Background
Business Development and Sales Strategy stands for defining all the decisions that should be taken and actions performed by the company in order to accomplish their goals, reach targeted audience, create a sustainable competitive advantage in the market, increase revenue or market share. With the focus to identify and verify feasibility of different scenarios for market entry in home automation market for our client, XPR Consulting has developed an analysis with a depth focus on Business Development Strategy and Go-to-Market Strategy.
Our intervention
As per the Business Development Strategy, we have developed an analysis to evaluate the global market for similar products. Under this section we analyzed key players in the industry, technologies used as well as identified key features of each product. Moreover, we found out the most common strategies that companies have undertaken to grow in the smart home market. After that, we conducted a review of domestic market and identified current sellers of similar products in Kosovo. In conclusion, after the analysis of internal industry identifying forces that shape the industry of home automation products, we presented to our client four potential scenarios for growth which consisted to be:
- Product development
- Partnerships & Collaboration and
- Merger & Acquisition
On the other hand, as per Go-to-Market Strategy analysis we have worked on market segmentation based on size, type and geographic location in Kosovo context. The market segmentation was based on House premises and Apartment premises. As per house premises, private neiborhoods and individual homes existing and in development were analyzed. While, as per apartment premises large developers (considered those with more than 100 apartments) and medium developers (considered those with less than 100 apartments) which exists and are in development were analyzed. The analysis of the market was done in 7 regions of Kosovo. Despite this, we identified potential audience that our client should target.
Key leading questions
- How to quickly market test the product?
- Who are the early adopters willing to buy and use products from a start-up?
- Are we being too conservative or over ambitious?
Moreover, we also identified the purchase process in two aspects: house premises and apartment premises. While the importance of each participant in the decision process from our client’s point of view was evaluated, we found out two potential scenarios for the purchase process for new residential premises. Furthermore, a route to market was proposed based on tier 0, tier 1 and tier 2 to our client, as well as communication channels including push and pull strategies. In the end, a three-year implementation plan for sales in short, mid and long term have been presented to our client.
The two proposals, including four growth proposals and a three-year implementation plan for sales have been analyzed in detail from an internal and external point of view.
results
Business Development and Go-to-Market Strategy gives our client a strategic plan on how to develop in the smart home local and international market. Therefore, by implementing the strategy XPR Consulting proposed, the client had clarified their potential to enter the market.
The company decided to enter the market based on the sales proposition XPR Consulting has given for three years which resulted to have a huge impact on their product sales.