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Project details
Project Applying commercial excellence in chemicals
Industrial Goods & Services
Project description
A global chemicals company with new private equity ownership enlisted Consult Plus to help the new partnership establish a foundation of growth, improved financial performance and upgraded capabilities across its businesses. Initial research identified significant opportunities in sales and marketing and, with Consult Plus support, the company set out to enhance how products were priced and sold to better reflect dynamic market conditions and the products' differentiated value.
With quality products and a substantial and loyal customer base across its businesses, ChemicalCo was well-positioned to be a market leader. However, the company did not always maximize value from its differentiated products and strong relationships and it also struggled to properly reflect the rapidly changing price of raw materials in its own pricing.
Consult Plus brought a sharp focus on the commercial aspects of doing business to help ChemicalCo get closer to its customers and more disciplined about dynamically matching prices with customer needs, product value and underlying costs.
Project features
- Assessed sources of value and customer needs: A survey asked customers about their needs and top criteria in purchasing decisions which yielded the insight that price was the key criterion and that the chemicals company was often out-of-step with its competition.
- Enhanced customer management: Consult Plus developed new tools, processes and offers to ensure the company tailored products to specific customer needs.
- Revamped pricing strategies and tightened discipline around pricing changes: We created new processes, clear pricing rules and guidelines to implement strategic pricing in order to capture appropriate value from differentiated products.
- Focused product innovation on cost reduction: In addition to increasing revenue, Consult Plus also looked for opportunities to use new materials and processes to lower production costs.
Consult Plus's support helped ChemicalCo and their new private equity owners on their journey to growth, improved profits and enhanced capabilities.
ChemicalCo capitalized on their significant opportunity in sales and marketing with new tools and processes and a disciplined and dynamic approach to pricing. Combined with the company's quality and differentiated set of products, the work delivered value almost immediately: more than $10 million in the first month alone.
Consult Plus also helped the company achieve its objective to improve capabilities across the organization with custom coaching sessions for frontline personnel and account and relationship managers.
With initial success and a strong foundation, ChemicalCo turned its attention toward capturing the more than $100 million in margin opportunity that lay ahead from its newfound commercial excellence.
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Project Details