Changing the Field Sales Game with Visit Frequency Agreements (VFA)
There’s a new lens for planning and measuring field rep productivity...the Visit Frequency Agreement (VFA)! Simply put, VFAs are agreements between organizations and their field reps and the customers they serve. A well thought out VFA can provide a measurable plan of action for reaching the most valuable customers and prospects at a cadence that is a) meaningful to the business; b) meaningful to the customer; and, c) productive for the field rep.
Consider these stats:
Remote meetings generate on average of 10.43 ideas, while in-person meetings generate an average of 13.36. Understanding a customer’s business helps the rep design solutions and product bundles that generate sales.
Nearly 100% of people say face-to-face meetings are essential to building long-term business relationships. For many customers, their relationship with their sales rep, helps them determine the kind of relationship they want with the company or service he or she is selling.
For every dollar companies invest in travel (for field sales), they receive $12.50 in value. Face-to-face engagement gives the rep an opportunity to sell more and achieve higher results.
The close rate for in-person meetings is 40%. The close rate for Sales Development Reps (SDRs or inside sales reps) is just 29.3% for similar products.
The average company would lose 17% of its profits if it eliminated field sales requiring travel.
It’s no surprise, given the importance of field sales visits, that those organizations that utilize route and schedule optimization are able to see more customers and close more business. Field teams that leverage route and schedule optimization software are able to visit an average of 15%-20% more customers per trip. Take it a step further, and these organizations are able to actually build territories based on the appropriate number of customers a rep can visit, and the appropriate cadence of those visits. Thereby balancing sales territories and ensuring reps never miss opportunities.
With intelligent, multifactor routing and scheduling in place, sales leaders can create VFAs with reps and set customer expectations about frequency of visits. The result is more reliable, profitable customer relationships, better rep performance, and higher return on investment for field sales activities.
In the coming weeks, MapAnything will raise the bar on multifactor scheduling and routing, creating an opportunity for forward looking field organizations to create lucrative VFAs that grow their business, achieve results and create stronger customer relationships and satisfaction. Stay tuned!
By: Brian Bachofner
Chief Marketing Officer at MapAnything