Shaking up a Mature Market: Building a Sales Plan for Early Adopters
Residential construction is not typically considered a fluid and fast moving industry. Given the sector’s maturity, it’s no surprise that Monarch is approaching the rollout of its innovative offsite manufactured building system with a sales strategy targeting progressive early adopters.
Monarch appointed 9 Strategic as part of its go-to-market planning in an effort to bring into the business “good, robust and credible marketing capability”, according to Monarch Plant Manager, Karl Schirmer.
The business identified that a marketing strategy that aligned sales to business objectives, was vital in engaging developers and builders.
Breaking the mould in a mature industry
The crux of the challenge facing Monarch is that its product requires a different way of thinking in terms of construction methodology. Whilst, the company’s building system and technology for the manufacture of its products were well developed, Monarch’s senior leadership team needed to develop a clear and defined business and marketing strategy.
9 Strategic has played a dual role in this process by, firstly, bringing clarity and an understanding of Monarch’s point of difference to the business strategy, and now building the programme to support the execution of that plan.
Vital to this is utilising insights to understand the business problems and pain points facing customers. By defining the customer buying journey, it was possible to develop a sales plan that ensured sales targets were clearly defined, and leads captured, nurtured and converted to support Monarch’s financial targets.
According to Karl: “The value of working out what is important to the market, through discovery and insights, is very significant.
“Originally we had competing thoughts, ideas and language around how we described ourselves and our offer. Now we have distilled that into a clear benefit statement about who we are, what we do and why that matters to our market.
“What we’ve been able to do, through establishing our position, is break the market down into areas that are better suited to our offering, and then, within those, identify specific segments that are easier for us to target or which face challenges we can most easily satisfy.”
Cascading from marketing strategy to sales capability
Monarch has progressed rapidly from the initial stage of defining its market position, through to identifying its strategic marketing objectives, delineating market segments and calculating the resources required to meet its targets.
As Karl describes it, Monarch is now at the “pointy end” of executing its sales plan with dual aims of expanding sales capability with a clear 18 month plan and structure, along with formalizing its sales process and funnel.
The company is running its business development in parallel with the execution of its sales strategy, based on an understanding that everything is theoretical until the team has tested the market’s response and feedback.
According to 9 Strategic director, Linda Ginger: “Monarch is operating under a well conceived business strategy, and is currently deepening and leveraging the relationships it has already established. We have then put in place a programme behind that to support lead generation, nurturing and acquisition of customers.
Karl and his team have established clear measures by which they are assessing the market entry strategy:
- Manufacturing – manufacturing numbers and throughput; and
- Volumes – specific monthly volume targets, which Karl said are “identified, pinned down and very vivid in front of all of us”.
“From fine tuning to laser focus, we now have a clear plan from which to stage our market entry,” Karl said.
Monarch is already seeing the first signs its strategy is delivering results, and is reaching early stages of confidence that the business’ objectives will be achieved.