Growing Revenue by expanding and discovering new markets through Blue Ocean Strategy workshops
Context and Challenge
A mid-size MNC chemicals company, operating in India for 2 decades, wanted to re-establish itself as a leader in the market. The company has stable clients but the market share was eroding as their clients were buying products from competitors. But many of the products that the competitors were buying were not a part of the company’s product portfolio. There was a shift in the consumption of its products.
The top management of the company, after some reflection on the situation, was not able to arrive at a firm conclusion on the change that the company needed to make. The parent company wanted the top management to resolve the issue by themselves as they had a better grip on the local market pulse. The parent company was willing to help them in any technical initiative it wanted to pursue.
The top management wanted a way out of this situation of low volume growth of their existing products.
Solution - Simulation Workshop on Blue Ocean Strategy
Adept Global executives conducted interviews with senior leaders to map the current business situation and their expectations. A simulation-based workshop whose purpose was to bring about a change in the mindset of the leaders of the company was identified.
The simulation and conceptual inputs were based on Blue Ocean strategy and was designed to:
Ø Develop innovative solution for growing the market size
Ø Map out the buying behaviour, buying cycle and predisposition of the customers
Ø Develop a value proposition
Ø Review the current strategy and operating model of the company
Ø Define an implementation plan with periodic review along with Adept Global.
§ The MNC has developed 3 new products for the customers for multiple applications
§ The operating model for some of the products has been revamped
§ The customer value proposition has been redefined and accordingly all the marketing content and delivery have been changed resulting in higher sales volume.
§ The expected cost of ownership of the products is lower than the traditional method due to modified activities in the value chain.