Harvard Case - Eco Tasar Silk: Sales Force Calling It Quits
"Eco Tasar Silk: Sales Force Calling It Quits" Harvard business case study is written by Sushmita Waraich, Ajay Chaturvedi. It deals with the challenges in the field of Entrepreneurship. The case study is 11 page(s) long and it was first published on : May 18, 2017
At Fern Fort University, we recommend Eco Tasar Silk implement a comprehensive strategy to address the sales force dissatisfaction and ensure sustainable growth. This strategy involves a multi-pronged approach encompassing organizational restructuring, financial adjustments, and a renewed focus on customer engagement.
2. Background
Eco Tasar Silk, a leading producer of sustainable silk, faces a critical juncture. Despite a strong brand and commitment to environmental sustainability, the company is struggling with a demoralized sales force, leading to declining sales and profitability. The primary issue stems from the company?s current commission-based compensation structure, which fails to adequately incentivize sales representatives and creates a culture of short-term focus.
The main protagonists in this case are:
- Mr. Sharma: The CEO of Eco Tasar Silk, who is facing the challenge of motivating his sales team and ensuring the company?s long-term success.
- Sales Representatives: The heart of the company?s operations, they are feeling undervalued and disillusioned with the current compensation structure.
- Customers: The ultimate beneficiaries of Eco Tasar Silk?s products, they are seeking high-quality, sustainable silk products at a fair price.
3. Analysis of the Case Study
To analyze the situation, we can utilize the Porter?s Five Forces Framework to understand the competitive landscape and the Value Chain Analysis to assess Eco Tasar Silk?s internal processes.
Porter?s Five Forces:
- Threat of new entrants: The market for sustainable silk is growing, but there are barriers to entry due to the specialized nature of the production process.
- Bargaining power of buyers: Customers have a moderate bargaining power, as they can choose from various sustainable silk producers.
- Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power, as they can negotiate favorable prices for their products.
- Threat of substitute products: Synthetic fabrics and traditional silk producers pose a threat as substitute products.
- Competitive rivalry: The market for sustainable silk is relatively fragmented, with several players competing for market share.
Value Chain Analysis:
- Inbound logistics: Eco Tasar Silk sources its raw materials ethically and sustainably, ensuring quality and minimizing environmental impact.
- Operations: The company employs a skilled workforce and utilizes advanced manufacturing processes to produce high-quality silk products.
- Outbound logistics: Eco Tasar Silk effectively distributes its products to its customer base through various channels.
- Marketing and sales: The company has a strong brand image and effectively communicates its sustainability message.
- Service: Eco Tasar Silk provides excellent customer service and support.
However, the current compensation structure is a major weakness in the sales process, creating a disconnect between the company?s long-term goals and the sales force?s short-term incentives.
4. Recommendations
To address the challenges facing Eco Tasar Silk, we recommend the following:
1. Implement a Hybrid Compensation Structure:
- Transition from a purely commission-based system to a hybrid model that includes a base salary, performance-based bonuses, and long-term incentives.
- This structure will provide sales representatives with a stable income while incentivizing them to focus on long-term customer relationships and sustainable growth.
2. Enhance Sales Training and Development:
- Invest in comprehensive training programs that equip sales representatives with the knowledge and skills to effectively communicate the value proposition of Eco Tasar Silk?s sustainable products.
- This will empower them to build stronger customer relationships and drive sales growth.
3. Foster a Culture of Collaboration and Teamwork:
- Encourage collaboration and knowledge sharing among sales representatives through regular team meetings, workshops, and mentorship programs.
- This will create a sense of community and shared purpose, leading to improved performance and morale.
4. Leverage Technology and Analytics:
- Implement a CRM system to track customer interactions, sales performance, and market trends.
- Utilize data analytics to identify opportunities for growth, optimize sales strategies, and personalize customer experiences.
5. Strengthen Brand Awareness and Marketing Efforts:
- Develop a comprehensive marketing strategy that highlights Eco Tasar Silk?s commitment to sustainability, quality, and customer satisfaction.
- Utilize digital marketing channels, public relations, and strategic partnerships to reach a wider audience and build brand loyalty.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The proposed changes align with Eco Tasar Silk?s mission of promoting sustainable and ethical practices in the silk industry.
- External customers and internal clients: The hybrid compensation structure and enhanced training programs will address the concerns of both customers and sales representatives.
- Competitors: The proposed strategies will help Eco Tasar Silk stay ahead of the competition by offering a unique value proposition and building a strong brand reputation.
- Attractiveness ? quantitative measures: The proposed changes are expected to improve sales performance, increase customer satisfaction, and enhance profitability.
6. Conclusion
By implementing these recommendations, Eco Tasar Silk can address the challenges of a demoralized sales force and achieve sustainable growth. The company can leverage its strong brand image, commitment to sustainability, and skilled workforce to build a thriving business that benefits both its stakeholders and the environment.
7. Discussion
Other alternatives not selected include:
- Laying off sales representatives: This would be a short-term solution that could damage morale and negatively impact the company?s long-term growth prospects.
- Maintaining the current commission-based structure: This would perpetuate the existing issues and fail to address the root cause of the sales force dissatisfaction.
Key assumptions:
- The company?s commitment to sustainability will continue to resonate with customers.
- The proposed changes will be implemented effectively and efficiently.
- The market for sustainable silk will continue to grow in the coming years.
8. Next Steps
- Phase 1 (Months 1-3): Implement the hybrid compensation structure, conduct initial sales training programs, and introduce a CRM system.
- Phase 2 (Months 4-6): Develop a comprehensive marketing strategy, implement data analytics tools, and foster a culture of collaboration.
- Phase 3 (Months 7-12): Monitor progress, refine strategies based on performance data, and expand marketing efforts to reach new markets.
By taking these steps, Eco Tasar Silk can transform its sales force into a valuable asset, driving sustainable growth and solidifying its position as a leader in the ethical and sustainable silk industry.
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Case Description
In 2016, the managing director of Eco Tasar Silk Private Ltd., an organization that sold handloom Tasar silk products created by low-income artisans in rural, underdeveloped areas of India, faced issues with his sales team. The managing director's dedication and perseverance, coupled with his past experience in a non-governmental organization in a similar field, had helped his company grow quickly over a short period of time. However, as the company scaled up operations, members of the sales team appeared to be either unconvinced of the company's business model or insufficiently competitive to ensure the business's sustainability. How could the managing director identify and recruit sales professionals who both understood and supported the business's unique value proposition and were sufficiently sales-oriented to ensure the business's longevity?
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