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Business Development
Graveritas Group performed a customer perception shift, and product portfolio diversification mandate
The client a successful hard lines distributer dependent on licensing and royalty agreements with large brands wanted to develop a new product category to expand the
product line. Graveritas was engaged in order to leverage the client’s portfolio to drive new product development.
Graveritas was able to identify and action the following:
- Company needed to diversify their product line leveraging their strong customer base;
- There was no one within the organization who could execute the company’s plans to diversify product lines;
- An execution plan with budget for resources would need to be built;
- The company’s assets were its customer base and the long standing trusted relationships;
- Sales Team had tremendous market knowledge and customer profile intelligence;
- Sales Team were uncomfortable with new product line development;
- Company’s retail partners could collaborate on identifying, confirming and developing new product lines based upon gaps in the market;
Results:
- Developed a complementary new product line for the client;
- Introduced the Client to new manufacturing sources to support the core product;
- Supported the overseas manufacturing qualification process for the new product line;
- Set up the quality control approval process which was applied to the entire business;
- Trained the product development team to be able to sustain the growth of the product category;
- Made sales presentations to major accounts and gained placement with three major retail partners;
- Trained the Client’s key sales representatives to embrace new product lines and to identify market gaps and opportunities for future sales growth;
- Improved the client’s business by successfully diversifying into a new product line;