Over the next few months, we’ll take an inside look at how the NSCA 2018 Excellence in Business award winners have adapted to our constantly changing industry. The story of Infinity Sound is first on the list. For its innovative ways of repositioning the company, Infinity Sound was named an NSCA 2018 Excellence in Business award winner in the Business Performance category.
Knowing that its capture rate had remained the same over the last few years – even though the company was gaining more clients and leads – Infinity Sound, based in Grand Prairie, TX, wanted to reposition the company to generate more sales through its existing channels and markets.
To find ways to make this happen, Infinity Sound conducted extensive research on proposal wins and losses over the last two years. The company also connected directly with its customers to learn more about their buying habits and decisions, as well as their preferences and needs when it comes to technology solutions and services.
“It was surprising to see that, when we lost, it was usually due to just a few margin points,” says Max Curry, president at Infinity Sound. “And our customers weren’t looking at the valued-added options we had provided at bid/proposal time.”
As a result of these one-on-one customer conversations, new pricing strategies and value-added options were created. To determine Infinity Sound’s threshold for applying a new strategy, financial projections were calculated based on a new margin schedule. “Price became only a positioning tool to better engage customers,” says Curry, “which results in larger margins and increased capture rates.”
In anticipation of rapid growth, Infinity Sound partnered with NSCA Business Accelerator Solutions360 by integrating its Q360 ERP system. “We knew we would need a solid, repeatable process management platform to scale quickly and smoothly,” says Curry. Infinity Sound was confident in this solution, knowing that it would allow the company to achieve the growth potential developed in part by NSCA research metrics utilized in business planning.
Going against everything they knew about margin selling and value-added sales, Infinity Sound went against all of its previous go-to-market strategies. But the result was worth it: Overall margins and capture rates have increased significantly. Infinity Sound’s project backlog is now five times larger than its last few year-over-year sales. Monthly sales intakes have more than doubled as well. The company is also planning for 100+% growth in the coming year.
Check back soon, as we continue to reveal how the 2018 NSCA Excellence in Business award winners made business changes to adapt to our constantly changing industry. You’ll also read stories from:
- Bluewater Technologies
- ET Group
- JKL Technologies
- Tech Electronics