The business faced a significant problem as it struggled to scale up, despite operating in a fast-growing market. Once a pioneer in its industry, the company lost its market share rapidly to new-age competitors. The emergence of these competitors posed a threat to the business, as they could offer innovative solutions and attract a more extensive customer base.
As a result, customer acquisition became increasingly challenging for the company. Despite being an early mover in the market, the business could not leverage its initial advantage and failed to maintain its position in the industry.
InUnison team’s assessment revealed that a lack of clear directions and strategies impeded effective decision-making and resource allocation. Secondly, the business had too many offerings, confusing buyers and hindering customer acquisition. Additionally, the company suffered from a lack of brand marketing and poor sales conversion rates.
Firstly, the business model needed refinement by narrowing down its niche and strategically exiting from non-core offerings and activities. This would allow the company to focus its resources and efforts on areas with a competitive advantage, improving overall performance.
Secondly, business operations were transformed through digital technologies, particularly in telemedicine. By leveraging digital solutions, the company could enhance its telemedicine capabilities, improving accessibility and efficiency. Additionally, we recommended enhancing the existing ERP system to handle higher volumes with a reduced staff, optimising operational processes and minimising costs.
We also proposed defining futuristic digital strategies. This included improving UI and UX to create a more intuitive and user-friendly mobile app. The service architecture would also be enhanced to provide seamless and automated processing, streamlining operations and improving customer satisfaction.
Furthermore, we emphasised the importance of enhancing brand positioning and adopting aggressive marketing strategies. By investing in brand marketing initiatives, the business could increase its visibility, differentiate itself from competitors, and attract a larger customer base.
Lastly, we recommended coaching the founder for the CEO role and hiring key executive positions, such as a COO, CTO, and CMO, in a phased manner to drive the business forward.Implementing these solutions enabled the business to refine its focus, optimise operations, enhance digital strategies, strengthen its brand, and establish effective leadership, positioning it for growth and success in the competitive market.
The business experienced an extraordinary transformation in three years, delivering impressive results across various vital metrics. The customer base skyrocketed, growing tenfold and indicating a significant increase in market share. Simultaneously, the company achieved a remarkable eightfold growth in revenue, reflecting the success of its advanced strategies and focused approach.
This revenue growth translated into a substantial 6X increase in profits, highlighting the improved efficiency and profitability of the business. The team increased fourfold, to support the accelerated growth and effectively cater to the expanding customer base with additional talent.
These outstanding results showcase the successful implementation of the proposed strategic solutions and the business's ability to adapt and thrive in a competitive market environment.