New Products And Markets
Understanding the extra value you can provide in the customer’s business and how to extract value for your own company.
Market Focus provides expert coaching with practical tools and examples to help your business development and commercial teams ensure the successful commercialisation of new offers. We offer this online as well as face-to-face following socially distancing rules.
Here are two examples of how we have helped our clients.
Case Study 1
A materials business had successfully replaced traditional metal with an engineered plastic in a key industry application. After this initial commercialisation success, the team wanted to develop a pipeline of projects to further grow the use of engineering plastic in this market space. Market Focus provided structure, tools and coaching to a cross function team to enable them to build a deeper understanding of the value drivers and the economic value proposition of the engineering plastic versus the traditionally used materials. This approach also highlighted which OEMs and tiers they should focus on to win new material replacement projects. As a result, the business has remained comfortably ahead of its financial projections for this industry sector and has a good quality project pipeline stretching out into the 2020’s. In addition, they now have business with some OEMs who have not relied on them for innovation historically as well as their more traditional OEM partners.
Case Study 2
A chemical company had developed catalyst technology which increased capacity in polymer production units. The technology had been successfully commercialised with a small number of polymer producers however market penetration had stalled. Market Focus guided a cross function team to help them build an understanding of the barriers which were preventing more customers from adopting the technology. From the market and customer insights the team built a revised offer based upon a different revenue model which rewarded the technology when units were full and priced the technology competitively when polymer demand was low. The new offer resulted in successful commercialisation of the technology with a much larger number of polymer producers in different geographies across the globe.
Here are five of the ‘outside in’ questions from Market Focus for entering new market space.
- What will you sell?
- Who will buy it?
- What is the currently recognised solution in the market which your solution must replace?
- What makes your solution better for the customer?
- Which unmet need/pain point or profit driver does your solution address for the customer?
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