Growing Share and Profits at Topps Tiles
In 2011 the executive team at Topps Tiles plc were looking to refresh and strengthen their strategy and identify new avenues for sustainable growth.
Since 2011 Morgan Cross Consulting has worked with the executive team to
- Identify and embed a clear, #1 strategic goal for the business, that would drive ongoing strategic decisions and actions. The goal selected was to profitably grow market share from 26% to 1/3 of the UK domestic tile market
- Establish focus around the retailer’s core competitive strategy, ensuring that it can deliver its sales and share growth ambitions. The strategy has been summarised as “out-specialising the specialists”. This meant delivering competitive advantage in three areas; customer inspiration, multichannel convenience and range authority.
- Agree specific strategic initiatives and priorities for action, enabling the organisation to deliver the competitive strategy and achieve the #1 market share goal
Topps Tiles’s market share has grown from c.26% in 2011 to over 30% by the end of 2014, and is on-track to achieve the 1/3 goal. Alongside this success, sales have grown 14% to £200 million and pre-tax profits have more than doubled to £17 million.
“The successful delivery of our strategy has resulted from the hard work and efforts from all our colleagues across the organisation. Among other things, working with Stuart Cross helped us define a clear and specific goal that galvanised the entire organisation and has been a key part of our success. At the time, establishing a single and measurable #1 goal felt a little scary, but in reality it has helped align our people, made decisions easier and got our collective competitive juices going to enable us to make it happen. Quite simply, we wouldn’t have achieved these results without a #1 goal and I would recommend Stuart Cross to any executive team looking to create focus and growth for their business.”
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