Problem
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.
Situation
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.
Our approach
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?
Methodology
This project was executed in three phases:
Phase 1 – Industry and application parameter identification
SprintlyWorks team 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 the industry with high storage needs. Based on this research 45 industries were selected with high storage needs. Next, evaluation criteria were 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. SprintlyWorks team 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 these 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, SprintlyWorks team developed detailed profiles of key consumables suppliers within each industry. The profiles included the customer’s country of origin, industry focus, product range, operation area, revenue), application area and sales channels.
Results
SprintlyWorks team 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.