Sales Negotiations ROI of 500%+ in the Financial Services Industry

Sales Negotiations ROI500%+ Return on Sales Negotiations Investment in the Financial Services Industry

Client Case Study

Situation — Sales Negotiations ROI

As the leading provider of business information for credit, marketing and purchasing decisions worldwide, D&B helps customers gain access to the world’s largest and highest quality global commercial business information. D&B Denmark, a strategic partner of D&B, is responsible for approximately $6.3 Million in annual revenues.  Our engagement with D&B Denmark centered on their sales organization to include account managers and account specialists.

Complications — Sales Negotiations ROI

We conducted a sales negotiation needs analysis designed to map the internal negotiation structure within D&B Denmark and to capture both internal and external issues surrounding sales negotiations. It included D&B sales personnel, sales management, and sales account managers.

Because the goal of the analysis was to determine if—and, if so, why—a Sales Negotiation Initiative was needed, the line of questioning included market conditions, sales process implementation, value proposition effectiveness, competition, ideal target client profiles, consequences of no agreement, trades, the company’s internal conditions, training implementation, and sales coaching precedents.

When the needs analysis was complete, the following key sales negotiation issues were identified:

  • Negotiation skill sets varied greatly among team members.
  • Irrational behavior by the company’s competitors.
  • More sophisticated buyers.
  • Insufficient analysis or preparation for deals.
  • A history of giving away value.
  • Lack of confidence in sales negotiations.
  • Various sales negotiation approaches used in each country.
  • No integrated and standardized sales negotiation process.

Approach — Sales Negotiations ROI

In order to address these issues, we recommended a comprehensive Negotiation Solution rather than a series of isolated training events with four key steps:

  1. Sales Negotiation Strategy
    Defining a common organizational negotiation strategy linked to the company’s sales strategy.
  2. Sales Negotiation Process
    Agreeing on a common negotiation process integrated with the sales process including coaching and measuring both strategy use and process implementation including:

    • Sales Negotiation Training
      Delivery of our Strategic Sales Negotiation Training with a highly customized training program where participants worked on live deals to practice the process and advance their deal.
    • Sales Negotiation Reinforcement
      Since many deals were set to renew or close in the next 6 months, we agreed each participant would further their specific deal with follow up coaching calls.
  3. Sales Negotiation Training Measurement
    Measuring leading and lagging indicators including incremental sales revenue, account retention, time to close, new sales negotiation skill and process adoption, trades vs. concessions, and incorporation of  multiple equal offers in proposals.

Results
In four months:

  • $349,000 increase in incremental revenue.
  • 581% return on investment.

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As a result, I would highly recommend LSA Global to any leader struggling with building the strategic alignment and high performance teams necessary to generate sales growth, in a way that fits their unique corporate culture.

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