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

500%+ Return on Sales Negotiations Investment in the Financial Services Industry

Client Case Study

Situation

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 approx $6.3 Million in annual revenues.

D&B Denmark helps their customers perform a range of business analyses primarily through three products & services: Risk Management Solutions to mitigate credit risk, increase cash flow and drive increased profitability; Sales & Marketing Solutions to increase revenue from new and existing customers; and Supply Management Solutions to generate ongoing savings through supplier consolidation, and to protect their businesses from supply chain disruption and serious financial, operational and regulatory risk. Our engagement with D&B Denmark centered on their sales organization to include account managers and account specialists.

Complications

We conducted a negotiation needs analysis designed to map the internal negotiation structure within D&B Denmark and to capture both internal and external issues surrounding negotiation. 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, consequences of no agreement, trades, the company’s internal conditions, training implementation, and 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 negotiations
  • Various negotiation approaches used in each country
  • No integrated and standardized negotiation process

Approach

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. Defining a common organizational negotiation strategy linked to the company’s sales strategy
  2. Agreeing on a common negotiation process integrated with the sales process including:
  3. Coaching and measuring both strategy use and process implementation including:
    • Delivery of our Strategic Negotiation Solution to D&B Denmark with a highly customized 2-day negotiations workshop. The participants in the workshop included sales management, relationship managers, and specialists. Each brought a live deal into the workshop to practice the process and advance their deal.
    • Since many deals were set to resign, or close for the first time by year-end, we agreed each participant would further their specific deal, including follow up coaching calls, using the process to gain a more successful contractual end result.
  4. Measuring leading and lagging indicators including incremental revenue, retention, time to close, new 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

Related Information

We recently hired LSA Global to help take our sales team to the next level. Specifically we focused on targeting the ideal client, differentiating our solutions, getting more qualified leads, and closing a higher percentage of our pipeline through a proven referral selling methodology.

So far, the results from the business sales training have been great. We were pleasantly surprised with the results-oriented approach and thoughtful follow-through plan to ensure that the new sales practices “stick.” We look forward to a long-term relationship, and I would recommend LSA to anyone looking to increase the effectiveness of their sales force.

Patrick Arnold
President

Filice

LSA’s customized Effective Presentation Skills program has helped me elevate my presentation skills to the next level. I now have a much greater self-awareness of my presentation skills and can leverage off of my strengths while working to improve upon other areas. I would definitely recommend this solution to anyone for whom business presentations are an integral part of their job.

Jim Elliott
Senior Marketing Manager

Samsung

Seagate has always found LSA to be a valuable resource. LSA delivers top quality solutions when we need them with just one call. The recent business sales training programs they’ve delivered for Seagate University have been the right solution, highest of quality and customized to our business and culture. I would highly recommend LSA to any company interested in offering top notch learning solutions.

Tammy Dujmovich
Sales, Marketing & Customer Service

Seagate

This was our first experience working with LSA, and we were not disappointed. From beginning to end, they were as invested in making sure the program succeeded as we were. They not only met the needs of our organization, but they helped us meet our very tight launch deadline. The consultant operated with the sense of urgency necessary to ensure that by the end of the training the trainer sessions we were ready to roll the program immediately out. Without their dedication and expertise we would not have been able to launch the program with the success that we did. Thank you LSA for being a valued business partner!

Erin Surprise
PHR, Manager - L & D

For the past 5 years LSA has consistently delivered top notch value to Seagate’s Corporate University Program. The level of facilitator involvement and continuous program evolution has kept the sales negotiation training content and lessons engaging and relevant. We look forward to working with LSA in the future.

Geoff Purnell
Sales Executive, Seagate Data Recovery Services

Seagate

LSA was instrumental in making our worldwide sales meeting a success. They saved me a ton of time by recommending ‘best in class’ vendors to meet our business objectives. Whenever I’m in a pinch, I can count on LSA’s dynamic team of sales trainers and consultants to really go the extra mile. They truly understand the meaning of customer delight.

Amy Walker
Manager

Seagate

Hyperion has a commitment to lifelong learning. LSA helps us provide the right business sales training, management training programs, and leadership development programs at the right time to meet the needs of both individuals and departments. I especially appreciate their ability to listen to my needs and recommend the appropriate facilitators, solutions and content.

Sarah Parks
Senior Project Manager

Hyperion

LSA is an excellent training outsource partner! They listen to our needs, are responsive and work at a pace that keeps up with ours. We have found LSA to bring strategic and innovative solutions to meet our business problems by partnering effectively with our staff. I consider them to be an external extension of our team.

Wendy Chinn
Sr. Director, Global Sales Enablement

We needed a way to improve training with our customers. We had to reach a disparate group of people in a very short period time. LSA gave us a new training methodology and a way to go to market with our training that improved our customer touch. LSA delivered what we needed in the time we required.

Hinda Chalew
Vice President of Marketing

The sales strategy and goal setting session was right on target. It was a very valuable process that I highly recommend to any sales team.

Phil Rosenberg
Senior Vice President of Sales

One of the most dynamic sales training programs I have had the pleasure of being involved in. Nothing I have experienced comes close to them. The sales principles are unique to contact centers and can be applied effectively in sales and customer service-oriented operations.

Software Company
Director of Sales Development

We engaged with LSA Global to help our team identify opportunities to accelerate our commitment to sales excellence as “The Service Revenue Performance Company” in our market place. The facilitator’s shared passion for our goals created a foundation for sales skill adoption, as did LSA’s keen understanding of our unique business environment. This insight allowed LSA to deliver customized business sales training workshops which were adapted to reflect our specific business dynamics and provided our employees with the models and tools to leverage on every call with customers.

Grant Clarke
Director Client Delivery

Service Source

We selected LSA over a handful of other experts to assist with a key sales leadership imperative. LSA added value every step of the way throughout the entire engagement. Their customized approach to sales presentation training exceeded expectations, and we are excited about global implementation across our offices in more than 100 countries. LSA’s unique Strategy-to-Results approach is an added game changer.  I recommend them to anyone looking to get high quality results when it matters most.

Eric Mugele
Executive Director Global Learning

Grant Thornton

We turned to LSA Global to help us take our executive selling and solution selling skills to the next level. Their ability to formally assess our situation, identify key sales skill gaps, develop a plan to measure the results, and fully implement a key sales initiative – has been outstanding. LSA delivers the full solution; not just sales training.  I recommend them to any organization looking to transform its sales force the “right way” to sell higher and wider.

Daniel Heckman
Director of Sales-Enterprise Accounts

Avid

In an effort to establish a solid foundation of consultative selling skills for our client-facing teams that can be built on over time, we engaged with LSA Global. By understanding our business and our markets, LSA Global was able to develop and deliver the relevant skills, tools and processes that have established the foundation for our future success. We are very satisfied with our decision.”

Kevin Wiley
Chief Operating Officer

Nelnet

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