When management says, “We have an image as a quality supplier and a reputation for providing a superior product, so why should we lower our rates?”, what is the next and most logical course of action? Senior Sales & Marketing Management Leader, Alexander Chew, faced this specific dilemma and discovered a solution that he considers the most significant business transaction of his career.
Read on for Alexander’s full story:
“I received a $5 million first Purchase Order and fostered an enduring relationship with a leading non-profit fiber-network provider by acquiring competitive pricing information and convincing management that we needed to have C-Level face to face meetings wherein I presented on the technical advantages of our fiber.
“The highly competitive climate of the market foreshadowed price as the predominant factor in closing desirable contracts. Management preferred to promote the company’s image as a quality supplier and consequently resisted lowering rates, but we needed to offer superior product at competitive prices.
“I launched a relationship-building campaign by traveling frequently to the target’s headquarters and reviewing the company’s value proposition and add services with key C-level executives. I learned the identity and pricing structure of the main competitor and realized the company’s pricing levels needed to be adjusted to close the deal. I then prepared a presentation proposing to my company that the value of the opportunity justified a change in mark-up philosophy.
“Against multiple historical objections by some senior executives, I validated the model, presented my findings, and ultimately gained executive approval to a modest variation. In working with the customer, I maintained the granted parameters through careful negotiations with the prospect and closed an agreement containing mutually acceptable terms and conditions.
“Going through this process, I built a strong rapport with the customer that blossomed into a long-term profitable relationship so that in addition to the $5 million initial Purchase Order we had a very profitable annuity. I worked with the customer and the National Telecommunications and Infrastructure Administration to build a fiber optic network serving all the regional hospitals in Ohio, encouraging telemedicine as a pioneering concept, and improving the quality of life in rural Ohio.”
Watch full video interview below.
Contact Alexander via LinkedIn or his Career WebFolio.
Fred Coon, CEO
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