This is one of my favorite issues, the Annual Mover and Shakers. I enjoying reading about thought leaders and innovators within the industry who in spite of their current circumstances are not only surviving but also thriving. I don't have a particular individual that I'm going to write about this month but I would like to comment on an ever growing trend that I see emerging.
After having the opportunity to work with a variety of ISOs and agents, I've observed that in most instances people and organizations resist change. And in the majority of cases the only time change is even considered is when it is thrust upon them. But the trend I've been witnessing lately is not a reactive move but rather a proactive trend toward utilizing technology combined with innovation to enable organizations to be more competitive in the marketplace.
In today's current environment organizations must be willing to explore, invest and innovate in order to succeed. The classic definition of innovation includes:
 The process of making improvements by introducing something new.
A new idea, method or device. (Merriam-Webster Online)
The successful exploitation of new ideas. (Dept of Trade and Industry)
Change that creates a new dimension of performance. (Peter Drucker)
Innovation is both an outcome and a process. The innovation process engages creativity and energy with tangible resources to bring a new or improved product, service or technology to market. It can also mean to adopt a new process, system or practice, which is new to your organization.
Fortune magazine has been ranking companies by innovation. Research by Arthur D. Little Inc. shows that companies in the top 20% of Fortune's ratings produce double the returns of other companies in their sectors. Conversely, companies in the bottom 20% report returns that are less than one third of other companies in their sectors.
Debt Capital Markets (DCM)
Innovation is critical because it's a key driver of growth, a basis of competitiveness and a source of value. Take a look at our industry over the past few years; innovation has drastically improved merchant and sales agent experience. Processes have been streamlined and improved to allow once cumbersome activities to be simplified and incorporated into daily business practices.
Today is like no other, there is a wealth of technology available to you to help innovate and streamline your business. Let's discuss two important areas you may want to deploy new technology in your business.
Customer Relationship Management (CRM) System
If I could only recommend one thing it would be to use a CRM, if you are not utilizing a CRM system you are missing the boat. By implementing a PC-based or Internet-based CRM system you will have historical and current data on all client interactions at your fingertips.
A good CRM will allow you to:
Manage Leads
Track client activity
Manage your sales-pipeline
Maintain an up-to-date database
Customize input fields and data
Track sales results and activity levels
Automate client contact activities
Develop easy-to-use templates
Provide real-time metrics.
My topic recommendations are:
Computer Based:
www.act.com
www.goldmine.com
Internet Based:
www.salesforce.com
www.freecrm.com
www.suradocrm.com
www.landslide.com (high end)
Develop a Robust Agent Training Portal
There is a wide variety of tools being deployed by various companies to make an agent's life easier and more productive. Innovative tools like: SMS text messaging, customer service ticket tracking, online residuals, online application processing, automated file builds, risk management notification and many more.
If you are managing sales agents it's critical that you have the ability to provide a central location where they can access paperwork, communications and information.
But one area that is sorely lacking is online training resources. Many ISOs simply post their vendors' training powerpoints and provide an occasional webiner, very few are offering true training in the areas of sales strategy development, recruiting and hiring, lead generation, marketing, presentation skills, closing and follow-up strategies. These are vital tools that agents need in order to be successful.
I would encourage you to take a look at your sales training and ensure you're leveraging technology and innovation to deliver high impact sales training, it will provide a measurable return on your investment.
Innovate or be left behind
These are just two major areas I would address as soon as possible. Realize this, you will either need to innovate or face the prospect of being left behind. Technology and innovation are moving at such a rapid pace, those organizations that embrace them will be the last ones standing. These innovators will able to sell more product, for less, more efficiently. Consistently review how you can improve or innovate your sales process, customer relationship management activities and service offerings.
Don't buck the trend, embrace it, use technology to help innovate and enhance your business, if you don't, your competitors will! Good Luck!  |
