David Clarke, CEO of Monster Digital Inc (NASDAQ:MSDI), stated that since he was appointed CEO, making Monster Digital profitable was the first and most important goal. Clarke goes on to explain despite the difficulties that the enterprise had to go through, it was necessary to create a winning future for both stakeholders and future customers.
In order to carry out the strategic plan that has been developed to maximize both growth and profitability, the company has outlined several critical priorities.
The Strategic Plans Implementation To Improving Growth And Profitability
Profitable growth is first on the list of key priorities that these plans will focus on meeting, the company has begun refocusing sales and marketing on higher-margin technologically driven products.
The second phase that these plans are responsible for addressing is an organizational realignment in order to improve on operating efficiency, This included reducing the headcount by a total of 36 percent, including the removal of a management layer so as to improve sales efforts. In addition to this sales effort, the sales team was prioritized to focus efforts on higher margin products
Incentives, as well as training for the internal sales force, has been redesigned in order to maximize sales efforts. This includes making use of tools such as SalesForce.com, Inc. (NYSE:CRM). In addition to this Monster Digital has released an online sales strategy guide via the Amazon, Kindle Platform.
The next phase that the strategies were focused on rectifying is the cost optimization, this refers to a continuous implementation of cost saving initiatives in order to guarantee the successful achievement of the organization’s objectives.
Companies That Will Assist Monster Digital In Its Development Process
Last, but not least, Monster Digital will be focusing its sales and marketing initiatives in building business relations with crucial manufacturing partnerships including DPG Distribution, which is responsible as a global representative for consumer electronics sales.