An engineering based company, who supplied heavy engineering solutions into B2B industrial sectors (e.g. oil/gas, civil engineering, rail, renewable energy, nuclear etc.). Sales revenue from international markets were declining and the company had an ambitious growth plan, however no clear vision/idea as to where this growth was going to come from. 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.
1) Strategic plan
The 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 were 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
Rakesh is a very professional and committed member of the senior management team, whose contribution to the business was much valued and results clearly there to be seen”
C.Droogan Group Managing Director
About Author Rakesh Shah RVR Management has over 20 years’ experience of growing sales in large corporate companies as well as SME companies, in UK/Europe USA and Asia. He is technically, MBA and CIM qualified with a background of delivering growth within engineering/manufacturing sectors and offer a range of business tools and support services that deliver results.
Contact Rakesh Shah : 0778 555 8344