2017 FINALIST
FYRLYT
FYRLYT PTY LTD
Category
DESIGN STRATEGY
SPORTS and RECREATION
Design
FYRLYT DESIGN TEAM
About
FYRLYT designs, manufactures and distributes ultra high performance products for offroad and the outdoor enthusiast. FYRLYT has exported from startup, typically exporting 30% of its products. In addition FYRLYT has an established distribtion network of over 150 stores retailing FYRLYT products throughout Australia and exporting to over 16 countries.
Clarity of Purpose and Context
FYRLYT exists to create and deliver ultra-high performance niche products to the off-road and outdoor enthusiast market. Product commercialisation is fundamental to our business success; our product commercialisation infrastructure and processes consistently produce world class products that are in demand with exceptional competitiveness. We deliver a regular stream of products to market that raise consumer expectation of quality, performance and style. Our people are passionate, skilled and conscientious; possessing a strong sense of belonging. This has been achieved through whole of organisation involvement in our strategic and operational planning processes. Professional development, mentoring and nurturing is a characteristic of our organisation. Our culture is managed and behaviourally led and believed to be the catalyst for the successful integration of the business fundamentals and fueling the inspiration for our innovation and design programs.
Customer and Market Immersion
FYRLYT has integrated social media as a key instrument to maintain an understanding of its customers evolving needs and wants. This approach has faciliated a 3 year pipeline of new product introduction opportunities in the last 12 months. Our social media presence now exceeds 390,000 followers from around the globe providing a rapid and interactive feedback tool to deteremine new product opportunities. FYRLYT is heavily integrated with it’s value stream. Every FYRLYT employee that engages customers at FYRLYT is trained in new product opportunity evaluation and where practicable explores niche gaps in the market in every customer engagement. All new product opportunities are evaluated and developed concurrently with a member from each component of our value stream. The entire new product development team participate at each critical stage gate review of our new product introduction process.
Disruption
Most recently FYRLYT introduced a new product "HELLFYR" into a new segment of the market and stepped away from a bricks and mortar distribution model for this product category, choosing to retail this product direct worldwide online, growing revenue by 35% from the day of release.The Elimination of retailer margins and revisiting our distribution model for this product category enabled FYRLYT to deliver a higher performing product by an order of magnitude to market at the right price. The elimination of retailer margins was absolutely essential in enbaling FYRLYT the product cost budget to deliver the quantum leap in product performance necessary for success. This was not possible at the target price point without challenging the constraint of our traditional bricks and mortar distribution model. Product superiority is critical to FYRLYT's success and as such all business operations are subservent and constantly challegened to meet this objective with every new product introduction.
Design Leadership
The new product introduction team is lead by the Chief Executive Officer. Product superiority is foundational to the sustainable advantage of FYRLYT and as such is embraced across the organisation as critical to our success.
It is a strongly held belief that more can be done at the design phase with respects to product cost versus price shopping post desgin from our suppliers.Cost competitiveness is achieved through integrated product and process design. FYRLYT's internal training and mentoring intiatives demonstrates and reinforces the impact product superiority has on revenue and market expansion and inculcates a culture of continuos improvement in both product and process design.
Business Model
FYRLYT is a designer, manufacturer and distributor delivering product through both traditional bricks and mortar networks and direct online retail. We are vertically integrated in our manufacturing capability with 98% Australian content with some speciality processes outsourced. We have stepped away from traditional print media advertising and built a strong social media presence of over 390,000 followers. This has reduced the cost to capture a customer by 50% and fueled double digit growth.
Sustainability
FYRLTY supports a number of social clubs in the offroad and outdoor arena, in addition sponsors a number of breast cancer charities. Technical staff are encouraged to lecture at major gatherings regarding design and application. In addition FYRLYT regularly avails its technical expertise for the communities benefit. An example of FYRLYT offering its expertise was when David Holmes from FYRLYT discovered the ill fated gum tree at the Burnside Village was dying due to the presence of a wave length blocker in the glass disrupting photosynthesis. FYRLYT's David Holmes consulted with the Burside coucil to this effect.
In addition FYRLYT is actively involved in a number of environmental protection programs and revegitation initiatives throughout the adelaide hills.
Commerciality
Export has consistently represented between 30-35%% of all revenue for FYRLYT since start up in 2011. FYRLYT's focus on product superiority actually characterises the culture. Our culture of integrated product and process design has delivered product superiority with all of our products consistentl, our most recent release increasing revenue by 30% from day 1.