One year after taking the helm of Madison Electric in 2008, Wiandt launched the Sparks Innovation Center, an Internet-based product development program that uses crowdsourcing to partner with electricians and contractors to develop their ideas.
New products redefine Madison
Through Sparks, Madison has been able to introduce six new products -- or product families -- into the market, the most recent of which are the Super Rod products, wire pulling devices launched a year ago. And more are on the way.
Wiandt hopes the new products it has brought to market will be what define the company five to 10 years down the line.
And, if numbers are any indication, it seems Madison Electric already is well along that path.
The company since 2009 has experienced 45% growth in sales, with its new product sales already representing roughly 6% of annual figures. Wiandt would like to see that share climb to 10% by year end.
But, beyond measurable standards, Madison Electric has also grown in less quantifiable ways, Wiandt says.
The company has gained top-of-mind awareness within its industry as an innovator. That translates not only to more sales but also to new opportunities; since launching Sparks, Madison Electric has been able to get in the door with larger distributors to which it previously didn't have access. In fact, Madison Electric recently opened a 35,000-square-foot distribution center in southern California to handle the additional demand being generated on the West Coast.
"There's significantly more recognition of the brand because of our new products and our new product development process," Wiandt says.
Terri Hanna Wiehn, executive director of the Electrical League of Ohio, agrees.
"They're bringing new products to market, which not a lot of the companies are," she says.
