIs and customised learning and development framework and journey.
- Phase 2 – Launch Sales Strategy and new CVP to whole business and start training the sales team.
- Phase 3 – Ongoing learning and development regularly reinforced with leadership coaching, pulse checks on effectiveness of sales strategy and CVP underpinned by ongoing support from CEO and leadership team.
- Sales now exceeding budget by 30%
- Sales team finding & winning more profitable sales with better quality clients.
- Sales pipeline filled for 24 weeks versus 14 weeks with more confirmed work.
- Customer retention has improved to 100% and Net Promoter Score has lifted significantly.
- Rural Muster project is leading a complete culture and mindset shift across the entire organisation to improve the customer experience and lift sales.