The following headline read in The Dallas Morning News: “Wells Fargo says it’s dropping sales goals.” I couldn’t disagree more. Dropping sales goals is bad for sales, for management, and for customers.
You may have read about the problems the bank had in signing up new customers. Newspaper reports discussed an out of control sales culture. Management wanted sales numbers up at any cost; cross selling was the primary strategy. The Wall Street Journal reported that Wells Fargo opened as many as two million deposit and credit-card accounts without customers’ knowledge.
Too many managers set the wrong goals.
It seems that the sales culture was hijacked by a few misguided managers. Yes, the “sell at all costs strategy” is wrong; eliminating sales goals isn’t the solution. The real problem is that the goals that management set were the wrong goals.