Scout industry and application area for new product
TrackingCo. is an innovative Finnish technology company, it recently finished its pilot test of its new products and received positive customer feedback. TrackingCo. next sought to internationalise and identify greenfield opportunities. Thus TrackingCo. wanted to investigate the expansion potential in selected markets and identify industry application areas.
20New product application areas identified
+8monthsAcceleration in business expansion project
With the goal to identify viable business opportunities in the DACH region, TrackingCo. deployed SCG’s on-demand workforce, to research use cases in the value chain of high-potential industries. It identified 2 high-potential industries and 20 application areas. Additionally, an in-depth understanding of the market landscape i.e. competitors, customer pain points and coping strategies was provided.
The key questions of the project were:
What are the potential industries that TrackingCo.’s product can target?
What are the use cases in the value chain of these industries?
What is the competitive landscape for TrackingCo.’s products in the selected region?
TrackingCo. sought to internationalise its product, post a successful pilot customer case. TrackingCo.’s new product solved an essential parts-storage problem for industrial customers. TrackingCo. hypothesized DACH region to be a high potential market due to the concentration of large manufacturers in the region. Therefore TrackingCo. wanted to identify the industry that would have lower barriers to enter and provide greenfield opportunities.
This project was executed in three-phases:
Phase 1 – Industry and application parameter identification
SCG's agile workforce began by researching the countries in the DACH region, the key criteria used were GDP and growth, industry sector contribution to GDP and categories of industry with high storage needs. Based on this research 45 industries were selected with high storage needs. Next, evaluation criteria was created to shortlist the most pertinent industries for TrackingCo. to enter.
Phase 2 – Application case research
During phase 2, exhaustive research was conducted to collect product application scenarios. SCG's agile workforce collected over 40 application scenarios and mapped them on the evaluation matrix i.e. product fit – high & low fit and industry need – high & low need.
Phase 3 – Industry deep-dive to identify application opportunities
Based on this criteria, two industries were shortlisted. Within these industries, TrackingCo could solve specific issues without considerably modifying its products while significantly reducing cost and operational hassle for the customer. In the final phase, SCG's agile workforce developed detailed profiles of key consumables suppliers within each industry. The profiles included customer’s country of origin, industry focus, product range, operation area, revenue), application area and sales channels.
SCG’s on-demand workforce provided TrackingCo. with 20+ application areas for its product in the two industries. This work saved upto 8 months of TrackingCo. time in identifying use cases scenarios of their product and international business expansion.
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