Building a Growth Strategy
Building a Growth Strategy
Since 1998, HPT existed as a small business unit of a larger business. In January 2012, however, President James M. “JM” Hasson acquired the business unit along with two partners.
Shortly after making that leap, HPT’s leadership wanted to better understand what makes them unique in their marketplace. In particular, they hoped to learn why their customers buy from them over their rivals and identify areas of weakness among the competitors currently serving prospects
As a result of their need to qualify customer perceptions, challenge their understanding of the market, and identify potential opportunities, HPT engaged DVIRC to develop and conduct a Voice of Customer primary research survey. The project was intended to capture specific quantitative and qualitative data and insights from key contacts within HPT’s current and prospective client base.
Using a scripted questionnaire developed specifically for this study, DVIRC completed surveys with 31 individuals from 24 unique companies. These individuals represented both current customers and prospects, and the questions were written to assess the following:
One of the most important assessment avenues, though, dealt with understanding customers’ primary decision factors.
In the end, the survey results validated these beliefs to a point, but they also identified other areas that had not been on the company’s radar before the survey.
As a result, the survey data enabled HPT to better understand the marketplace, and that understanding has informed and shaped short-term sales tactics. They can now apply this knowledge to appeal directly to those attributes that are most important to customers and prospects.
Moreover, Hasson says that the data also has had long-term benefits.
The data summary indicated a very high level of customer satisfaction with HPT’s products and services (90% of respondents rated their satisfaction as either 4 or 5 on a scale of 1-5). Among other data points, the company was able to identify customer service and quality as areas of particular strength, and to confirm those attributes that customers and prospects weigh heavily when selecting new vendors.
HPT has continued its partnership with DVIRCs Business Growth Services Group and gone on to improve its customer interface with a revised brand position, a new website, and a very focused effort to build a steady stream of qualified leads through DVIRC’s lead generation program.
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