Problem
Electrical Equipment Co. offer motors to a variety of industries ranging from marine to wastewater and chemicals. Focusing on oil, gas & chemicals, metals and mining, the Client seeks to transition from cost-based product pricing to value-based product pricing. Thus, it seeks to identify the value proposition by understanding the customer’s needs, and competitive analysis of other global suppliers to find the differentiating values of their products.
The SprintlyWorks team conducted extensive research on the Client’s key competitors and their value propositions. Additionally, SprintlyWorks conducted seven customer interviews in the industries of focus. Based on findings from both phases of the project, a comprehensive SWOT analysis, value propositions, analytics tool and further recommendations were made
Methodology
Phase 1: Conduct research into competition in motors
SCG team carried out an extensive research into the competitive landscape of motors of 7 competitors.
The competition analysis consists of financial performance, manufacturing capabilities, motor offerings, strengths and weaknesses in terms of energy efficiency, digitalization, sustainability, and business environment.
Based on those analyses, the SCG team proposed a competitive matrix, brand perception maps and a summary of value propositions per industry.
Phase 2: Conduct interviews with customers in Oil & Gas, Metal, Mining of Electrical Equipment Co
SCG team designed a questionnaire, which included queries about motors and overall competition
Top values perceived by customers were then listed in order of importance, coupling with the rating of satisfaction level per value
In addition, findings of energy efficiency, customer service were also rated in order of importance to the customers
Regarding competition, ElectricCo. was evaluated in comparison with competitors in terms of strengths, weaknesses, a list of features requiring rating on a scale from 1 to 10
The final step of customer interview analysis is to summarize and structure all the findings in the form of a SWOT analysis, customer perception charts, proposed value propositions, and recommendations.
Phase 3: Propose value propositions, SWOT analysis, analytics tool, and recommendations for Electrical Equipment Co
The final phase of the project aimed to combine findings and analysis from the previous two phases
The final presentation began with an overview of competition and customer interview findings.Subsequently, SCG team presented details of respective value propositions, strengths & weaknesses, and ratings per industry. The presentation concluded with a SWOT analysis and recommendations for Electrical Equipment Co.
Results
Electrical Equipment Co. looks into aspects that need improvement based on competition and customer interview analysis. These aspects were actually discussed within internal Electrical Equipment Co. in parallel with the project. Electrical Equipment Co Steco team will follow up with the respective persons in charge from customer side to discuss on the potential areas identified in the interviews.
Electrical Equipment Co will review the findings of the project to come up with the final value proposition statements.