Quite often a new Deal is created in Monarch. The Advertiser, Salesperson, Dates and Financial data are all there but because “Agency” is not a required field, it can be overlooked. While there may be an Agency included, if it’s not captured, the resulting revenue numbers will be off, which impacts reports, forecasts, etc.
Monarch is now going to automatically add the Agency to a new Deal created within Monarch.
NOTE: Other instances of new Deals, (i.e., imported deals from WideOrbit) will not include this functionality.
How does Monarch know which Agency to include in a deal?
When you are setting up a new Deal, there’s a 90% likelihood that the Deal includes an Account with either no Agency, or only one Agency associated with the Account, (based on Monarch historical records).
In those instances, auto-assignment would include the Agency (or lack of an Agency) in the Deal.
Monarch makes data associations between an account and a salesperson.
If John and Dianna are both sales reps with Ace Plumbing, Monarch creates an Account record for each instance: Ace Plumbing + John, and Ace Plumbing + Dianna. These associations make it easier to know which Agency to include in a new Deal.
For example, If John is creating the Deal, Monarch looks if Ace Plumbing + John has an Agency assigned, regardless of any other sales rep + account records.
This is why every new Deal starts with an Account AND a salesperson:
How Accurate can I expect the auto-assignment to be?
Scenario 1: Account record has no Agency associated and the new Deal loads with no Agency.
Scenario 2: Account record has only one Agency associated: the new Deal loads with the associated Agency selected.
Scenario 3: Account has more than one Agency, Monarch looks at the most recent Agency associated with that Account record. (Agencies can be associated with accounts in several Monarch workflows, like prospect, deal, forecast, etc.)
Additionally, if I’m creating a new Deal and there are multiple Agencies listed, but an unrelated Agency needs to be added in the deal, that NEW association will be the default Agency selected, the next time I create a Deal for this Account. (see screenshot below)
Based on Monarch’s historical data, the likelihood of an Account loading with more than one Agency is roughly one in ten.
Given that most accounts use the same Agency over the space of a year, this increases the probability of a successful selection to around 95% (older Agencies were associated in previous years).
Of course, in the rare occasion than Monarch auto-selects the wrong Agency, you can select the correct one as you are creating the Deal. (before this new feature, you would always need to select the Agency when creating a new Deal)
With that in mind, the accuracy rate of automatic associations should increase over time.