Case Study

Compass Cars – How We Lifted Closing Rates by 20%

KEY TAKEAWAYS

  • 16% Increase in Sales
  • 20% Improvement in Closing Rates
  • 30% Higher Retention

Intro

How We Boosted Sales Performance with Structure & Process

Compass Cars specialises in providing accident replacement vehicles for drivers who are not at fault in accidents. They offer a wide range of vehicles, including prestige, electric, standard, commercial, and motorbikes.

Their service includes applying, approval, delivery, and cost recovery from the at-fault party’s insurance. Trusted by over 250,000 Australians, Compass ensures a seamless process from application to vehicle delivery.

DETAILS

Taking Compass Cars To The Next Level

Challenge

Compass Corp was grappling with several critical issues that hindered their sales performance. The lack of a formal sales process resulted in inconsistencies and inefficiencies across the team. Without a structured approach, the salesforce struggled to qualify leads effectively, conduct thorough site evaluations, and generate accurate quotes, ultimately leading to a decline in closing rates. Over the years, the closing rates had been dropping by 10% annually, signalling a pressing need for a more systematic and scientific sales strategy.

Moreover, high staff turnover exacerbated these challenges. With sales staff turnover rates hovering between 30-40%, the company faced continuous disruptions. The frequent onboarding of new staff without a proper training framework contributed to the instability. This high churn rate not only affected team morale but also led to a loss of valuable sales knowledge and experience, making it difficult to maintain a consistent level of performance.

Solution

Salesmasters, led by Peter, provided a comprehensive solution that directly addressed Compass Corp’s challenges:

  1. Tailored Sales Process: Developed and implemented a customised sales process designed specifically for Compass Corp, including a qualification framework to maximise closing ratios. This provided a clear and consistent framework for the sales team to follow.
  2. Sales Training and Coaching: Delivered training sessions focused on practical steps and theoretical foundations necessary for successful selling, including a series of customised skills-based videos for an on-demand learning library.
  3. Sales Profiling: Conducted comprehensive workshops to identify the sales profiles of new hires, ensuring alignment with the company’s objectives by distinguishing essential skills from desirable attributes.
  4. Ongoing Evaluation and Recruitment Support: Established regular assessments and reports on sales performance and individual salesperson profiles, while also supporting managers with shortlisting and interviewing candidates.

Results

  • 16% Increase in Sales The new sales process resulted in a notable increase in overall sales.
  • 20% Higher Closing Rates Enhanced efficiency in telephone inquiries, site evaluations, quotes, and closes, measured by an increase in the conversion rate of leads to closed deals.
  • 30% Higher Retention Sales staff turnover reduced from 30-40% to 8%, leading to a more stable and effective sales team.

Testimonial

"I was really impressed with Peter's whole package. His style is uncompromising and straight to the point but respectful. We have modelled our sales process based on his teachings. It's not just about how to sell but about the necessary steps to be successful. Peter's approach proves that you don't need to be a natural seller to excel in sales. His focus on science and objective assessments ensures we hire the right people and understand their selling capabilities. This tailored approach has significantly improved our sales performance."

Tim Smith, Manager at Compass Corp: