CUSTOMER SUCCESS STORY

Switching from vendor to trusted partner through strategic account planning

A leading wireless networking company was struggling to meet a major client’s needs. As the client lost confidence, it started taking business away, threatened the company’s long-term viability. Within one year, we helped them turn around this severely threatened contract renewal.

The challenge

Repairing a damaged client relationship

The company was worried it might lose one of its largest accounts — and for good reason. The client wasn’t hitting its growth targets, and the company couldn’t figure out how to offer the right level of support to help its client reach its goals. The company tried several tactics to improve its performance, including allocating more resources to the work and engaging in client meetings. But it continued to miss the mark. So, the company’s leaders rebuilt its strategic account management team. Its goals were to maximize its resources, improve communication, and align more closely with the client’s goals. But, by the time the company introduced its new account team, the client’s confidence in the company had hit an all-time low. The client thought that the company couldn’t deliver the rapid, comprehensive support it needed. As a result, they reduced the relationship to a single product offering. And there was no guarantee that the client would renew that contract. The client offered the company one last chance to win back the business. That’s when the company contacted us.

Partnering with Korn Ferry

381%

Increased revenue from closed-won opportunities by

Define a customer-centric roadmap with a new sales methodology

The solution

"The company captured its strategic account plan in the LAMP® Gold Sheet analysis process. This revealed new sales opportunities and allowed sellers to record detailed sales strategies for each potential opportunity."

There was a big pitch on the table in New York, and they were determined to win it. After a successful 2-hour opportunity coaching session, having a sales methodology came into focus for them. They wanted to test it to see if it could streamline and focus their pitching process. The team started working on employing our sales methodology to this pitch. They spent 90 days working on the presentation, compiling data, and planning their approach. It paid off. They won the business, and a new focus on the value of sales process and strategy was born. Having seen the triumph of the New York pitch, the organization was keen to press on and pilot our sales methodology in two markets. The success of those pilots was enough for the initiative to be rolled out throughout the US sales force.

A renewed deal, new long-term revenue opportunities, and a deeper relationship

The results

LAMP® gave the company a foundation for improving the client relationship. It helped the company understand the client’s goals, detect and address support gaps, and discover additional opportunities for client service. As a result, the company earned more than just a renewal. By the second year, the company had expanded its relationship and shed incentive discounts implemented the previous year. Additionally, it secured the next renewal for three years at a 25% revenue increase. The renewal also uncovered new opportunities that could amount to an additional $20 million. And the company now believes that the long-term revenue opportunity for this relationship could reach $100 million. Today, the company supports the client seamlessly and effectively, with the Gold Sheet serving as a guide. The Gold Sheet enabled the company to root out problems, take a systematic approach to solving them, and deliver invaluable insights. Most importantly, the client now views the company as not just a vendor but as a trusted business advisor.

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A leading wireless networking company

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Secured and expanded client renewal, with a 25% revenue increase.

Identified additional business opportunities worth $20 million on the current contract and up to $100 million for the relationship.

The return on investment

Background

Deployment of our sales methodology as part of an end-to-end sales transformation delivered a increase in top-line revenues and a win rate increase to over

The company needed to repair its relationship with its customer. But we realized that rebuilding the client’s confidence in the company was a small part of a bigger problem. The company needed to improve its performance and become more than a mere vendor; it needed to become a trusted advisor. This required a new approach to the relationship that shifted the focus to improving the client’s business and identifying clear actions to strengthen client alignment. First, we implemented our Large Account Management Process® (LAMP®) methodology, which shows sales organizations how to protect strategic accounts. LAMP® helps sellers develop stronger relationships and grow account revenue through a well-defined roadmap rooted in a customer-centric, strategic account planning process. The planning process then drove actions with the client that were regularly executed and updated.

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A subsidiary of a global enterprise information technology giant, offering innovative data center network management services to the world’s largest companies.

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Level 1: Delivers a commodity that meets expectation Level 2: Delivers a good, differentiated quality of products or services Level 3: Provides personalized service and support Level 4: Contributes to business issues Level 5: Contributes to organizational issues When the company called us, they were operating at Level 2 with their client. To move into a higher tier, the company needed to demonstrate its potential to support the client and solve business issues. Accomplishing this goal required the company to do two things. First, it had to align its relationship goals to improving the clients business results. Second, it needed to develop a strategic account plan that drove actions. To start this process, the company analyzed the client’s desired business outcomes. It then invited the client to have a transparent conversation regarding missteps in previous years. During this discussion, the client shared its larger business goals, allowing both companies to create a clear, aligned vision for long-term success. Part of the strategic account plan was moving technical support to the enterprise perspective which improved service at a reduced cost. This process opened additional lines of communication and enabled the company to learn how it could help the client achieve its performance objectives. The company also got critical insight into areas where the client had lost market share and offered solutions to help the client regain ground. The company and client decided to continue having these strategic conversations because they were so fruitful. The company also captured its strategic account plan in the LAMP® Gold Sheet analysis process. The Gold Sheet revealed new sales opportunities and allowed sellers to record detailed sales strategies for each potential opportunity. And it translated each opportunity into benefits such as a better client relationship and higher revenue.

Identified additional business opportunities worth $20 million on the current contract and up to $100 million for the relationship.

Secured and expanded client renewal, with a 25% revenue increase.

25%

Secured and expanded renewal, with a

$20m

Identified additional business opportunities worth

The return on investment

Partnering with Korn Ferry

"Siemens Healthineers wanted a sales methodology partner that put its customers first."

The LAMP® methodology defines five levels of client relationships:

"The company couldn't figure out how to offer the right level of support to help its client reach its goals."

revenue increase

on the current contract and up to $100 million for the relationship

Limited buyer contact

THE LAMP® METHODOLOGY DEFINES FIVE LEVELS OF CLIENT RELATIONSHIPS:

Delivers a commodity that meets expectation Delivers a good, differentiated quality of products or services Provides personalized service and support Contributes to business issues Contributes to organizational issues

Level 1: Level 2: Level 3: Level 4: Level 5:

"The firm's customer support underwent a remarkable transformation."

$20m

Identified additional business opportunities worth

Secured and expanded renewal, with a