A large Australian commercial bank was losing market share and profitability to competitors. Market service delivery had changed from phone based transactions to electronic channels.

Their competitors had invested heavily in this technology and were attracting a large percentage of customers resulting in a substantial drop in market share and clients for my client.

Project

Find the reasons for the decline in market share and assess the effectiveness of the sales management structure in financial markets. Define a business strategy and sales organisational structure to stop the loss of market share and increase sales and clients.

Research the existing market and interview staff and clients to determine the reasons for loss of clients. Define new sales strategies to service customer needs. Define new sales structure and technology strategy to increase sales.

Result

The strategy and sales structure was based was focused on customer service and encouraging sales staff and customers to deal through electronic channels. The sales team restructured into two groups - account management and customer acquisition. This resulted in stopping the reduction in client numbers and turnover and increased turnover through existing clients by 20%, a 30% increase in new customers and a reduction in the cost of servicing customers by 70%.