Energy Exploration Materials Supplier
Situation and Challenge
- The company found itself losing market share to competitors in the midst of a rapidly growing market. Company leaders were particularly concerned about the sales decline in certain premium products that provided high margins.
- They asked Blue Ridge Partners to help bolster their marketing/selling productivity and return them to their market leadership position.
- Interviewed company executives and sales teams to understand current revenue generation approaches, processes, tools and skills
- Used our The Nine Voices of the Market®approach to conduct interviews with prospects, current and recently lost customers and industry experts to understand buyer values and processes and identify perceptions of the company’s offerings, key opportunities and challenges
- Conducted Intensive internal data analysis of sales and marketing performance, cost, revenue, margin and pipeline related data to measure the company’s effectiveness in attracting new customers and penetrating existing customers
- Synthesized the information gathered and identified key insights:
- The client had long relationships and sold products to oil field service (OFS) companies who performed work for exploration and production (E&P) companies
- Competitors were successfully developing relationships with the E&P companies and influencing them to require use of their competing products by the OFS companies
- The client’s segmentation of OFS and E&P companies did not adequately recognize the complexity of buyer values; its messaging and value propositions were not aligned with the differing buyer values.
- The client lacked the sales model, certain technical skills and processes required to engage with key decision makers at OFS customers and E&P companies
- Developed prioritized initiatives and a phased implementation plan focused on improved customer segmentation, targeted messaging, new sales structure and a strong account planning and management process.
- With the new sales messaging and approach, coupled with the enhanced sale roles, the company developed new relationships at the right levels for both OFS customers and E&P influencers
- With the new relationships, the company launched a robust field testing program for its premium product that proved superior performance over the competition
- Those findings armed the sales team with tools and proof-of-value necessary to drive revenue growth through the sale of higher margin, premium products
- The company is positioned for a successful initial public offering
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