Insights

Case Studies Financial Services

Optimizing a Sales Lead Employee Referral Program

Background

 

A financial institution was running an employee sales lead referral program to help lift sales revenue, however it was lacking the right structure, culture, and insights to maximize effectiveness. Each product and sales group was operating independently with limited collaboration. Unavailable reporting resulted in limited insight into which referrals and activities were most valuable to the bank. These challenges resulted in suboptimal return on investment from the cross-selling program.

 

Solution

 

Unify developed an approach that changed incentive policies, culture, and behaviors. These changes resulted in an uplift of the value of cross-departmental referrals. An assessment was conducted, gaps identified, and a new strategy developed. A series of engaging communications encouraged stakeholders to work across teams. Visualized presentations of data and reports clearly stated how to optimize prioritization of referrals by value to the bank. Rewards to employees were optimized to improve referral behaviors. Data was provided via a clickable and drillable visualization in Power BI which showed referral volume, incentive preferences, referral sourcing, and the value of referrals. With this information, the leadership team identified more effective ways to advance the program.

 

Key Outcomes

 

Executive alignment across teams was improved. The company was able to increase the volume and value of sales referrals due to the new approach and program. Higher value referrals resulted in higher value rewards for the team. The overall return on investment of the program improved dramatically in addition to improved employee satisfaction.