Client
Payroll Services Provider
Objective
Business Expansion
Situation
A leading payroll services company sought to expand its business in to a new financial services segment. However, the company faced significant challenges from its major competitors, who already offered the services and were well entrenched with the target market’s customers and alliances.
Engagement
Our business guidance included comprehensive analysis that empowered the senior management team’s understanding of the interrelationship of customers, competitors and partners, and the impact they had on a proper determination of the most attractive service offering and market opportunity. Pilgrim’s advice was underpinned by deep primary research that provided the basis for a detailed competitive analysis, and envisioned the firm’s transformation to an integrated advisor model with new, fee-based revenue streams and revenue sharing partnerships. Our recommended actions allowed for planning an appropriate and successful mix of service offerings and potential partners.
Results
Leveraging key outputs and approaches from the engagement, the company was better able to support the strategic decision-making process for the future, as well as to provide immediate inputs for the business model, including pricing models, service definitions and supporting documentation for the development of a detailed business case and marketing plan.
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Based in Wellesley, MA, Pilgrim Partners, LLC delivers world-class advisement to executive teams across most areas of professional and technology services. Since 2004 we have helped organizations to build and grow their organizations using our data-driven, market-based strategic approach.
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