TURNAROUND OF AN INDIAN CONSTRUCTION COMPANY IN SINGAPORE
The Situation
The nanotechnology start up division had a large pipeline of innovative products across multiple end-use segments, but was unable to scale up business due to its lack of a deep understanding of customer needs and its inability to craft a compelling proposition.
Overall the business lacked a focused strategy for customer acquisition and was unable to scale up.
The Solution
This assignment was split into two phases:
• Diagnostic study to
understand customer pain points, needs and constraints as well as quantifiable benefits of adopting of innovative technologies across multiple applications.
• Creating a strategy and execution plan to enable customer acquisition and deeper engagement with newly acquired customers.
We segregated responsibilities within the sales and marketing team to significantly reduce the cycle time for approvals and deepen engagement for existing customers.
The Result
The strategy of mining existing accounts for higher wallet share by way of line extensions paid handsome dividends, leading to the doubling of revenues within 4 months.
With focused effort on a few large accounts, a compelling value proposition and mapping of all stakeholders enabled us to reduce approval cycles from 18 months to 6 months for new business.
The organisation achieved a net positive run rate within 6 months.