We need our sales teams to adopt a value-based approach to pricing
Technology might be useful, but it’s not always used. We created an environment where SIG’s salespeople could experience the implications of value-based pricing, and focusing on differentiation, on their own and the company’s performance. This rapidly accelerated adoption of their new pricing technology, resulting in a £58m revenue increase.
The problem to solve
To fulfil ambitious plans for growth, SIG were moving from multiple brands, run separately at local level, to becoming a true multinational group, with a consistent, global approach.
SIG had invested in an expensive software to drive a new conversation about price with the customer but were finding that pricing was still applied based on historical norms, and personal bias, with little attempt at differentiation.
The sales teams didn’t trust the information being given to them by the new system.
$58m revenue increase as a result of accelerated adoption of new pricing technology
“Excellent very enjoyable, very worthwhile course presented excellently.
What a difference knowing that 1% price increase had a 23% increase in profit!”
SIG were not getting the results they needed from the new software, or the classroom-based learning designed to support it. They needed something different, that could have a major impact on their teams’ beliefs.
SIG had a clear vision of how they wanted their sales teams to perform, and we worked with them to
model this new reality, and the major hurdles their people would experience from their existing approach.
We worked closely with the business leaders to put together a three-tier program, which enabled the sales teams to practice taking a different approach to pricing in a safe environment, focusing on understanding the points of differentiation, and develop the skills to implement the training to overcome the inevitable objections they might face. This created motivation and trust in the new approach, rapidly accelerating adoption of expensive new tools and technology.
This program enabled SIG to implement a framework for coaching that was consistent in both methodology and application and the impact was immediate and tangible. Employees at all levels engaged with high energy and left with a working understanding of the learning outcomes that they had the confidence to put into practice. Financially the training had an immediate impact on profit margins and has continued to enable SIG to achieve the core KPI’s.