DEVELOPMENT OF STRATEGIC PLAN
The client was an engineering based company, who supplied steel fabrication /heavy engineering solutions into B2B industrial sectors ( e.g. oil/gas, civil engineering, rail, renewable energy, nuclear etc.).Sales revenue from the international market was declining, and the company had an ambitious growth plan, however no clear vision/idea as to where this growth was going to be achieved from.
Rakesh Shah ( RVR Management) was recruited to develop a detailed plan, and to identify how the company could achieve its growth objectives. This then needed to be approved by the Board of Directors.
Strategic plan was developed, which was presented to and approved by the Board. This focused on a number of initiatives which were identified when developing the plan
The process used:
- Key market drivers
- Key changes taking place in the market
- Which segment/countries driving the growth
- Competitive analysis
- Market attractiveness model – this clearly identified where the client should focus his resources in order to achieve growth
- Resource allocation
- Areas of functional areas to improve
- VOC – voice of the customer survey
Based on a detailed plan analysis, it was identified that the company needed to focus on the following:
- Vertical market segment growth
- Geographical market expansion – by each region top 7 countries identified
- Channel development
- Key account strategy – by each segment – Top 20 accounts identified
- NPD – New product development
Sales team re-organised based on region, ensuring resources where re allocated based on market growth/opportunities by country/segments
New sales process introduced – e.g. effective call planning, product training, needs analysis questioning, key account management strategy, daily management process introduced ( ie number of leads/quote/orders closed /pipeline stage) etc..
Re branding exercise undertaken – This was developed in form of a workshop – involving all the internal staff of the company. External company was then given a brief to develop new logo/branding.
VOC – (voice of the customer) was carried out . This identified how the external customers viewed the business and areas of improvement/ product gap analysis.
Communication – A detailed communication plan was developed/implemented ( web site, SEO newsletter, technical article, journal , news banner, trade association etc..)
New brochure based on total engineering capabilities , as well as ensuring it was vertical segment focused
CRM – building of data base – using external agencies as well setting up of an internal telemarketing team was undertaken – to drive lead generation.
Channel development process introduced – This was to ensure the company identified right types of agent/distributors for the target countries/segment.
Online spares – This was identified an area of growth and to generate incremental revenue
Introduced new visual management board to drive continuous improvement. Win rate improved by 10%
New lead generation/building data base – Pipeline value increased by 30%
New channel development process introduced/implemented, to add 20 new international distributors
Focus approach by sales/marketing team – showed a 15% improvements order intake
Online spares revenue increased by 50%
New R/D department set up , and process introduced to define customer un-meet needs, 5 new potential ideas identified.
The company now on track to achieve its 3 year growth objectives, Based on the current win rate/opportunity identified the company is likely to achieve its growth objectives within next 18 months
Topics: Getting Started, Operations, Product Development, and Sales & Marketing