Magnesita
Situation
Magnesita, a global producer of Refractory used in the steel and glass making industries with business units operating on 5 continents was seeking to develop a single comprehensive sales approach for their global customers. CP was retained to refine the needs of each business unit and synthesize the needs into a global sales strategy and corresponding sales and marketing organization.
Cosgrove Partners Action
During the 26 week engagement, CP collaborated with each business unit to define specific goals, objectives, and measurements for the NexGen Global Account Program. Following the initial research, CP developed a robust Global Account Management Approach to achieve the stated goals. In addition, CP developed the NexGen sales training to drive implementation and compliance on a global basis.
The project included the following deliverables:
Development of a Global Account Management Plan
Common sales language for each business unit
Integrated account level reporting on a global basis
Development of a process to document and quantify engineered value
Creation of on-boarding program for sales
Outcome
Magnesita experienced greater than 18% CAGR in sales and margin growth with their global account program for the first 4 years of the program. This represented more than a 300% increase in revenue from the prior 3-year period.
“Our sales professionals, who average more than 20 years of experience, have adopted the NexGen selling methodology, and we have seen the results.
Within two months from implementation, we began seeing sales gains at key customers resulting in profitable market share gains in both the steel and cement industries.
Our Sales Leadership's experience with CP has changed our organization's behavior when it comes to managing the revenue line and assisted us in moving the profit needle.”
James V. Piraino, President and COO, Magnesita
