Update: Growing Top-Line Revenues

Situation

Platinum had repositioned an established sign company with flat revenues to focus on high-end, custom work in order to expand the business. A more sophisticated selling package and new sales efforts to build relationships with specifying architects had begun to raise the company’s recognition in the first four months of the new strategy. A more detailed business plan was now needed to profitably guide the company‘s growth.

Challenges

• Market visibility was extremely low.Awareness was limited to previous clients who only knew the company as a general sign manufacturer.
• In order to grow top-line revenue, the company had to establish a presence in the marketplace.

Solution

Since named CEO in mid-2004, Platinum identified and led the repositioning in day-to-day management and guided the owners in improving finance, sales, marketing, and operations. Research indicated that sales should concentrate on architectural firms with interior design groups. Half of those targets in a defined geographical area embraced the new custom-sign strategy. In fact, architectural firms without interior design groups turned their customers over to this sign manufacturer to be guided through a turnkey program.This strategy required new consultative sales people, who were hired and mentored to work closely with their clients and develop signage solutions based on needs.This led to winning a number of high-visibility projects in 2005 and 2006, including all interior signage at the new Guthrie Theater and its parking garage, in addition to other high-profile corporate headquarters, medical centers and county buildings.

Results

The company has achieved marketplace validation by establishing a unique capability, with year-over-year increases of 23 percent in 2005 and 30 percent in 2006.To continue executing the new strategy, Platinum has transitioned day-to-day management back to the owners — the founder, his two sons and one non-family member — plus a new sales vice president.