Primary Market Research Leads To Market Entry Success
Challenge
How to create new differentiated service offerings for entry into a fragmented market with many competitors.
Landscape
A global financial services firm had set its sights on a relatively new, but already fragmented market for a new service offering. Specifically, intelligence was needed about the market potential and competitive landscape for derivatives processing services in the securities industry.
It was important to understand the real and perceived competitive advantages of any established competitors, barriers to entry for the market, winning market entry strategies, and validation of the offering and proposed pricing model.
Process
MIDIOR conducted primary and secondary research for all of the significant competitors to understand their product offerings, partnerships, pricing strategies and growth plans along. This research centered on more than 20 software vendors, banks, IT, and financial services firms and leveraged both “discussion based” interviews and in-depth analysis of publicly available materials. From these results, competitors were categorized and ranked according to available services, business model, and market preparedness. MIDIOR made recommendations for a market entry strategy, opportunities for differentiation, packaging and bundling strategies and various pricing options. Together with the new product development team, MIDIOR created and implemented a market entry and product launch plan that was completed in three months.
Results
With MIDIOR’s help, the company was able to enter the market sooner than anticipated, identify specific opportunities for creating competitive barriers, and establish an early mover advantage. Because the product team had gained a better understanding of the market opportunity, they were able to establish a clear product roadmap and compelling, quantified business case which resulted in appropriate funding and an optimized development spend. By launching quickly, the firm was also able to build solid client partnerships that were critical to the development of a robust service offering that is now highly valued by their clients.
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Case Study
MIDIOR consultants offer a unique combination of intellectual capital, engineering discipline and a wealth of operational and consulting experience.
