Case Study: How Fundamento Helped a Health-Tech Company Improve Show Rate
Within a span of three months, the company saw a 4% increase in customer Show Rate after implementing Fundamento’s skill-based, data-backed people strategy solution.
A leading health-tech company needed to improve its customer show rates by triggering urgency and shortening sales cycles. They were dealing with a problem that is hugely dominant in service led health-tech companies - the gap between customer intent and buy-in. This meant that while most clients were showing clear intent to buy, not everyone was actually showing up. This impacted business dramatically and delayed sales cycles significantly. One of the main problems that this company was facing was the constant delay in sales cycles. Sales agents in the company were unable to create a sense of urgency in clients to act, which put multiple sales opportunities at risk. Show Rate was the primary metric impacted.
The company was looking to improve its metric but in a manner that was more sustainable. The idea was for it to not be a one-time solution but one that stuck. Their sales agents were in need of a deliberate strategy that helped them close sales faster and lose minimum high-intent clients.
As a company focussed on learning and growth, they had not thus far conducted an objective analysis on what the underlying factors for their declining show rate was. With Fundamento, they sought an understanding of what drains and drives their team and what solutions would be the most effective.
Using Fundamento’s Platform
On understanding the problem the client was facing, Fundamento conducted user conversations to delve into where the problem was and to gauge any potential roadblocks that might present themselves. Through Fundamento’s Skill Finder, we were able to deep-dive into what the main issue was and gain context to organizational needs. However, besides user conversations, Fundamento also acquired relevant business data to build an impactful and targeted training plan that addressed the crux of the problem.
This data allowed us to dig deeper into where the organization is at currently and where they’d like to be in the future. As a part of this Skill Mapping exercise, we were able to identify a total of six skills from the Fundamento Skills Inventory, all correlated and relevant to the job role.
Fundamento mapped six skills in total to the needs of the organization. Each of these skills had unique manifestations at work.
- Critical Thinking:
Critical Thinking is the ability to make objective decisions or logical deductions that support one's views and often solve problems and analyze information.
Empathy is the emotional ability to understand, share and anticipate the feelings of another.
Influence refers to using effective methods of persuasion in order to make a point, achieve consensus, or achieve the desired results.
Resilience is the intrinsic ability to overcome hardships and to adaptively cope with stress in a way that allows one to bounce back and resume normal cognitive and physical functions.
Achievement is one's ability to accomplish challenging goals and take calculated risks. It is the drive to raise the bar with consistency and determination.
- Conflict Resolution:
Conflict Resolution is the process of putting an end to a dispute by utilizing active ways of rectification. It involves finding a solution to a disagreement or opposition.
After conducting a comprehensive Skill Mapping exercise, the natural next step was to gather objective data on these skills from the team. Fundamento conducted an extensive assessment exercise with the sales team of the organization to unlock data on skills and how they play out at different levels. Moreover, the data played a huge role in establishing the impact of these skills on business, including how each skill practically played out at every level and role.
Each skill manifests differently in different individuals depending on their job role and seniority within the organization. Therefore, data on power skills helped give us perspective on where the problem lay within the company and what kind of interventions were thus suited.
Impact of Fundamento
Fundamento was given the task to build impactful and targeted training plans. On the back of all the data that we collected, we recommended a training-led solution that focused on real micro behaviors in sales roles, contextualized to the organization’s needs.
- Segment Customers: Profile customers and alter sales pitch instead of having a company-wide blanket policy
- Create Urgency: Deeply understand customer motivations and encourage them to invest
- Show Benefits: See problems and solutions through systems they operate in
- Resolve Objections: Alleviate customer concerns that may deter them from making a favorable decision
- Engage in Follow-Ups: Close sales with follow-ups through scientifically placed reminders and rescheduling options
Post implementation and within a span of three months, Fundamento was able to demonstrate real impact. The client witnessed a significant improvement in their key business metric. They saw a +4% increase in Show Rate over a span of three months.