How could Pets Best’s sales team extract more revenue from their leads?
Pets Best is one of the top medical insurers for dogs and cats in the United States. They are known for their wide assortment of insurance plans which means that they are likely to have a good fit for nearly every pet and pet owner’s situation.
While having such a diverse product offering seemed to be a competitive advantage, it also created a bit of a challenge as it could create confusion for the customer and bog down the sales process if the sales team had to review the many options when speaking with prospective customers. In addition, the sales team hadn’t really been exposed to a comprehensive sales training program. Management had done their best to provide insights and guidance but felt the team could benefit from a more holistic approach.
Real Marketing Solutions (RMS) was engaged to develop and deliver a complete sales training program designed to help the sales representatives better understand their customer’s needs and focus their conversation around the best solution for their circumstance. And in so doing, it allowed them to concentrate on improving their sales presentation and process thereby increasing close rates.
Step One: Discovery and Call Review
Despite having experience in the pet insurance space, RMS still wanted to ensure that any special requirements resulting from Pets Best products, prospects or sales team’s process or personnel would be taken into consideration when developing the training. This was accomplished through a combination of call monitoring sessions and interviews of representatives and management. These activities reinforced the idea that relying on a consultative customer service approach centered around identifying the needs of the customer, making recommendations that best suited those needs and then applying a solid, repeatable sales approach could have a significant impact on the team’s ability to close more opportunities.
Step Two: Opportunities for Improvement
Based on the information acquired above, it was determined that leading with a plan that included unlimited coverage made it easier for the customer to understand what they were buying and gave the sales rep the ability to easily make adjustments to bring the premium into a comfortable range for the customer. RMS also prescribed a series of areas for concentration during the sales process aimed to making the customer more likely to accept the offer once it was made including building rapport, setting expectations, identifying needs, promoting benefits, providing the quote, asking for the order and handling objections.
Step Three: Training, Tools and Reinforcement
Group sessions were used to communicate the key elements of the sales training. Individual coaching sessions then allowed time to work with each representative to reinforce their strengths, outline areas for improvement and provide specific recommendations for ways to improve their efforts. An online sales playbook was also created to provide the representatives with a handy reference of all the material covered.
Within 30 days of the completion of the training the sales team saw their conversion rates increase by a whopping 40%!
Pets Best VP of Sales, Alex Fascilla said “We’re really thrilled with the performance of our sales team as they have been quick to grasp and use the concepts presented in the sales training. I feel that the Real Marketing Solutions’ training really hit the mark driving home key points around building rapport, setting expectations and asking for the order that have proven to be very effective. And their ability to work with individual team members on their specific areas of need has been a big plus, as well.”