Our Case Study for INNOFITT
Innofitt (Intelligent Office Accessories, Mumbai).
The client is a Mumbai based company, which had been manufacturing and marketing office solutions for last 17 years. The key products sold by the company are desk and wall mounted computer monitor stands, keyboard stands, and other office solutions. The company has a manufacturing and assembly unit in Maharashtra. The company had witnessed a sharp drop in sales due to changing environment in offices in India. The major sales were coming from computer monitor stands and due to changing habits in use of laptops, the demand for desktop monitors had gone down, resulting in a major drop in the revenue stream.
The product portfolio was also not doing justice to the changing consumer needs and technological changes at the consumer end. Apart from them, the company was doing business with a limited number of customers and no effort was being done to use new marketing methods to tap new customer base. The net result was that the sales turnover had gone down by 30 % within a span of two years.
Neeti Brand was hired to understand the current market environment. Develop a marketing and sales strategy to reverse the tide. Recommend product portfolio.
Neeti brand studied the market and did a complete environment scan for the category. We studied the consumer trends, did a detailed competitive analysis. SWOT analysis was done, based on that we advised on changing the product portfolio to become more relevant to the consumer needs. Made a strategy to target new segments namely architects in Mumbai and rest of India.
Advised on the development of marketing and sales team and assisted in recruitment.
Developed and implemented a communication and promotional strategy to create awareness for the brand.
Advised on using digital media to reach customer segment.
The company managed to arrest the decline in sales and a new marketing culture was established in the company. A new team was hired in sales and marketing areas to tap new customer segments.
Architect segment was targeted and a separate team was created to focus on this segment.
The company introduced three new products in the market and tied up with Chinese manufacturers to supply additional products in the portfolio.