Scaling up a new division for an Indian chemical company
The Situation
A startup nanotechnology division of an Indian chemical and pharmaceutical company wanted to create and implement a strategic plan for sales, distribution and growth. The company was aiming to double revenues and achieve profitability within 9 months.
The new division had a substantial pipeline of innovative products but was struggling to upscale the business. It needed a better understanding of customer needs and to create a compelling proposition. Overall, the division lacked a focused strategy for customer acquisition.
The new division had a substantial pipeline of innovative products but was struggling to upscale the business. It needed a better understanding of customer needs and to create a compelling proposition. Overall, the division lacked a focused strategy for customer acquisition.
The Solution
The company sought WIL Group’s expertise in addressing the challenge. A team of interim executives with extensive customer strategy experience was rapidly identified and appointed. The team then split the assignment into two phases:
• Implementing a diagnostic study to understand customer pain points, needs and constraints as well as the quantifiable benefits of adopting of the division’s innovative technologies.
• Creating a strategy and execution plan to drive customer acquisition and deeper engagement with newly acquired customers.
In addition, the team segregated responsibilities within the sales and marketing team to significantly reduce approval times and improve post-sale customer contact.
• Implementing a diagnostic study to understand customer pain points, needs and constraints as well as the quantifiable benefits of adopting of the division’s innovative technologies.
• Creating a strategy and execution plan to drive customer acquisition and deeper engagement with newly acquired customers.
In addition, the team segregated responsibilities within the sales and marketing team to significantly reduce approval times and improve post-sale customer contact.
The Result
A central part of the strategy was to engage with existing customers to cross-sell new products and innovations. The approach paid handsome dividends, doubling revenues within 4 months.
With focused effort on a few large accounts, a compelling value proposition and stakeholder mapping enabled the team to reduce approval cycles from 18 months to 6 months for new business.
The organization achieved a net positive run rate within 6 months.
With focused effort on a few large accounts, a compelling value proposition and stakeholder mapping enabled the team to reduce approval cycles from 18 months to 6 months for new business.
The organization achieved a net positive run rate within 6 months.
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