Business Evaluation Provides Clarity to PYI, Inc. on Organizational Priorities During Unprecedented Time

Company Profile

PYI Inc. is a leading manufacturer and distributor of high-quality marine, boat, yacht, and ship equipment.  Established in 1981 and still under the same ownership today, PYI has never forgotten that the company cannot exist without its solid customer base. With that in mind, they quickly respond to our customer's ideas and needs and prioritize quality, innovative marine equipment with unsurpassed customer service and satisfaction levels.

Every year PYI delivers advancements in each of its products. Whether it is a new or established product line, boaters can be assured that they will experience the product performance and customer service they expect and deserve.

Situation

PYI, Inc. approached Impact Washington, part of the MEP National Network™, seeking help to overcome challenges due to COVID-19. Company leaders expressed concern over the company's ability to experience growth in 2021 and recover from the Pandemic. The most significant problem was a projected reduction in sales because of their inability to reach customers through their primary method. Nearly all tradeshows in their current plan had been canceled.  A decrease in sales meant less revenue to help fund the development and commercialization of updated and new products.

Solution

Impact Washington facilitated a Business Evaluation process with PYI, Inc. to help align the leadership team and clarify organization priorities about recovering from the effects of the Covid-19 Pandemic.

The following subjects were assessed; Covid-19 prevention and safety, business system effectiveness, workforce challenges, cybersecurity, and current product/market mix challenges.  Impact Washington and PYI, Inc. met to discuss the results. Assessment results validated PYI, Inc. concerns. Working together, Impact Washington and PYI, Inc. agreed upon a project plan to prioritize their anticipated lack of sales via traditional methods and mitigate implications of revenue loss throughout the organization.

With no formal marketing leader, PYI asked Impact Washington to scope a project to help them utilize their earmarked "in-person" budget and reconfigure their traditional marketing programs to target and attract customers. Historically, PYI, Inc. relied heavily on in-person trade shows to drive sales, raise brand awareness, provide product education, and showcase new offerings.  Due to cancellations of most in-person events, the company needed an updated marketing strategy that helped them effectively deploy new marketing tactics to shift from making connections in-person to online by enhancing and or learning how and where to make valuable connections on other marketing platforms.

The formal project engagement started with a discovery session to gather current activities, budget allocation, internal resources, and competencies. A Marketing Roadmap was created once the discovery process was complete, and monthly marketing coaching and consulting ensued.

Cost-effective digital marketing efforts were put in place to provide PYI, Inc. with the global reach they experienced from in-person activities. Given the importance and strong commitment to customer service, it was essential to utilize open communication tactics and allow PYI, Inc. to interact with customers in real-time.

Collaboratively, the team updated planning tools, content creation activity, and communication cadence. They also improved their monthly newsletter, deployed dynamic Facebook ads, and developed formal partnerships with influencers. Thru these activities, PYI delivered relevant content to create powerful connections with its audience. In addition, the company held collaborative meetings where team members were given tools to improve efficiency and connectively among individuals and departments. The outcome was targetable and personalized interactions that helped lead to a successful rebound from the lack of in-person events.

Results

The Business Evaluation provided PYI an unbiased view of all the areas impacting their bottom line and influencing company resilience, not just those they were focused on immediately.  More importantly, the assessment provided a much-needed roadmap to help PYI, Inc. execute against its business plan smartly and strategically. The output provided a solid foundation for prioritizing and making sound decisions.

The internal team has learned that digital marketing is not just an "emergency substitution" for in-person events. They realize it should be a component of their overall marketing strategies for long-term, cost-effective success.

The Business Assessment and Project led to significant positive results:

• Prioritized focused recovery areas (marketing, workforce training, and succession planning)
• Identified need for outside marketing support to improve their effectiveness
• $35,000 in cost savings on otherwise earmarked marketing spend
• 1 new job created
• Sales record months including $1 M a month for 5 months