A global telecom organization was experiencing revenue headwinds and increasing turnover across their strategic accounts team.
This team was struggling to create a clear plan of action to improve business relationships. The current processes were also allocating significant internal resources to increase client satisfaction;however, these resources were not making a difference.
The leadership team decided to focus on one specific client to direct their plans for how to change course. If this client didn’t renew, the future of the business would be in jeopardy.
In the previous three years, the strategic accounts team was having a difficult time building an effective business plan for this client, leading to decreased client confidence and zero account expansion. The lack of a proper plan reduced the partnership to a single product opportunity, which was also on the verge of ending. The main client contact felt that although the firm’s product capabilities were appreciated, the overall relationship wasn’t reaching full potential. The firm’s chances to save this high-growth account were running thin and they needed an alternative approach.
A Strategic Partnership Improvement Project was conceived and ValueQwest engaged as the consultants to help address the above challenges by helping sellers to:
- Identify and understand Customers’ goals
- Align selling strategy towards mutually benefitting common goals
- Develop confidence and trust in strategic partnerships
The firm’s revamped strategy started with a fresh, new strategic team. With new players in place, the team began to build client confidence through a programmatic approach, aided by ValueQwest’s partners, Miller Heiman Group (now part of KornFerry Digital) Large Account Management Process (LAMP) methodology.
Leveraging the structured approach of LAMP, the team developed stronger relationships with key influences and defined a clear roadmap for success. Capturing the strategic plan in a singular document, the Gold Sheet, ensured each member of the team was working off the same sheet of music.
The roadmap for their client relationship laid the foundation for where the strategic account team wanted to drive the relationship forward in a clear, easy to execute plan. The firm has since won the at-risk renewal, closed additional new business opportunities, and confirmed a long-term, high-growth roadmap for the next three years.