The COVID-19 pandemic has taught us many lessons, not the least of which is the value of a reliable supply chain.
Topics: Pricing with Confidence
This is a scary time for suppliers and their sales teams. Customers concerned with the impact of COVID-19 are canceling or postponing projects and curtailing spending. As a result, suppliers are losing revenue and seriously considering pay cuts and/or layoffs to help them through this difficult time.
Each year, Holden Advisors hosts an Executive Customer Forum to discuss the most pressing topics facing commercial organizations. This year, I had the honor of facilitating a discussion on how to build organizational commitment as it relates to commercial transformation - the central theme for the meeting. Specifically, we discussed the mindset required for leaders to effectively propagate their visions across their organizations. The following is a recap of the presentation and, at the end, we discuss three key findings from the executive discussion.
Topics: Commercial Transformation
One of the first things that first responders do when they start to treat a trauma victim is to find out where the victim is bleeding. Second, they determine which of those injuries is most life threatening.
The business world is full of great ideas that don’t get adopted. Some require too many resources, some are too expensive, and others don’t fit within an organization’s strategy. Then there are the millions and millions of ideas that fit within a budget, aren’t too hard to execute and perfectly align with an organization’s goals … and still aren’t adopted. Why not? People fear change.
At Holden Advisors, it’s fun to hear stories from our workshop participants about how they negotiated an extra $200K into their deal or took what appeared to be lost cause and turned it into a $5MM opportunity that’s on the cusp of closing. (Both true stories.)
Imagine this: You’re selling your company’s best product. You’ve successfully navigated the gatekeeper to speak with your target buyer (the person who will actually use your product) and have shared enough of a compelling message that they’re willing to engage with you. You figured out that they have the budget to buy your product and have proposed a solution you know will help your buyer achieve their goals. Everything is progressing wonderfully and then your primary point of contact goes…silent.
If you’re a fan of the 1960s television show, Get Smart (or saw the 2008 movie with Steve Carrell), you know that the good guys work for Control and the bad guys work for an organization called KAOS (pronounced, “Chaos”). As a pricing or finance leader, it sometimes feels like this reflects your life as well: you're trying to maintain control over your pricing and profit, but too many times when a negotiation is left in the hands of your sales rep, it turns into chaos.
Topics: Negotiating with Backbone
As we enter the holiday season and life becomes more hectic, great service becomes even more important. If you’re like me and your holiday shopping tends to skew toward the end of December, getting a retailer to deliver the gift you purchased before the 25th is almost as important as the gift itself. It reminds me that great service – throughout the year – is an important part of a business’ value prop and shouldn’t be forgotten when buyers try to negotiate.
Topics: Negotiating with Backbone