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Developing Sales Strategy Using a Balanced Scorecard

Balanced Scorecard Approach to Sales Strategy

Within a FTSE100 Insurance Company establishment of sales strategy using the Balanced Scorecard

Client Business Issue
This Insurance Company initiated the project after poor sales results in their Intermediated Distribution area. It was clear that the profitability of this sector was not being maximised, and the client was losing business to competitors. The strategy for achieving higher sales had thus far been considered in isolation of other areas, and the Balanced Scorecard approach ensured that all elements that impacted upon the end sales result were focused upon the end strategic goal.

Value Received by the Client
We adopted a Balanced Scorecard approach with a focus upon Client, Personal Development, Sales Processing and Financial elements. By concentrating primarily on the Financial aspects in the past the client was not taking into account how skill-sets and business processes could impact upon the end-customer satisfaction, and therefore the renewing of policies each year. We developed targets based upon customer satisfaction, which were subsequently used as the foundation for Personal Development and Sales Process targets. As an example, common feedback was that the Independent Financial Advisor wanted one primary contact for all sales activities, who was capable of delegating to other members of the team to achieve the best possible service. The Personal Development targets related to training individual team members in delegation and communication skills to enable this to occur. The Process targets focused upon ensuring that the designed process facilitated team-working in this manner, rather than hindered it. By focusing upon the client, rather than the sale, the required outcome of maximising sales within the Intermediated Distribution space was achieved.

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