Global Chemicals Company Case Study
Increased brand awareness; strengthened channel partner, distributor and OEM relationships; and dedicated sales and technical personnel provided path to increased market share.
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
- 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.
- 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