IVP Plastics has always had excellent quality, on-time delivery performance and customer satisfaction. It’s unique capabilities, such as gas assist technology and thermal riveting and insertion, have made IVP the preferred choice for many large companies. However, the turndown in the auto and construction equipment sectors a few years ago turned steady growth into a temporary slowdown.
An in-depth market analysis conducted by IMEC revealed several opportunities for IVP to expand market penetration and pursue new lines of business.
“We’re well known for the quality of our injection molded products,” said Tom Williams, Executive Vice President. “What we also do well, but haven’t exploited fully from a sales and revenue perspective, is part design, rapid prototyping and laboratory testing capabilities. We needed formal research to help us see that this is a growing market segment we can get into relatively easily, with minimal capital investment.” While each diversification strategy has its own set of challenges and rewards, companies must assess their existing capabilities to identify which one will yield the best results. The best approaches involve gathering voice of customer feedback, pinpointing high growth markets, and completing the external research and marketing plans to pursue those markets.
IVP leaders embarked on strategic and marketing planning to pursue opportunities for prototyping and testing.The company contracted with resources for lead generation and prospect pre-qualification. New sales literature was being developed
- Expected new and retained sales value of $6,000,000
- Workforce investment of $5,000
- Retained 15 jobs, created 1 additional job