Medtronic Success Story

The Customer:

Founded in 1949 Medtronic is the world's largest medical technology company. Listed among Fortune 500 companies, Medtronic employs over 38,000 individuals. Medtronic generated 3.5 billion in revenue in 2008.

The Challenge:
 

• Rising costs
• Static reimbursement
• Reimbursement set by insurance companies that will only pay one allowable
• New patients migrating to competition
• Competition carving out niche markets
• Customer satisfaction failing under high costs

The Solution:
 

• Maximize the effectiveness of strategic, tactical, telephone and face-to-face negotiation situations
• Increase profits through well-planned and executed collaborative negotiations
• Minimize conflict and deadlocks through the five core negotiations phases
• Maintain focus on interests to avoid dangerous positions
• Structure concessions of high value and low cost to both sides
• Increase confidence and integrate new negotiation skills through successful practice, feedback and coaching

The Breakthrough:
 

• Increased revenue to $4 million in Diabetes Management Products, more than double the previous years increase
• Avoided price reduction accepted by all competitors in the same market
• Integrate client and employee Negotiation Styles to enhance personal negotiation
• Expand the pie to gain more benefits for both sides
• Increase results through customized, real world specific exercises.