Stepping up to the  Legacy: Uncovering Opportunities and Kickstarting New Growth £3M+ 

A legacy 100+ year old brand faced stagnant growth and attributed it to a shrinking market. Reputation alone was no longer going to keep it afloat, but after utilising some unconventional analysis and refreshed strategy, growth accelerated significantly. Utilising a combination of market assessment, leveraging unconventional data sources, engaging with existing customers and strategically repositioning with a comprehensive sales and marketing plan, the company achieved remarkable results. The implementation of the new strategy led to accelerated growth of £3 million in just two years, indicating a significant turnaround in the company’s fortunes.

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Company had rested on reputation and grown oblivious

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Company were set in their ways and resistant to change

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Sales and services business - where often had the monopoly

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Didn't know how to compete in a digital world

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Stakeholder management was key issue

Situation

The company, a renowned legacy brand 100+ years old and once a pioneer in its industry, had encountered stagnant growth. Sales and leadership attributed this decline to a perceived shrinking market, which posed a threat to the company’s long-standing reputation and profitability. 

  • Objective was to understand the true reason for the stagnation, gain insight into the market, identify opportunities to reverse the trend and guide the company’s future course of action.

         

        Approach

        To address the problem, we adopted a multifaceted approach. Firstly, we conducted a thorough market assessment by analysing unconventional data sources. Although traditional market data was unavailable, we identified a potential alternative by examining vessel traffic and fleet logs. These logs provided valuable insights into the mandatory equipment sales and services based on tonnage, enabling us to estimate the market size over the past decade. By plotting these findings against requirements and regulations, we gained a rough market size and the ability to forecast future trends.

        Building on this initial analysis, we recognized the importance of gathering feedback from existing customers to gain a deeper understanding of their needs and preferences. Despite initial reluctance from the sales team, we were able to secure interviews with three key customers through the cooperation of one sales representative. Their feedback highlighted crucial areas where the company was falling short. To broaden our understanding, we then arranged a comprehensive tour of all the company’s offices in the UK, providing an opportunity to capture feedback directly from customers

        Impact

        The combined insights derived from the market assessment and customer feedback proved transformative for the company. Contrary to the belief of a shrinking market, our analysis revealed that while some markets experienced slower growth, the overall market was not in decline. This revelation instilled renewed confidence within the company, setting the stage for positive change.

        The interviews with key customers and the comprehensive office tour uncovered valuable insights into the company’s weaknesses and customer expectations.

         

        It became evident that some customers were actively considering moving elsewhere, with several already transitioning certain services. However, their feedback also provided crucial guidance on areas where the company could improve. Armed with this knowledge, we crafted a new sales and marketing strategy, collaborating closely with the sales and administration teams to simplify service offerings and rebrand the business.

        The rebranding exercise, while paying homage to the brand’s history through the use of historic paintings, focused primarily on addressing customer requirements.

         

        The company, for the first time, possessed a comprehensive sales and marketing plan that aligned with customer needs and preferences. This newfound understanding of the target market, coupled with the strategic realignment, led to remarkable results. Within a span of two years, the company experienced a growth of £3 million, indicating a significant turnaround in its fortunes and a clear positive impact on both financial results and the morale of the people within the organisation.

         

        • Research 95% 95%
        • Problem-Solving 90% 90%
        • Strategy 85% 85%
        • Stakeholder Engagement 90% 90%
        • Marketing and Branding 90% 90%
        • Analysis 85% 85%
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