Ways to Measure Financial Services Sales Force Performance

Financial services sales representatives drive the sales of financial products sold by banks, insurance companies, and financial institutions. It is essential to manage financial services sales agents to make sure they meet their KPIs and bring in profits for financial service providers. Managing a team of financial reps can be streamlined via their phones with a mobile app.

The financial services sales process consists of establishing rapport with prospects, analyzing their requirements to propose solutions, and upselling existing accounts. The completion of these aspects can be managed by CloudApper SalesQ, a field sales monitoring app. Managers can access all pertinent information from the field through reports based on data collected with the mobile app on financial representative’s phones.

How to Measure Financial Services Sales Force Performance

Financial services sales force performance can be measured for improvement and benchmarking in the following ways: 

Determine Closing Ratio

The ratio of numbers of leads generated to targets assigned should be tracked as a key indicator of sales force success. This can be done as sales per rep to measure individual effectiveness and can be adjusted for experience and new employees. The overall achievement of the company target can also be assessed as a means of measuring the success of banking, financial and insurance sales reps.

Calculate Rates of Up-Selling and Cross-Selling

Customers who purchased one quarter can be approached to sell products in a future quarter by financial representatives. Insurance and financial services sales agent performance can be determined by how often they are able to sell to existing customers and generate large amounts of revenue. SalesQ lets you keep customer profiles, which can be accessed by sales reps from the field if upselling opportunities arise.

Find Out Sales by Location

Measuring areas where sales volume is higher compared to other areas can help determine profitable areas and help increase focus on them. Areas that are underperforming might need sales team performance adjustments or can be left out altogether if sales of financial services seem unfavorable. SalesQ lets you analyze areas with the most sales to help deploy your financial services sales force accordingly.

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Measure Client Engagement

Financial selling is all about prospect engagement, lead conversion, and following up with existing customers. This helps sales reps to build rapport, develop trust, and understand customer requirements to provide solutions. Upselling and cross-selling opportunities also arise from these interactions, which is extremely important for financial service selling.

Find Out Net Revenue Per Account

Identifying reps who have secured the most revenue per account can also be an indicator of financial service selling success. Costly products are usually hard to sell and reps who regularly convert high paying accounts should be nurtured and promoted to motivate others. Training should be provided to financial representatives to score more high-paying accounts.

Final Thoughts

The financial services sales force is a diverse group of sales reps selling various products across different territories. It is essential to manage their tasks through a central system that displays latent metrics and otherwise unidentified trends. SalesQ is a field sales monitoring app that can help in managing insurance and financial services representatives. So, what are you waiting for? Contact us today!

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