How SOAR helped a medical diagnostics company increase share of wallet and generate incremental opportunities.
GROWING SHARE WITH TOP ACCOUNTS

Shifts in customer expectations or buying patterns force a change in the way companies can engage them. Adapting to customer buying approaches is a critical success factor for a company selling in a changing market.

 

Situation

Due to market shifts and negative customer feedback SOAR’s client, the world’s largest medical diagnostics company, was forced to reevaluate their customer interface. Consolidation in the healthcare space had altered the nature of the customer as buying decisions moved away from individual practices and instead fell to buying groups that serviced multiple locations.

Opportunity

The client saw this as an opportunity to better serve their customers by simplifying the customer interface and creating a more centralized account management structure. This led to a company-wide decision to change the customer engagement model from territory-based project management to account management. The goal of the shift was to create a more strategic customer engagement model.

Approach

In order to best evaluate the changing environment, SOAR conducted interviews with top customers to define customer expectations in the new space. This information was used to tailor a program for the new account oriented selling motion. The program focused on changing the conversation and emphasized understanding customer influences and motivations throughout the buying process. During the deployment SOAR utilized a series of tools and solutions including:

  • Voice of the customer videos that allowed new account managers to better understand customer motivations.
  • An account management strategy to align best practices across accounts.
  • An account manager success profile to define the qualities and skills a person must possess to succeed in an account manager role.
  • Skills training on value selling and executive engagement
  • Reinforcement through sales coaching and self-pace online modules
Result

Following the program, the company’s share of wallet increased by greater than 10% year after year. In addition, more than $10 million was generated in incremental opportunities across the entire selling team.