For financial institutions and banks, sales are occurring through more channels than ever before. Despite this, the bank branch remains a primary source of new customer acquisition and cross-sell. And for high performing regional banks, the branch plays an especially important role.
Realizing this, one large Midwestern bank hoped to modify its sales performance strategies better drive growth across its network of affiliate community banks. But with a set of diverse affiliate banks of varied sales cultures spread across multiple states, it was a daunting proposition to try to set consistent performance goals across the board.
The bank knew that setting goals based on past performance tends to punish the high performing branches. Worse than that, the poor performers are, in turn, rewarded for a performance that is lower than what it could be and the bank’s growth is constrained. To be successful, the bank would need a solution that could determine the true risk-adjusted sales opportunities for each branch.
Pitney Bowes Software’s Perform.360 was the answer, a sales performance assessment and goal-setting tool that benchmarks branch network performance against the actual performance of other branches.
The results were on the money: in the first year, the bank achieved sales growth within 93 percent of its goal and then further increased performance by scoring 100 percent of its goal in the second year. What’s more, checking account sales increased by 27 percent and total retail sales increased 73 percent over three years.
Empowered by market analytics tools, banks can maximize branch performance and increase sales productivity. And this same approach – developing performance goals on the basis of attainable opportunity – is not just an effective solution for banks and financial institutions, but for retail, restaurants, healthcare, telco and even health care providers.
Here are three business benefits to using market analytics tools.
1. Store and Report
In our data-centric landscape, the question isn’t if we can collect the data, it’s where (and how) we can store it all. Key to analyzing, visualizing, and managing all this critical data, is a solution that can store everything in one central location. Consolidation makes it easier for departments to share data with other teams, building a bridge across silos.
2. Set Goals
By understanding the unique opportunities presented by each branch or business group, businesses can set better goals for the future – and set the appropriate expectations with each division. As seen with the Midwestern bank, market reporting tools can allow organizations to allocate their performance goals at any level within the organization.
3. Assess the Market
To better your business, you need to understand the competition. Platforms and centralized data centers can make it easier to analyze geographies, assess performance of your current business footprint or determine areas for expansion – whether that’s through market growth or acquisition.
Market analytics tools are an essential decision-support solution for businesses, helping drive better-informed assessments on site selection, market analyses, property investments and network planning. From predicting performance drivers at new business locations, to strategic market planning, businesses from banks to restaurants can gain the intelligence they need to better understand the market and the opportunities on the horizon.
To learn more about the tools needed to develop relationships with customers and unlock the maximum analytic power from your data, watch our recorded webcast with Hancock Bank and our recorded webcast with Rexall-Canada. For more information on Pitney Bowes’ market analytics solutions, please click here.