Driving Profitable Growth in Existing and Adjacent Markets for Leading Electronics Manufacturer
The Challenge: A premium audio visual (A/V) electronics manufacturer needed to develop and present to its Board of Directors an aggressive growth strategy in an industry that is quickly being absorbed by information technology (IT). The company engaged Blue Canyon to provide direction on its organic and inorganic growth strategies to address the convergence of the A/V and IT industries.
Assessment: Blue Canyon deployed a framework that enabled data-driven and qualitative marketplace insights to drive an actionable strategy forward. In the adjacent markets phase, those insights proved invaluable in determining which industries best matched the client’s core competencies in the dynamic A/V industry. Blue Canyon learned that the client is well-known throughout its industry as a market leader in innovative products responsive to customer needs. However, because the client’s A/V industry has begun to converge with IT, Blue Canyon needed to develop an actionable strategy for the client to grow in its own market while addressing new IT needs amongst its customers.
Strategic Solution: To stimulate growth, Blue Canyon provided a number of strategic recommendations: grow the client’s existing market by addressing customers’ emerging IT needs in existing and newly developed products; work to support its direct customers profitability in an increasingly competitive market; selectively target end user segments to drive pull-through demand; and target suitable adjacent markets for potential acquisition and partnership, utilizing Blue Canyon’s proprietary framework to plot the best opportunities for growth.
Results: The client executive team, alongside Blue Canyon, presented the findings of the project to their company’s Board of Directors. The findings clearly showed how the client could pursue an accelerated organic and adjacent market growth strategy while maintaining its advantageous position in its currently served market. The board, impressed with the potential growth opportunities, voted to implement Blue Canyon’s strategic recommendations immediately.