Client
A financial services firm with offices in North America, Europe and Asia.
Problem
Seeking to bolster revenue, the organization explored multiple growth strategies, ranging from new market entry to new product development.
Solution
CSI framed a focused growth strategy for the firm that leveraged areas of true competitive advantage – captive distribution channels, an ample client base in need of complementary benefits, and technical expertise to innovate the application of newer, but still unrealized, product offerings.
CSI facilitated the formulation of a high-impact penetration strategy that engaged existing distribution channels to better understand and actively promote two newer, non-core product/service lines.
It also convened a cross-functional planning team and organized the planning process around five distinct, yet integrated, components:
- Segmenting the client base and profiling the highest potential target groups
- Designing a company-wide sales process
- Realigning key departments around broad solution sets versus specific products
- Accelerating and improving the process from “point of sale” to “delivery”
- Creating a product manager role to internally champion product integration
Outcome
Results included:
- Doubling growth in non-core product sales (from single-digit to 20%-plus, year-over-year)
- Revenue diversification (5% increase in revenue contribution from non-core product lines as a percentage of total sales)
- Increased cross-selling for deepened client relationships
- Established a replicable approach for planning future new product integrations
