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A finance and asset management client had not raised their prices in over a decade. At best, their prices remained stable, but often they decreased. The company’s sales representatives, known as customer relationship managers (CRMs), focused primarily on maintaining strong, healthy client relationships. They were not equipped with the necessary skills or mindset to handle price negotiations, and they feared that pushing for price increases might harm their relationships with key customers.
The company's challenge was clear: they needed to implement price increases without damaging the valuable relationships their CRMs had built over years. Yet, the CRMs lacked the negotiation skills and confidence to manage this change effectively.
We partnered with the client to develop a comprehensive price increase approach, along with a negotiation toolbox tailored to their needs. To ensure the CRMs were fully prepared, we created an intensive learning journey, which included:
- Virtual Kick-Off: Participants were introduced to the learning journey and assigned homework to prepare for the upcoming sessions.
- 2-Day Bootcamp: This immersive workshop focused on equipping CRMs with the necessary negotiation tactics through role-playing and real-time feedback. Both senior managers and expert trainers from POWERING observed the role plays, offering personalized feedback and guidance.
- Post-Webinars: The sessions allowed CRMs to discuss their progress and share experiences on actual price increase efforts, providing a space for continued learning and reflection.
- One-on-One Coaching: Before major price discussions, selected CRMs received individualized coaching to fine-tune their negotiation strategies.
The outcome surpassed expectations. The client achieved an average price increase of 13%, exceeding their original target of 8%. Importantly, the relationships with their customers remained strong, with no deterioration reported. The CRMs, alongside their managers, expressed high levels of satisfaction with both the learning journey and the business results. They appreciated not only the increased prices but also the newfound confidence and skills they had gained in negotiating more effectively.
See how our clients achieved impressive results with our sales training.
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