The Home Depot
Seeking to protect gross margins while rapidly increasing revenue with it’s largest customers, Home Depot retained CP to create a custom training and development program to improve the overall skill set and business acumen of the national account sales organization. Cosgrove Partners (CP) was tasked with identifying the skills needed to successfully capture new growth without compromising the gross margin performance of the business. In order to accurately assess the needed skill set, CP conducted more than 100 interviews with senior level sales management, field sales leadership and key customers.
- How does Home Depot Supply create meaningful value for large complex customers?
- What knowledge, skills and capabilities are required of the sales force?
- How can Home Depot Supply create and measure value creation for their customers?
- In what ways can Home Depot Supply create meaningful differentiation for large complex customers
COSGROVE PARTNERS ACTION
During the initial engagement, CP used extensive primary and secondary research efforts to assess business requirements and expectations of large complex customers, analyze the supply chain and delivery capabilities of Home Depot Supply, document the value of key services, and analyze the competitive landscape. Specifically, CP executed analytical interviews with several key constituencies including:
- Customers (regional and national multifamily operators, national hospitality brands, city and state government)
- Sales channels (internal sales executives, field sales management, sales reps, customer service reps, catalog marketing)
- Industry sources
Based on the outcome of the research, CP created an intensive training and development program consisting of five key (business acumen, financial management for non-financial managers, complex account management, value messaging, negotiating) programs. Each segment of the program is delivered via a blended learning program combining e learning with instructor lead training and validation. Home Depot Supply achieved greater than 26% compounded annual sales growth from National Accounts for 4 consecutive years without a decline in sell prices or gross margins.