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The Science of Changing Sales Behavior: Navigating the Transition to Value-Based Selling Insurance training professionals are facing growing pressure to engage agents and producers and help them transition away from price-centric conversations in favor of more value-based selling activities. This requires close collaboration with sales management to identify behaviors that drive desired business outcomes, and then train where needed to help motivate change. But changing behavior is difficult. It’s simply a matter of how the human brain works. Despite the specific training platforms or sales methodology employed by your organization, sales professionals sell based on what they know. So how do you get visibility to what this critical group really knows and understands, and once gaps are identified, how do you transform their behavior to positively impact premiums production? In this exclusive webinar for SITE members, Qstream’s experts reviewed new research insights demonstrating that selling systems designed to embrace the way our brains actually work can increase sales effectiveness and improve revenue achievement. Specifically, we discuss new techniques and technologies that can: - Identify key skills or knowledge gaps that are holding back your sales force; - Reinforce key messages and data points to make agents and producers more successful in the field, while motivating behavioral changes that support long-term success; - Provide sales managers and trainers with real-time data and analytics that support more effective coaching; and - Deliver clear metrics for determining the ROI of your training programs.
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The Science of Changing Sales Behavior
Duncan Lennox | CEO & Co-Founder, Qstream!September 26, 2014!
How Do You Become an Elite Athlete? !
What it Takes • Begins with a goal and strategy!• Practice 6 days a week!• 3-4 hours a day!
• Focus on individual techniques, skills!• 1-2 Hours a day !
• Building stamina and conditioning!• Simulate game situations!• Intensive coaching sessions!• Video reviews !• Coaching during games !
• Adjustments to strategy depending on competition!
30+ hours !a week!!
Building an Elite Workforce
• Best-in-Class1 ! !3.14 hours/month!• Industry Average !2.99 hours/month!• Laggards ! ! !2.50 hours/month!
On average, sales reps receive just 2 hours per month of developmental coaching.2!
How much training and coaching do employees receive? !
1Aberdeen Study; 2Richardson Training Study
How do you build an elite sales force with just 36 hours of training and coaching a year?
Learning Hasn’t Changed Much…..!
Hermann Ebbinghaus!
In 1885, he published “On Memory”!• Forgetting curves!• Learning curves!• Spacing effect!
Traditional learning is not conducive to how we encode info in memory
What Ebbinghaus Taught Us!
People forget up to 79% of new informa4on within 30 days
Serious as a Heart Attack!
ResUSC 2008; 78: 59-65!
Retention among nurses with training!• Basic Life Support!• Advanced Cardiac
Life Support !
How the Brain Works!
Sisti et al, Learning & Memory 2007.
• Developed and used at Harvard!• Based on how human memory actually works!• Leverages 2 psychological principles:!
The spacing effect ! ! !The testing effect!
“Spaced Learning”!
Insurance Buyer Needs are Changing Your brokers and agents have just minutes to add value. Are they ready?
Your world is complex Your buyer’s world is complex
Compe44on Core Messages
Regulatory/Legal Changes Selling Skills
Pricing PorColio Expansion
M&A
Policy Understanding Pricing/Affordability
Compe44on Coverage Levels
Agent Trust/Rela4onships
Expectations have changed.!
It’s a mobile, social business world.!
Learning and Retention MustAlign with Today’s Reality!
• Work the way human memory works
• Support the work style and expectations of employees
• Provide motivation and incent long-term engagement
• Enable brokers/sales agents/producers to have credible, value-added customer conversations
• Be measurable
Successful approaches to sustainable learning must…!
Real World Example
About Our Customer • #1 global insurance broker • #1 global employee benefits consultant • Does business with more than 80
national and regional insurance carriers in 120 countries
• $11.5 billion in revenues
• 66,000 employees • 700 sales reps & advisors • Spaced learning application: change in
sales methodology
The Challenge
• Shift from a consultative, service-based culture to a sales culture – New competition from direct-
to-consumer competitors – Brokers and advisors needed
to respond with more transactional selling approach
The Training!
• Hands-on workshops – Consultative Telephone Selling – Developmental Sales Coaching
• Skills-based approach – Execute client-focused
questioning & discovery – Build relationships, rapport – Improve closing ratios – Improve frequency &
effectiveness of coaching by sales managers
How can I remember all
this stuff?!
What should I say again?!
• Time!• Complexity of products!• Increasing plan options!• Competitive environment!• Selling value vs. price!
The Solution
January!1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 23 24 25 26 27
28 29 30
June!1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 23 24 25 26 27
28 29 30
Reinforcement for Long-Term Retention!!
Instructions !Spend 3 minutes or less, every other day, answering short, Q&A challenges via your laptop, PC or mobile device!
What do I need to do?
The Convenience • Push notifications !• Simple Q&A responses!• Minutes a day!• Videos, images, explanations!
The Motivation
Social Engagement!
Scoring and Leaderboard!
Comments!
Question !Analytics!
Andrew!Sales Agent!San Jose!
Ashley!Sales Agent!New York!
Manager Insights Weekly summaries provide actionable coaching insights and tools
The Data Drill-down on individual, team, region performance
The Results ü Excellent engagement over 12-week program
ü More than 85% of reps/advisors achieved mastery of new skills and were actively applying them on the job
ü Managers: “Outstanding results!”
ü Improved coaching approach, including regular team reviews and ongoing reinforcement activities
Why Spaced Learning? • Reinforce critical job
knowledge & skills
• Increase employeeengagement at scale
• Transform behaviors
• Gather predictive, actionable management insights
• Accelerate on-boarding and time to productivity
• Requires just minutes a day, from any device
• Clinically proven!
Used by Top Teams
Try Qstream for Yourself!
• Downloadable native apps
• Push notifications
• Ideal for on-the-go
Questions?
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