New Products, Markets and Customers Diversify and Grow Revenues
Eric McKendry, Director of Marketing
The Insyte project helped us determine a direction for diversification, and focused our efforts on the key actions to accelerate new product development and the acquisition of new customers in new markets.
Cobey Inc. is a global manufacturer of large customized modular equipment packages for lubrication, compression, and gas conditioning in the oil & gas industry and for power generation facilities.
Historically Cobey’s revenues came predominantly from oil production and processing applications. This market sector experiences large swings in equipment orders from year to year making efficient management of Cobey’s manufacturing operations very difficult.
Insyte and Cobey implemented a multi-faceted approach to increase and diversify revenues.. This included improving the quotation process to predict customer orders more accurately, identifying four new product families for new markets, developing market messaging to generate interest from potential new customers, and developing an action plan to drive expedited implementation of new product development and marketing and sales activities.
More than doubled the number of new customers.
Increased requests for quotation by almost 25% .
Increased total revenues by 35% .
Developed multiple products for the emerging compressed natural gas (CNG) market.