A home products manufacturer had developed a growth plan hinging on increasing volume. However, as the manufacturer attempted to execute the plan, results did not materialize as expected. Blue Pearl was brought in to help execute the plan.
As we ramped up with huge expectations, a glaring discrepancy emerged. The report and plan did not take into account competitor positioning and movement. Growth is contingent upon two factors – a growing market demand for your product or an ability to take market share from your competition. Or both. As the US continues to recover from our recent economic challenges, the demand for our client’s product was growing slowly. However, the CEO’s objectives far exceeded growth potential driven by the market. This meant that they needed to capture volume currently being met by their competitors. In order to steal this volume, we first needed to have a comprehensive understanding of the competitor landscape.
Blue Pearl began by digging into customer needs, wants, and demands. We analyzed price vs service vs quality vs customization options and laid out a very detailed map of the factors driving customer decisions. We then looked at the competition, including local, big box retailers, and online options. The final step determined how our client currently fit into that matrix, and how they should fit to meet their growth objectives.
The resulting plan included a complete understanding of our target customer segment, and an implementation plan that would position our client to exceed the offerings of direct competitors. We also implemented an internal review process that provided ongoing competitor intelligence to ensure that our client didn’t fall out of that position.