Sales transformation: from products to solutions
LexisNexis is one of the world’s leading information businesses, providing research and workflow solutions to the legal, corporate, regulatory and tax markets. Over 60,000 organisations in the UK use LexisNexis services.
LexisNexis needed to transform their sales force from a traditional product selling capability to being able to sell sophisticated solutions and multi-year big deals. In simple terms, a move from selling books and magazines to on-line information solutions.
What great looks like
So, first Chemistry helped LexisNexis work out what great sales people needed to look like going forward. We defined a target Chemistry Profile and set about overhauling the recruitment processes, agency relationships and manager interview skills.
We implemented a dramatically improved process that reduced the headcount problems in sales, then trained and coached the existing Recruitment Team to constantly deliver ‘great’ candidates. By working closely with Recruitment and Sales Managers, we put in place an effective process and transformed the recruitment experience for candidates and Line Managers.
Sales more than doubled
But more importantly, the effect on business results has been dramatic
> Multi year deals increased by 350% between 2006 and 2008
> New product sales increased by over 135% from 2007 to 2008
Staff attrition halved
And the impact on the sales people has been equally amazing
> Staff attrition reduced from 30% in 2007 to 15% in 2008
> New starters now take only 6-8 weeks to get up to speed, not 12
> Of 106 recruits in 18 months, 41% have been female when it was less than 10% before
“Over half of new starters gained recognition at the January 2008 conference in Malta. And one got The Treble! Within his first 6 months, a new Account Manager secured a never-sold-before treble deal in 2 meetings - 3 different products, 3 year contract, 15% price increase build in each year. Since then, 6 more ‘trebles’ have been sold. And better yet, my previous best performers are also raising their game!”
Hugo Mahoney, Sales&Marketing Director, LexisNexis
