Case Study: Streck Inc.
A worldwide leader of quality control and diagnostic products for clinical labs, Streck Inc. wanted to ensure they were selecting the right people for the right positions, develop them for long term success, and optimize its sales practices. By implementing the Predictive Index® as well as the Selling Skills Assessment Tool™ and Customer-Focused Selling™, Streck has become more prosperous and both employees and customers report higher confidence in the company.
- 25% increase in domestic business from internal sales team.
- 10% increase in sales from Streck’s network of independent global distributors.
- Rising client renewal rates and contract expansions due to improved selling style.
- Enhanced customer service and communication.
- Reduction in rush shipments and improvement in more timely deliveries.
Recognized as a worldwide leader in cell stabilization, Streck focuses on the development of quality control and diagnostic products for clinical laboratories. The Omaha, Nebraska headquarters boasts a specialized and experienced work force of more than 300 employees dedicated to meet the fast-paced needs of laboratories around the world.
As demand increased for inside sales people who could sell highly technical products over the phone to busy laboratory managers, Streck wanted to ensure they were selecting the right people for these key positions and developing them for long term success.
Additionally, Streck recognized it needed to improve its sales practices, particularly in two key areas—getting to the decision-maker and asking the right questions to fully qualify the prospect before sending them a sample of the clinical laboratory product. With its original model, the average salesperson would make 5-10 phone calls per prospect over the course of 45 days with only a 50% chance the prospect would agree to receiving a product sample that would lead to a sale.
Predictive Index® (PI®) Behavioral Assessment
To support hiring and development initiatives, Streck needed a way to identify the qualities necessary for top sales performance and to uncover the areas where the employee needs training and development. Streck turned to the scientifically-validated PI Behavioral Assessment that takes about 10 minutes to complete but delivers robust insight about an employee’s behavioral drives and needs in the workplace.
As the first step in the process, several key managers completed the Predictive Index Management Workshop™ training to learn to interpret Predictive Index data and use the companion PI Job Assessment job profile tool to identify the behavioral requirements for success as a Streck sales rep. Through this process, Streck found that having reps with different behavioral profiles working together within a territory would make for more productive teams.
With the behavioral criteria for several jobs established, Streck had every job candidate complete the PI as part of the application process. The results would be compared with the position PRO to determine job fit. For new and incumbent employees, the PI insight would then be used to assemble well-balanced sales teams and guide employee onboarding, employee development and career planning. Streck Sales Manager Jodi Gnader says, “We use PI for hiring, to put people in the right positions but I definitely believe in PI as a management tool that helps me motivate my sales team,” she continues, “Having the PI helps me as a manager keep my employees motivated so they can continue to grow and learn according to their behavioral needs.”
Selling Skills Assessment Tool™ (SSAT) and
Customer-Focused Selling (CFS) Training
Several years after successfully incorporating PI into the company’s selection and development initiatives, Streck leadership turned to PI to utilize their Selling Skills Assessment Tool™ (SSAT) as a simple way to obtain data on an individual’s sales strengths and weaknesses.
After Gnader and all the sales reps completed the SSAT, the results confirmed that across the team, individuals struggled with initiating and engaging a prospect at the onset of the call, and asking the right questions to move the conversation forward. Consequently, the sales reps were spending time on the phones with people who were not decision makers and speaking to the product benefits rather than to the customer needs.
Streck adopted PI’s consultative Customer-Focused Selling™ (CFS) training, a highly interactive training that helps improve and strengthen sales skills identified by the SSAT. Combining the sales skill data with an employee’s PI behavioral analytics helped Streck further customize the CFS training to the needs of the employee while addressing these key skill gaps.
Gnader also began incorporating the CFS methodology into the annual product training she conducted for the company’s 25 global distributors. Introducing key concepts from CFS offered a universal sales process that the distributors found easy to adopt and implement. She says, “CFS helps us all speak the same language and helps everyone further develop skills to expand their businesses.”
25 Percent More Business Closed
Gnader comments that while Streck continues to send the same amount of samples to prospects as before the assessments and training, she estimates 75% of these shipments lead to closing business—25% more than in the past. Gnader adds, “The quality of calls has improved and our reps are meeting and exceeding forecast goals.” Streck’s success has also extended to the international distribution community, which has experienced a sales increase of 10% over the prior year following an introduction to CFS. Gnader comments, “Without CFS and SSAT, our results would have definitely slowed.”
Rising Renewal Rates
While Streck has a strong history of retaining customers, renewal rates have increased further. “Now that reps are more comfortable selling, they are more proactive in their outreach to clients and are better at cross-selling and keeping clients happy even longer.” With sales reps using CFS to further develop their client relationships, Gnader says Streck has even been able to eliminate rush shipments and deliver products on time. From a managerial perspective, Gnader notes the PI, SSAT and CFS trifecta have helped her work more effectively with her reps to develop client growth plans, subsequently extending relationships and expanding business.
Business Impact Outside of Sales
Today, using the proven CFS method, Gnader and her team have evaluated all of the company’s products and created sample questions and key messages for prospect calls. This has created a roadmap for reps to more effectively sell and cross sell. As sales reps spend more time understanding the needs, environments and challenges of the customers, they have obtained powerful customer data that can be shared within the organization to support new product development, line extensions and support initiatives.
As a result of adopting the Predictive Index behavioral assessment followed by SSAT for sales skills and CFS sales training, Streck’s business continues to prosper and both employees and customers report even higher levels of confidence in the company. Gnader concludes, “Here at Streck, we’re very customer focused with a mission to exceed customer expectations in terms of quality, service and value. Predictive Index and the Sales tools help us to meet these goals.”
PI® is a global management consulting organization that helps companies be more successful by focusing on their most important asset – their people. Praendex Incorporated, the parent company of PI, is publisher of the Predictive Index®, the Selling Skills Assessment Tool™ and Customer-Focused Selling™.
©Copyright 2012 Praendex Incorporated CS174 4/12
This PI® case study is presented to you in partnership with a global PI Member Firm organization.