Case Story
Revamping Marketing for
Business Growth
|
|
|
 |
 |
 |
 |
A successful manufacturer and solutions provider to the energy industry wanted to double revenue over the next two years. Key executives believed marketing was the critical link in reaching this goal. While they held planning sessions and commissioned significant research, they soon recognized that marketing functioned at a tactical and reactive level: Strategic thinking and planning was missing, and management was unsure of the best approach to achieve its growth objectives. The company retained ReThink Marketing to evaluate marketing effectiveness and develop a new strategy and programs.
The Solution
First, ReThink Marketing uncovered an important issue early on: The company
was drowning in market research and statistics. Its inexperience in data
interpretation, however, meant it was unsuccessful in evaluating and applying
the findings to its decision-making and planning processes. This led to a
pattern of reactive implementation and a constant search for more data, both
of which stalled business changes needed to grow market share. Research and
planning process modifications were recommended to eliminate this issue.
Through the corporate interview process, ReThink Marketing discovered additional functional gaps that would affect marketing implementation. Corrective recommendations were proposed. At the same time, ReThink identified three marketing areas for action and provided a detailed implementation plan and timeline for in-house execution.
- Target market focus — The company was pursuing a market segment with a high cost of entry and limited differentiation opportunities. ReThink recommended a market penetration strategy over market development for the near future and a shift of focus to Segment “B,” in which they had established profitability and customer referral traction.
- Positioning and messaging — ReThink Marketing’s customer research identified points of differentiation for effective positioning in Segment B. ReThink then proposed a reduction in key messages to those with differentiation; the development of strong, customer-focused content; and a concentration on integrated solutions messaging over component products.
- Marketing strategy — ReThink proposed two programs as the foundation of the company’s marketing strategy: a pivotal lead generation program built around trade show participation and a tiered prospect engagement program to drive leads through a systematic qualification and contact system. Advertising, collateral, and other promotions would complement these programs. Other advantages: One-off promotions would be eliminated and Marketing and Sales now could focus on effective acquisition and sales activities.
The Result
Within four months, the company had implemented more than 90 percent of the
marketing recommendations, including a revamp of the CRM database, staff
changes, a new advertising program, refocused collateral, and measurement
metrics. Key executives shared that they were more confident in the company’s
direction and the ability of the new marketing programs to grow market share.
Marketing was seen in a new light and gained a more equal footing to Sales,
as it was able to function less reactively and with greater resolve and purpose.
The company continued to retain ReThink Marketing in an advisory capacity
to provide executive counsel, research analysis, and expertise on customer
feedback and satisfaction projects.
Can ReThink Marketing help your company improve
marketing effectiveness?
Contact
us today to explore the possibilities.
