So you generate a bunch of leads and referrals, what then?

October 31, 2014 (comments: 0)

Over the past 20 years, most successful financial services organizations have invested in the concept of developing a sales culture. Certainly training and hiring practices have played key roles in executing this strategy, but now technology needs to move the game to a new level. Automation of the sales process to date has focused largely on "next best product", sales and incentive plan administration, reporting and new account fulfillment. Lots of success, then what?

A major opportunity to advance the sales strategy, that has been largely overlooked, is to automate the referral management process with any eye to managing the outcome of lead generation and initial interaction follow-ups. What we are talking about is using an enterprise workflow, along with business rules and intelligent routing, in a way that allows for a highly automated process that ensures that follow-up occurs in line with the customer's interest level and organizational rules. The result is a maximization of new business closures and a more professional follow-through in the eyes of the customer/member.

Managing the outcome of a lead referral, while it seems intuitive, is often left largely to a loosly tracked process of assigning the follow-up via documents or emails with manual processes for tracking the end result. Through automation, it is possible to route and track opportunities based on the product, the originating unit, customer profile and other variables that weight the opportunity.

We have seen improvements in follow-through increased by more than 10 fold, with a 45% closure rate. Sounds exceptional? Take a look at your production volumes and consider what would happen if 1 in 20 of your teller interactions included a product referral? What if 1 in 50 interactions led to a new account? Check it out. If your organization engages in 100,000 customer interactions per month, could you generate 1,000 leads/referrals and close 450 new product accounts per month?

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