A steel fabrication company
This long established steel fabrication business saw a major downturn during the abrupt meltdown of the construction sector. A lot of bad debt resulting from the ripple effect of major clients affected by large scale insolvency prompted the owners to review their position. Fuelled by a strong will to survive, and a shrinking but still viable business base, they decided to enter a turnaround strategy process with Catalyst. Speed was of the essence.
Previously strong and loyal customers of our Client had to close down or were going through insolvency, and the smaller clients were posing a financial risk. A client focus plan was opted as the safest strategy to enter the severe recession phase. Quality rather than quantity was the new approach.
An in-depth client survey revealed that the key strong points valued by customers from our Client were : certainty of delivery – our Client never gave up on completion, in an industry with overall low professional standards and fickle speculative behaviours being the norm. In addition, an ability to solve complex technical problems and come up with bespoke solutions placed them in a category above the traditional steel fabricators. A few high profile projects for institutional organisations were there to prove their unique approach to quality and completing jobs. A new marketing strategy approach and a brand repositioning helped our Client to maintain its presence in a market where a lot of competitors did not survive, or were not able to penetrate. Their reputation became enhanced. They were able to survive and prepare for renewal growth.