Company: Mayfield Consulting, Inc.
Company Description: Mayfield Consulting’s team has hundreds of combined years of experience in sales and marketing, providing market research, sales, and marketing and PR strategy and implementation. All services are performed by seasoned professionals for business-to-business companies. Mayfield has special expertise in software, security, business services, financial services, and classic manufacturing industries.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Metals & Mining - Medium
 Nomination Title: Newberry Tanks and Equipment - Putting the Pieces Together
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since January 1 2021, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 199 words used.
For nearly 100 years, Newberry Tanks & Equipment, based in West Memphis, AR, has manufactured quality aboveground and underground steel tanks for the American supply chain and the U.S. military. Recognized as a premier tank fabricator for the petroleum and gas industry, Newberry’s tagline, “New Thinking” showcases their commitment to intentional innovation, resulting in unprecedented growth in revenue, infrastructure & workforce, 100% customer satisfaction, and the fastest delivery times in the U.S.
In the face of ever-rising fuel prices, unchecked global inflation and continued supply chain disruptions of the post-Covid market, Newberry refused to allow the growth-centric tenets of their corporate vision to crumble.
Instead, Newberry continued full steam ahead, growing revenue by 27% & 36% in 2021 and 2022 respectively, an astounding accomplishment given the projected revenue of the metal tank manufacturing industry was expected to increase at an annualized rate of 4.3% over five years to 2021 (IBISWorld July 2021). Revenue in 2022 was 250% higher than just four years prior.
With significant investments in training, facilities expansion, modernization, technology, and enhanced-delivery programs, Newberry took pieces put in place in 2021 and began snapping those into a comprehensive vision of the company’s future growth.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2021 that you wish to bring to the judges' attention (up to 250 words):
Total 241 words used.
Answering the significant increase in demand of 2021, Newberry purchased land adjacent to the West Memphis facility and doubled its manufacturing square footage in Memphis, TN to 40,000sqft, which will allow:
- Doubling of its’ rectangular tanks production
- Production of additional 3,000 cylindrical tanks
- Tripling of the workforce
Manufacturing wasn’t the only expansion. When a 2021 customer survey showed 50% of respondents favored an online option for orders and delivery status, Newberry designed and implemented an e-commerce site that offers a customer portal with online dashboard, giving one-click access to quotes, orders, and delivery information.
This interface works seamlessly with Newberry’s proprietary “Tank Tracker” three-call order confirmation and delivery process, which reduced customer calls by 90% and resulted in significant time savings in day-to-day operations, as well as their Preferred Customer Program (PCP) that enables enrolled customers to receive a pre-planned quantity of tanks over time while locking in competitive pricing and slashing standard industry lead times.
Shattering the original 10-year business plan, established in 2019 with their Entrepreneurial Operating System (EOS), Newberry will achieve that end goal in half the time. The goal now calls for doubling the business within the next decade. As part of the EOS system of “rocks,” management also implemented a Net Promoter Score (NPS) to gain a deeper insight into customer fulfillment throughout the year in order to maintain the “Very Satisfied” rating, noted by an outstanding 100% of customers surveyed in 2021.
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 250 words used.
Newberry’s unique EOS implementation instigated significant process improvements, including the Preferred Customer Program (PCP), the Tank Tracker delivery assurance system, an e-commerce site with customer portal and one-click access, and expansion and modernization of infrastructure. These initiatives spurred extremely low employee turnover rates (11%), the fastest industry fulfillment rates, and a perfect 100% customer-satisfaction rating.
By replicating EOS at the department level, implementing a quality-based incentivized compensation program for fabricators, and investing in cross-training welders, employees gained a sense of ownership in the manufacturing process, leading to 30% increased productivity. Tenures now average 10+ years, with many at 20+ years.
While 75% of Newberry’s consignment customers switched to the PCP in 2021, another eight signed in 2022, quadrupling the program’s size. Four were new business that brought in $2M and $4M contracts. One, a national oil change company whose initial projections called for 55 locations per year, doubled to more than 100 after an exemplary trial run.
“We’re slashing industry lead-time standards of 8-24 weeks by having tanks immediately available and shipping in hours. This enables our PCP customers to answer the demand from their customers without disrupting their revenue streams,” said Newberry VP Sales/Marketing.
Facilities expansions paved the way for new business. Tank production increased 35%, from Q42021 to Q42022. New work cells will each add capacity for another 600 tanks per year. A new state-of-the-art paint booth, including conveyors and heat, maximizes handling efficiency and quality. The team also realized a 20% reduction in hours per unit.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 233 words used.
Despite rising fuel costs, continued supply chain disruptions, and historic inflation rates, Newberry realized unprecedented growth in 2022 for a second straight year by putting into action the foundational pieces established in 2021—growing customer-centric programs, expanding infrastructure and technology, and imparting a positive company culture and vision through the Entrepreneurial Operating System (EOS).
Newberry’s customers have reaped the rewards:
- “…when you have access to tanks and the shortest lead times in the industry, then you can sell more tanks…It’s helped us compete better with a lot of competitors because most of them don’t have access to this sort of program…” – VP Sales, Petroleum and Equipment Provider
- “We hope to continue collaborating with Newberry to source the best products and opportunities. We’re just getting started.” — Construction Manager, Fortune 100 convenience/gasoline retailer
Newberry’s comprehensive vision netted substantial results:
- 36% revenue growth in 2022
- Doubled square footage of Memphis facility to 40,000sqft
- Purchased additional land and facility in West Memphis allowing for new maintenance department and modernized paint booth with conveyers and heat
- 21% increase in tank production at Memphis facility once new facility became fully operational
- Doubled workforce in Memphis with another 50% growth anticipated
- 100% “Very Satisfied” customer base
- Quadrupled customers in PCP, including four new national customers bringing in $6M
- Implemented EOS “rock” of Net Promoter Score (NPS), enabling proactive performance measurement
- Ecommerce site with one-click customer portal
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