Tri Tool | Case Study
Opening the Door to New Markets and Customers
- Set the Foundation for New Business Growth
- Maximize New Market Opportunities
- Address Competitive Threats
- Set New Product Direction
- Develop 2015-2016 Marketing Strategy
- Three Markets Identified for Expansion
- Stronger Market Positioning
- Stronger Content and Messaging
- New Corporate Video
- New Email Program
Finding the Best Way Forward
Since 1972, Tri Tool has delivered on the winning combination of precision, performance and people: precision engineering; proven performance and innovation, and people who will always find a way to solve a customer’s problem, no matter how challenging. That’s Building Performance: The Tri Tool Way.
Tri Tool was at a crossroads in its market position. Market dynamics were changing especially in its traditional market areas of nuclear energy, oil and gas production, and power generation. The company was eager to explore new market opportunities for its portable machine and welding tools as well as position itself more effectively against competitors in a consolidating market space where smaller competitors were being acquired by global conglomerates.
The company needed assistance in focusing its marketing and sales efforts in four key areas:
- Global Competitive Landscape – Identify Tri Tool competition within various US and international markets and evaluate the marketing and sales strategies Tri Tool needed to win.
- Product and Services – Provide sales and distribution partners with a detailed competitive comparison.
- Market Environment – Determine opportunities and threats in key markets.
- Target Customer Analysis – Prioritize marketing and sales resources for maximum impact.
Octain’s Growth Architect Program for Tri Tool included competitive analysis and insights for 20 vendors; market environment comparisons for 11 global market segments; review of 18 customer types, and a comprehensive product and services feature/benefit analysis across three product divisions: portable machine tools, welding tools, and services.
Collaboration Was Key
Working with Tri Tool’s highly engaged, experienced marketing team, Octain provided a full-scope analysis and deep insights to answer a range of executive, marketing and sales needs, including:
- Where are competitors the strongest?
- What is the relative strength of their product, market, geo and customer focus?
- How do we take advantage of these competitive strengths and weaknesses?
- What new products can we develop to expand our competitive market and product position?
- What changes to existing products, pricing and positioning can be used to strengthen our competitive position?
- What changes can we make to gain new customers and increase our market/customer share?
- What key changes/trends are occurring in our market segments?
- What, if any, new market segments are emerging?
- What marketing strategies can we employ to better position ourselves in these markets?
For Tri Tool, Octain developed sales and marketing tools that included seven strategic planning initiatives plus new marketing and sales content for brochures, corporate video, Web pages, sales sheets and an Email marketing campaign.
“Tri Tool hired Octain to perform a comprehensive analysis on our competitors, customer experience and market opportunities. From Clare’s work we were able to determine three strategic initiatives to drive the company forward. We also used the analysis to develop new marketing tools including a new corporate video and email marketing campaign.”
– Laurie Earl, Director of Marketing