Navigating New Market Realities
A professional services firm with double-digit growth objectives sought help in understanding and navigating their rapidly changing industry. While their brand was considered “top tier” among their peers and clients, attempts at diversifying their offerings weren’t grabbing hold fast enough. They needed both a long-term strategic plan to regain market share AND solutions to the near-term sales and marketing challenges they were facing.
Our approach to understanding both the current and future market potential included interviews with clients, competitors, and experts, as well as extensive industry research. While their brand was highly regarded, including their once innovative technology platform, most respondents were not aware of the breadth and depth of services our client offered. What’s more, we learned artificial intelligence (AI) and other cutting-edge technology solutions will fundamentally change the industry as a whole in the next 3-4 years. In the near-term, we identified ways to capture an incremental 10% of revenue through a customer-awareness program and building cross-selling capabilities at the front line. To address the long-term response to AI, we developed a 36-month new product development roadmap, including capital requirements.
The organization historically had relied on ‘word of mouth’ and opportunistic connections to increase sales, but that was no longer an optimal strategy. Not only were they faced with critical product innovation and branding challenges, their target customers were becoming more cost conscious. In order to capture the newly identified market opportunities, it was critical to put in place a robust business development strategy including additional sales resources, methodologies, and metrics. Marketing was also identified as a key enabler; in an industry where “relationships are everything”, we defined a plan that enhanced their position as knowledge leaders in the field through content generation and dissemination. With these two components in place, revenues are forecasted to quadruple over the next five years.
Get in Touch
Achieve Growth at Unprecedented Orders of Magnitude
A single, clear path to success does not exist, and as an executive, each pivot point presents infinite possibilities for moving forward.Engage BlüShift