Case Study

Major Accomplishment

Challenge

Turnaround of a Corporate Market Vertical In Trouble

ChyronHego was experiencing an extreme decline in sales. They had acquired a business that sold products specifically into the sports venues. 

Shortly after the acquisition of the company, the founders of that company resigned from ChyronHego, which had a very adverse effect on the installed base of the product.

I had to develop a plan to resurrect the business, which had gone from about $7M annually, to under $2M. The plan had to involve the existing customer base, product development, and establishing trust with industry insiders. If I was going to turn around this market, it meant that I would need to understand selling into this market better than anyone in the company.

Strategy

Assuming Leadership to Save the Market Vertical

Step 1

Developed a deep understanding of the Stadium Venue Sales Ecosystem.  

Step 2

Educated the consulting firms that controlled the technical specifications and bids for the major stadium builds. Identified the one person in the industry who controlled the majority of the projects.  If I could win him back as a supporter, or even get him back to being neutral, it would go a long way in helping to reestablish the business. 

Step 3

Hired new sales team.  Brought in two key new salespeople.  The first was recruited from a competitor.  He specialized in selling into the professional sports market.  The second salesperson was a specialist in selling into college sports.  The new team brought contacts and credibility to the ChyronHego team.   

Step 4

Hired new sales team.  Brought in two key new salespeople.  The first was recruited from a competitor.  He specialized in selling into the professional sports market.  The second salesperson was a specialist in selling into college sports.  The new team brought contacts and credibility to the ChyronHego team.   

Step 5

Sponsored a company summit focused on the venue market and developed collateral specifically targeted at the venue market.  

Step 6

Demonstrated the product to end user sports organizations.  We also targeted the major consulting firms and systems integrators (technical buyers) to show them how we had improved the product, incorporated their feedback, and most importantly, stabilized the product. 

Results

Roadmap to Success

As a result of these actions we were able to duplicate the sales of the venue team to equal the sales prior to when we acquired the company. We were now on a path to continue to gain back our lost market share, and grow the business:

Net result, we secured installations into the two highest profile projects in the industry. ChyronHego products were installed at both the SoFI Stadium (Los Angeles) and the Las Vegas Raiders Football stadium. We also turned the corner in the college venue market. We were able to win the trust of UCLA, for both football and basketball, leading to installations in both The Rose Bowl and Pauley Pavilion. Flagship accounts such as these were used to leverage major wins in all sports from minor league to college to professional stadiums.

Get In Touch

Chatsworth, CA
(818) 519-1751
mrpaulweiser@gmail.com