How Do I Increase My Market Share?

Diminishing Returns

Price isn’t everything.

You can sometimes be so close to your business that you can miss the simple solutions for growing it and where the greatest opportunities often lie.
Solutions that are blindingly obvious, once you're aware of them - but are amongst the best kept secrets on the planet if you're not. 80% of non-routine sales occur only after at least five follow-ups.

What are you doing to ensure a health and profitable market share for your organisation?

The following case study highlights how our communication and marketing plan lead to 150% volume increase in sales.

 

 

1) Identify the Scenario

Sales results had stalled and the team was not reaching the required lift to achieve an increase in the expected new target.

Macquarie was unsure of how their current market share was not translating into realised revenue and what was required to increase their market share of financial planners writing mortgagees through them.

 

2) Gap Analysis and Research

Brand Equity & Product Issues

We conducted two rounds of in-depth research:

1) The first being with a profiled group of financial planners.

2) The second being with the sales team and their manager to understand the competency gaps and aspirations of the individuals

As an outcome of the research three key areas needed to be addressed to determine the most appropriate growth strategy:

  • Macquarie’s brand equity had diminished during the GFC, which impacted the financial planners business. A breach in trust had occurred.
  • The financial planners do not see Macquarie Mortgage products as well suited for Trust structures.
  • They felt the siloed nature of the business was too cumbersome and always caused interface issues.

 

3) Applied Solutions

Re-engaging the Marketplace

We developed a communication and stakeholder engagement plan to enable financial planners to trust Macquarie’s re-entry into this market segment again, and that they were there to stay.

We identified the segments of the financial planning markets where Macquarie products were best suited.

We needed to also significantly up skill both the telephone sales team and BDM’s in sales skills. We developed an intensive customised coaching platform for the sales manager and the sales team.

The coaching was conducted over a 4-month period.

 

4) Results Realised

  • Final quarter of the coaching platform resulted in 150% volume increase in sales.

 

Feedback

“I have found the sales courses deliver results immediately. They allow participants to challenge their strengths and encourage sales techniques that inspire success.

My sales teams finished the course with a new confidence and our sales results have always continued to climb as a result, with a 150% increase in volumes in the last quarter.

Personally, I have had one-on-one training with Michael and have transitioned from a manager to a leader."

- Dino Pesce, MACQUARIE

 

Final Thoughts

Sales is a continuous follow up effort:

  • 2% INCREASING CUSTOMER RETENTION HAS NET EFFECT AS A 10% DECREASE IN COSTS
  • 2% SALES OCCUR AT THE FIRST MEETING
  • 44% SALES PEOPLE GIVE UP ON A CUSTOMERAFTER THE FIRST NO

Contact Us

Are you looking to increase your market share? Navig8 can help. Please contact us here or contact one of our consultants directly.

Michael-Morgan-Navig8-Sydney

Michael Morgan - Director and Founder

+61 2 9233 8878

Sydney

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Louise-Eiseman-Navig8-Sydney

Louise Eiseman - Director

+61 2 9233 8878

Sydney

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