Identifying new markets for a proven technology.

A market leader in a growth-constrained software segment wanted to expand its offerings beyond its traditional verticals and needed to determine which sectors provided the greatest opportunities for long-term strategic growth.

Challenges:

• Company had no experience outside of core vertical
• Multiple competitors had already successfully penetrated potential markets
• Buyers in potential new sectors were unaware of existence of product category

Scanlon.Louis Approach:

Working with the company's leadership team, we developed a competitive analysis, environmental scan and market development plan to enable the business to understand its expansion options. Using a diagnostic and interview-driven approach, we derived the needs of potential markets, build a buyer segmentation program, prioritized new markets and developed focused lists of high-quality and qualified prospects for the business.

Impact:

• Market expansion deployed into several new sectors
• Quick revenue generated from several new customers in first year of launch