Case Study: A Leading Financial Services Company

Sales incentives program and plan design exceeds new product sales goals by 26 percent.

Sales incentives program exceeds new product sales goals by 26 percent.

Situation

This major financial services company had soft-launched its new financial services brokerage account. Initial enrollment rates, though, were disappointing. The company found that field leadership and advisors were concerned that the new scope of services was beyond their expertise, and that they didn’t fully understand its asset gathering potential. Prior to an official launch the Client wanted to enhance understanding of the product’s business potential, and energize its field leaders and advisors to enthusiastically support and promote the new product. That official launch, not incidentally, was to take place in three short weeks!

Solution

To ignite a successful kick-off, Maritz recommended a program using the Maritz Enterprise Technology Platform. This proprietary tool is an ideal solution for quick start-up demands. Plug-in standard templates can be customized easily and quickly for communications and administrative management. The platform supports an on-line program website that communicates program rules, rewards information, individual and group progress reports, and informative and motivational e-mail messages.

exclusively yours® cards were the clear choice for rewards.  They were already popular with more than 8000 advisors who were participating in other incentive programs. Maritz and the Client worked together to devise a rules structure that would maximize enthusiasm and program advocacy at all levels. Individual field advisors earned rewards for account acquisition, and field leaders gained points for cumulative performance of market groups.

Results

• The incentive program was launched on the first day of the company’s first quarter, and by the end of the fiscal quarter had achieved 126 percent of the pre-launch objective for new enrollments.
• The client was so pleased with the results, it extended the program, and after five months, more than 30,000 new accounts had been created.
• More than 5000 advisors participated in the program, a buy-in rate that drove the program to exceed it goals.

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