Birevim A.S. - Sales Distinction of the Year
Company: Birevim A.S., Istanbul, Turkey
Company Description: Birevim was established in 2016 and it serves financial supports to people, who want to have their own real estate and car. By the first time in the world, people can buy house with a 240-month installment without paying any extra expenditure. Birevim has 25 branches in Turkey and 350 employees work for it. Birevim has already received the Gold Quality Award by B.I.D.
Nomination Category: Sales Awards Distinction Categories
Nomination Sub Category: Sales Distinction of the Year - Financial Services
Nomination Title: Birevim A.S.
Tell the story about what this nominated organization achieved since the beginning of July 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
"There are no hopeless situations; there are only men who have grown helpless about them."
- Clare Boothe Luce, author
If launching a brand new model for financing large purchases (such as a home, land or car) isn’t a challenge enough, imagine doing so at the very same time as the biggest political crisis a country can suffer: an attempted military coup.
Most entrepreneurs would postpone their launches. But the team at Birevim rolled up their sleeves and embarked on introducing the most dynamic sales model Turkey has ever seen in the financial services sector.
Turkey in 2016 suffered disruption of “business as usual” by geopolitical chaos and terrorism:
-Failed coup attempt, with fighter jets swirling over our offices
-State of emergency, still continuing
-Syrian war and influx of 3 million+ refugees
-Conflict with Russia
-Turkish lira lost 40% of its value
-Sales decline in financial services sector
Still, with 60% of Turkey’s population unable to qualify for a home mortgage, Birevim discovered a way to introduce affordable financing to the marginalized majority. What’s more, in the first 18 months, Birevim:
-managed 350,000 prospect communications
-increased employee size 800% (6 to 50)
-expanded branches by 600% (4 to 26)
-realized sales 50% greater than projected ($125M to $260M USD)
-net income from commissions 48% more than estimated ($10M to $18M USD)
Like most Turkish businesses, geopolitical and economic crises left us gasping for ways to solve the following problems:
-Volatile, uncertain real estate sector
-Steep sales decline in new builds
-Reluctant foreign investors and consumers
-Consumer distrust in financial institutions
SOLUTION: Acceleration was the key to survival.
PROMOTION: Birevim rolled the dice on an aggressive targeted marketing campaign to generate qualified leads.
GROWTH: The massive response caused us to increase branches to service our prospects and increase sales.
APPROACH: Families were encouraged to visit nearby branches to tailor their own mortgages: plan design, amount to be financed, monthly payment amount, loan duration that would work for them best.
Birevim’s financing model whereby customers only pay a nominal 7% commission based of the value of the home or land or car to be purchased has proven to be wildly popular with its customers, is the underpinning of its sales distinction.
As opposed to paying up to twice the value of their home in traditional mortgage interest over just 10 years, Birevim’s model of a small upfront one time commission and financing duration of up to 20 years is extremely attractive to the low to medium income market segment.
While banks are focused on an entirely different audience, their eyebrows are raised at Birevim’s novel financing approach.
The seemingly ‘helpless’ geopolitical situation and economic crisis of 2016 did not leave Birevim’s sales team in a state of helplessness.
On the contrary, it served to motivate the team to accelerate a dynamic marketing and customer service program to produce unprecedented sales growth in the financial services sector.
Birevim has actually achieved growth and financial health during the state of emergency. Birevim has converted 7,348 prospects to customers: a major achievement for a company of its size unrivalled by any of its competitors.
Ultimately, Birevim’s innovative sales model is transforming the mortgage sector in troubled times.
See the attachment for the full-text of the entry, including a bullet list of accomplishments in 2016-17.