Transcript of TIP financial case study

Start! Based in Chicago, IL.

Founded in 1930
Insurance Company
Served farm families Year 1 Don's solutions are... 5. Conclusion The impact of
technological advances on the financial industry
Younger consultants' working attitudes
High turnover rate 4. Overall Recommendations Improving the recruiting and
training method TIP Financial Services Corporation 1. Case Introduction
2. Don's Problems and Solutions
3. Analysis
4. Overall Recommendations
5. Conclusion This is Don Krane. TIP Financial Services Corp. Suggestions for
TIP Financial Services
Reinforcing the using and knowledge of technology and developing the
business among independent individuals (e.g. family) through it
Reaching the corporation group with well-trained reps
Suggestions for sales manager
Implementing consultative selling to emphasize the advantage over online
service Traditional and online financial service Outline Wei-Chu Hsiao and
Lian Chen Presenting the case study of .... Today
17 states
$20Billions in assets
4,500 financial consultants
+6,000 support employees
various of financial products
1. Case Introduction Don devoted himself into work but
faced 80-20 principle Year 2 Don contributed less than last year with 5%
growth
20 members turned over Time spent mostly on recruiting and training Year 3
The sales in his district were flat and 80% of replaced reps were hired 18
months earlier
Fewer qualified candidates applied Year 4 Don felt a lot of stress because
The sales in his district ranked dead Longtime customer Bruce Bowen moved
to another company because of bad qualified reps
Main Issue Improving the recruiting and training method Realistic and
reasonable job characteristics
Separate profiles for the different target recruits (college grad and
experienced)
List of traits based on successful and experienced consultants profile
Collaborative selling approach (veteran + new rep)
Postponing the takeover of existing business between veterans and new
consultants

Facilitating recruiting method by authorizing third party to conduct the

improved process This is the Technology Monster.
mentoring and team-selling method that split commissions between the two.
Advantage: Veterans Don't have to find the client themselves and Extra
money Disadvantages Times, Personality clashes, different selling methods
and techniques.
Differences in objectives Advantages Disadvantages New Hires Learning
opportunities
Acquiring customer base
Trust and credibility Less commissions
benefit-sharing conflict (customer base) New consultants
1st year, generate new business
> get assigned of existing business 3.2 Collaborative Selling Approach
Compatibility match
Design a different sales compensation plan for the new consultants
Divide the customer base 2. Don's Problems and Solutions Technology
trends in financial service
Customer experience
More accessible and prompt service raise customers
loyalty and profitability.
Data-driven decisions
By using the tools to interpret the VOC, risk and
fraud patterns, and real-time segmentation to lower
the risk of adoption a strategy in financial service. 3. Analysis of Don's P&S
New consultants will be more experienced and informed
Thus will prevent costly situation such as Bruce Bowen's business 3.1
Financial Consultant' Profile 3.3 Postponing the Takeover solutions: Create a
system for veterans that would lessen the workload yet their earning would
still be on par or above.
OR
have promotions available Recruitment:
Hire outside specialists and provide them with materials, such as job
characteristics, job descriptions, market analysis, and complete information
of the company.
Training:
Implement the collaborative selling approach to reduce the obstacles and to
prevent costly business situations. Provide veterans with incentives and fair
profit share will increase their will to participate in this program.
Reinforce the application of technology to cut down the cost and reach
potential customers; in addition, educate reps with consultative selling in
order to maintain existing customer and expand business. 3.4 Hire ThirdParty Recruiters improving the recruitment process by having two recruiters

for two targeting group. (college grad and experienced)

Don will only be conducting the interviews This is the end. Don thinks the
causes are... 2. Don's Problems and Solutions Advantages Greater
specialization and expertise
Don can spend more time on the field and communication with reps
Disadvantages additional expense
not specific to company needs
provide a more complete company information and needs with addition of
the demographic analysis that Don has done. Solution: Solution: Solution:
Veteran consultants will not likely to hand over
BECAUSE
takeover means they will lose their customers. Advantages Disadvantages
graduated with a finance degree.
worked in the banking industry
sales manager for Iowa
manages 50 consultants (47:3) Tuesday, June 1st Don Krane had a meeting
with the Regional VP of sales, Jack Jensen
PacificMedicalCase(10/8)
1.
ArepeoplelikeNicoleborntobenaturalsalespeople?Orcangoodsalesmanagershelp
thembecomebettersalespeople?IsthereawayJimmightenlistNicoletohelpPacific
MedicalSupplyinthisregard?
Nooneisbornwithallthenaturalskillstobeastellarsalesperson.However,Nicolesincredible
workethicanddetailtoattention(whichshelearnedfromgymnastics)contributedverymuchto
hersuccessastheleadingsalespersonofthePacificMedicalSupplyCompany,alongwithher
energeticandfriendlyattitude.Goodsalesmanagerscanhelptheirsalespeoplebecomeeven
bettersalespeoplethroughencouragement,propertrainingandmentoring,andanattractive
commission/paystructurewhichrewardssuccess.JimcoulduseNicolesworkethicasamodel
forallexistingandfuturesalespeoplewithinthecompany.