Global Chemicals Company

Situation and Challenge

  • The company wanted to accelerate growth in a small and, until recently, neglected part of their business
  • The business segment operated in a slow growth corner of the industrial coatings industry with few market participants, one dominant player and very high switching costs
  • Management asked Blue Ridge Partners to develop a go-to-market strategy focusing on external facing issues to help them gain market share and grow the business for the North American division

Approach

  • Interviewed company personnel to understand the history of the business, the company’s perceived value proposition and current go-to-market approach.
  • Gathered market insight and intelligence from interviews with customers and prospects to understand their purchasing behavior and their perceptions of the client and the market
  • Followed our The Nine Voices of the Market ® approach to develop a comprehensive list of prospects and conduct interviews with competitor customers, equipment suppliers and industry experts to gather opinions and data about the market, the company and its competitors
  • Created a “Market Map” of product and current and projected revenue flows in the sector between the participants that allowed for a structured approach to understanding the market, influencers and flow of funds
  • Identified and prioritized recommendations and an economic model of the impact on the business unit for an improved go-to-market approach.
    • With limited product differentiation, the company’s technical services reps, channel relationships and OEM approvals would be critical to increasing share.
    • Customer segmentation and opportunity segmentation should be followed by increased/focused brand messaging and value propositions would be required for identified customer segments
  • Prepared a detailed implementation plan and recommended a Program Management Office to oversee execution of the recommendations.

Impact

  • The economic model of the initiatives projected the business unit growing at a 20% CAGR, nearly doubling the size of the business in less than five years
  • Improving brand and messaging visibility and dedicating sales reps to the market provided needed leverage for prospect contact
  • Adding technical service reps met crucial buyer values; they became “trusted advisors” for problem solving and cemented relationships
  • Incenting OEM end users (where strong relationships already existed) to specify the client’s product as “preferred” converted more prospects to customers
  • Added channel partners with established relationships at prospects to present a “bundled” offering to customers
  • Added distributors with exclusive manufacturer relationships interested in adding a new product line with customers to sell more and deepen their presence at the customer
  • Success in the North American division led management to expand the overall action plan to other business units in Europe and Asia

 

Market Map

Go-to-Market Strategies

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