Increasing Sales through Financial Distribution Channels
Business Issue
A huge financial product provider desired to increase sales of a wide variety of financial products sold through its partner distribution channels. The financial organization was unclear on the needed skills to maximize its channels and was interested in charting a new channel direction.
Solution
Kubera Consulting and its strategic partners provided a complete performance development system for the financial organization. The solution involved:
Facilitating management alignment on the key business outcomes.
Developing a custom competency model and assessment.
Assessing over 500 financial distribution partners.
Conducting analysis to identify specifically what behaviors lead to sales and determining benchmarks.
Providing curriculum development framework to identify the training and development needed to maximize distribution.
Developed custom training specifically to address the key skills.
Delivered individual needs assessment results including: strengths, weaknesses, training recommendations and links directly to online training, personalized on-the-job development suggestions, and action planning.
Outcomes
The intervention resulted in a clear strategy for improving channel performance. The new strategy had two tracks, one for increasing the number of clients and the other for leveraging existing clients. From this, the financial organization was able to position resources to best support growth. It streamlined the distribution effort to significantly address the critical skills for success.