Revitalising Success: Uncovering Market Potential from Within
This project began with a once-leading product experiencing declining market share despite a high turnover in spares and repairs, by conducting a comprehensive analysis of internal processes, benchmarking global competitors, and capturing market intelligence, a clear picture of the market potential emerged. Facilitating a focused ideas workshop involving staff who had been formerly in the armed forces helped generate innovative ideas for deploying new technology. As a result, the business unit achieved a significant improvement in sales, doubling its pipeline within two years of implementing the information and sales tracking system
Previously market leading product
Customers were thought to be well understood and well maintained
Large business unit dependant on these sales
Global customer base for both sales and spares and repairs
Original old units still in use globally - customers spending money on repairs
Situation
The company faced the challenge of diminishing market share for a product that was once regarded as best-in-class. While spares and repairs turnover remained high, new sales were underperforming.
- The objective was to understand the reasons behind this decline and identify actionable strategies to reverse the trend, develop a next generation of product that was future-proof and create competitive advantage.
Approach
Initially, an analysis of internal processes was conducted to identify any potential gaps or inefficiencies impacting sales performance. Simultaneously, a thorough market analysis was carried out to gain insights into the competitive landscape and market dynamics.
Benchmarking played a crucial role in the approach. We examined global competitors in the same product space to understand their strategies, strengths, and weaknesses. This helped establish a comprehensive benchmarking and intelligence system, providing valuable insights for decision-making.
We were able to provide a clearer picture of market demand using an analysis of the likely size of potential orders based on the number and types of users per
country, previous customer orders and dates of orders and when the equipment may need renewing, and the tracking of spares and repairs per user and customer.
Some of this information was captured internally and supplemented by external intelligence. This allowed the team to determine the probable size and timing of sales opportunities and tailor their strategies accordingly.
Additionally, we facilitated a future-focused idea generating workshop, leveraging the expertise of staff members who had served in the armed forces. Their insights and experiences provided a clearer picture of how new technology could be effectively deployed, leading to potential advancements in the specifications for the next generation of this product.
Impact
The implementation of the comprehensive approach yielded significant results for the business unit. By the second year of utilising just the internally captured information and implementing the sales tracking system, the sales pipeline had improved twofold.
The analysis of internal processes and the market landscape provided valuable insights that enabled the company to identify and address the factors contributing to declining market share. Benchmarking global competitors shed light on best practices and allowed for strategic positioning and differentiation.
This data-driven approach provided a clearer picture of the market potential and understanding the market demand led to more targeted sales efforts, improved customer retention and enabled the team to prioritise and time their sales activities effectively.
The future-focused workshop introduced fresh perspectives and innovative ideas facilitating the advancement of technical specifications for the next generation of products, ensuring the company remained at the forefront of advancements in the industry.
Overall this work positively impacted the business unit’s performance.
The vast improvements in the sales pipeline and in sales achieved, within two years, demonstrated the effectiveness of the strategies implemented and the significance of data-driven decision-making in capturing market opportunities and driving business growth.
- Stakeholder Engagement 85%
- Problem-Solving 90%
- Strategy 90%
- Research 95%
- Analysis 85%
- Workshop Facilitation 50%