Dynamic Relationship Management and Marketing Spillovers: Insights from Managing Independent Sales Representatives in the Financial Services Industry

来源：

学校官网

收录时间：

2024-12-09 09:14:16

时间：

2024-12-10 13:00:00

地点：

延安路校区旭日楼418室

报告人：

郑华璐博士

学校：

-/-

关键词：

sales force, independent sales representatives, relationship management, marketing spillovers, Hidden Markov model, insurance company, independent financial advisors, resource allocation, marketing efforts

简介：

A company’s sales force may include employees and/or independent sales representatives (ISRs). Managing ISRs poses greater challenges than employees: Companies often have limited control and lack insights into ISRs’ preferences and capabilities. Moreover, ISRs self-select companies to work with. The asymmetric information and the independence between the two parties create an unequal and unobserved relationship, forcing companies to rely heavily, if not solely, on sales outcomes when segmenting and targeting ISRs. This study employs a bivariate Tobit Hidden Markov model to capture the relationship dynamics between companies and their ISRs. Using data from interactions between an insurance company and its independent financial advisors (one type of ISRs), we identify three relationship states between the parties: low, medium, and high. ISRs in different states are motivated at varying levels to work for the company. The company’s marketing efforts, including sales calls and face-to-face meetings, elevate ISRs to a higher state. However, marketing directed at one ISR negatively affects the relationship between their colleagues and the company - a spillover harming the company’s relationship with other ISRs. Using parameter estimates, we calculate the policy function for companies’ marketing resource allocation, assisting managers with distributing resources among ISRs and managing sales force investments.

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