B2B

Uncovering ‘black swan’ information in commercial contract renegotiation

Forethought assisted in identifying the areas of focus and key pieces of information useful for contract re-negotiation and increased spend for major customer accounts for our client. In doing so, this information was used to inform the implementation of major automation initiatives and to assist in recontract negotiation.

Forethought assisted in identifying the areas of focus and key pieces of information useful for contract re-negotiation and increased spend for major customer accounts for our client. In doing so, this information was used to inform the implementation of major automation initiatives and to assist in recontract negotiation.

Through qualitative in-depth interviews comprising quantitative components, Forethought identified how to maintain and grow customer spend by understanding the critical needs of each decision maker for these major accounts.

Once this was understood through research, we engaged the leadership group in a Solutions Design Program to identify how to best deliver to these core customer needs both at an account and individual level. We assisted our client over a number of years to re-negotiate and grow major, multi-year customer contracts.

The improvement in experience and effectiveness of the account-client relationship was observed via:

  • Customer retention and re-signing for at least four major accounts.
  • In market uplifts in commercial spend and share of wallet for these accounts.
  • For two successive years, increases in customer experience satisfaction metrics. This was both at the overall level and for the critical drivers identified relevant to automation initiatives.
  • Differences in drivers of account and customer level results and modelling, explaining how priority areas changed over time.
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