Implementing Madison Company's flagship Sales Force Effectiveness (SFE) product EPIC℠ generated +22.8% in sales growth!

Recently, a division of well renowned multi-national medical device company with annual sales of approximately $80 MM piloted a new SFE program based on the Madison Company's EPIC℠ field coaching methodology. Eight branches were selected and each branch evaluated the sales results, habit changes of sales reps, and sales managers over a nine month period.

Results showed that sales reps who prepared for their sales calls using the Madison Company's proprietary call planning tool, the Account Card© AND were individually coached (in the field) by their respective first line sales managers based on the Madison Company's field coaching methodologies achieved +22.8% higher sales growth rate vs. sales reps not using the Account Card© or were not being coached by their sales managers.

Madison's EPIC℠ is a fully integrated SFE program consisting of four steps:

  • Evaluation of the sales force strengths/ weaknesses
  • Plan and customize the SFE program to fit the client's needs identified through the completed evaluation
  • Implement a field based coaching training program primarily targeting first line sales managers to enable improvement in sales manager coaching and development skills for their subordinates, the sales reps
  • Confirm, follow up and support the sales manager field coaching activities with internal trainers and Madison trainers to ensure the field coaching skills are embedded as part of the sales manager managerial skills

Madison Success Descriptions

Medical Devices: Orthopedics

Background:

  • Division of multi-national medical device company/ Annual sales: $70- 80MM
  • Target personnel: 8 branch managers, 57 sales reps, 2 internal field trainers
  • Need for a more structured, systemized sales manager field coaching methodology
  • Need for a more structured, systemized sales rep call planning methodology
  • Need to increase sales

Program Evaluation Criteria:

  • Field coaching habit changes in sales managers, including the achievement associated KPIs
  • Improvement in sales rep call planning and execution, including the achievement associated KPIs
  • Average sales growth vs. control group

Program Outline:

  • Field based sales audit/ interviews with sales reps and sales managers
  • Program customization/ plan development based on audit findings
  • Training plan implementation:
    • Sales rep classroom training - selling skills, call preparation skills
    • Sales manager classroom training - coaching skills
    • Sales manager field based coaching skills training
  • Development of internal trainer
    • Internal trainer classroom training
    • Internal trainer field based training
  • Field and classroom follow up by internal trainers and Madison trainers

Evaluation Methodology:

  • 2 sales reps selected from each branch:
    • Group A: 1 sales rep effectively using call preparation method AND receives individualized field coaching
    • Group B: 1 sales rep not using call preparation method AND does not receive field coaching

Results:

  • SALES RESULTS/ COMPARISONS:
  • Sales Growth Comparison period 3 quarters (March 2014 - November 2014) vs. YAG
    • Group A +22.8% higher vs. Group B YAG
    • Q1 (March - May 2014) - Group A: +17.0 % / Group B: – 4.4%
    • Q2 (June - August 2014) – Group A: +31.5% / Group B: +18.0%
    • Q3 (Sept. - Nov. 2014) – Group A: + 21.4% / Group B: – 12.4%
    • Group A: $597,000 on $3.2 MM base
    • Group B: $2,590 growth on $3.1 MM base
  • Sales manager field based coaching habit change: all sales managers conducting minimum four field coaching sessions per month following Madison Method℠ Field Coaching Methodology
  • Sales reps call methodology changed to include minimum Two Account Card write ups per day
  • Madison Method℠ rolled out all other sales divisions following successful results