2007 AGENT CREDIT CARDS PERFORMANCE
As seen in the accompanying chart, there is a wide spread between various agent’s card performance, in terms of numbers of new accounts generated per branch, per month and per year.
In the “R.K. Hammer Agent Card Performance Model” there are three performance categories:
Weak Performers, Medium Performers, and “Best-in-Class”.
Weak Performers (bottom 35% of All Agent card programs) are characterized by:
Only 60-72 or less new accounts per year per Branch (or 5-6 per month) No card sales incentives for the retail branch sales staff Limited performance reporting at the employee/branch level Emphasis on other branch retail product sales as a higher priority
Medium Performers (middle 50% of all Agent card programs) are characterized by:
84-96 new accounts per year per Branch (or 7-8 per month) Some incentives for branch personnel, but distribution often discretionary by the branch manager Better reporting down to the employee level, not less than quarterly Continuous emphasis on card sales
“Best-in-Class” Performers (top 15% of all Agent card programs) are characterized by:
120-144 or more new accounts per year per Branch (or 10-12+ per month) Wide variety of cash, gift, and trip incentives, changed regularly; staff designed and implemented Not only excellent reporting, monthly, but used routinely as a management/training tool with staff Continuous training and retraining, not only on its own products, but competitors as well Major focus on”aggressive activation” of new accounts, not just generating new account numbers
Note: The 2007 account numbers reported above represent a 20% improvement over figures for 2006.
R.K. HAMMER is a card industry expert with over 25 years in the business, including running over 800 agent credit card programs, as well as being a leading broker of card portfolio sales.