A Heavy Electrical Equipment Industry Client Increased Service-Level Revenues by 15% With Custom Market Research Solution
A German-based heavy electrical equipment industry client faced intense margin pressure and inherent growth challenges. The company sought Infiniti’s help in expanding its services and identifying promising sources of revenue growth. Collaborating with Infiniti Research, the heavy electrical equipment industry client pursued a new growth strategy that resulted in service revenue increase by more than […]
A German-based heavy electrical equipment industry client faced intense margin pressure and inherent growth challenges. The company sought Infiniti’s help in expanding its services and identifying promising sources of revenue growth. Collaborating with Infiniti Research, the heavy electrical equipment industry client pursued a new growth strategy that resulted in service revenue increase by more than 15% in a year.
Heavy Electrical Equipment Industry Overview
Companies in the heavy electrical equipment industry are facing predicaments such as lack of insight into the supply chain, resource management issues, and engineering challenges. Moreover, with rising market competition and increasing technological advancements in the industry, heavy electrical equipment manufacturing companies are pressurized to pursue new growth opportunities and invest in new technologies to fulfill customers’ changing demands. Consequently, heavy electrical equipment companies are partnering with firms like Infiniti Research to leverage their expertise in offering custom market research solutions.
Business Challenges Faced:
Our client, a heavy electrical equipment manufacturer with more than 15 business units spread around the globe, faced inherent growth challenges. Also, the client’s siloed structure impeded its growth objectives. Consequently, the company witnessed a huge decline in profit margins and started losing ground to its competitors. The client, therefore, wanted to revamp their business model, expand service offerings, and pursue a new growth strategy. To do so, the company required a research partner to help them with market, customer, and competitive research. The heavy electrical equipment industry client choose to partner with Infiniti Research to leverage their expertise in offering custom market research solution.
With Infiniti’s custom market research solution, the client also wanted to develop a coherent response to pricing changes, identify growth opportunities within services, and identify promising sources of revenue growth. Besides, the client wanted to identify distinct avenues of service-program growth and enhance return on investment.
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Our Integrated Approach:
The experts at Infiniti Research followed a four-phased approach to market research.
- The initial phase included marketing and business development. This involved analyzing the company’s service-product portfolio and evaluating business gaps.
- The next phase covered a thorough analysis of customers’ value drivers and optimization of sales processes and tools.
- The third phase of the custom market research engagement included gathering customer feedback and analyzing the factors impeding the company’s growth.
- The last phase revolved around evaluating supply chain processes and focusing on building supply chain resilience.
As a part of the custom market research engagement, the experts at Infiniti Research also developed several scenarios and performed a comprehensive market analysis to understand the demand elasticity required to recover the lost margins. Also, our experts conducted customer and sales-force interviews to understand possible obstacles to implementing the new growth strategy.
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With Infiniti’s custom market research solution, the client was able to adjust capacity planning, deepen customer partnerships to balance contractual obligations with operational challenges, and focus on supply chain resilience.
Also, the client was able to increase control over their supply chains by shifting to suppliers that offer greater flexibility. Besides, the client was able to increase market share significantly and enhance potential returns on sales.
As recommended by the experts at Infiniti Research, the client rolled-out a new growth strategy in three waves: pilot countries, must-win countries, and second-wave countries. The experts thoroughly tracked the results and helped the client to revamp the business models accordingly. Within one year of leveraging our custom market research solution, the client was able to witness an increase in service level revenues by over 15%.
Request more info to know how our solutions can help companies in the heavy electrical equipment industry to plan for a post-COVID-19 era.