We assisted a leading manufacturer of pumps and various industrial equipment to identify the market opportunity and create a market entry and positioning strategy for a new mechanical product in India
- A reputed industrial organization manufactures various pumps & motors for domestic and industrial sector. It was interested in developing a new industrial product that could be commercialized throughout India among various end user sectors – domestic and industrial. They were keen to conduct a research activity before actively marketing this product that could provide them directions on their approach in this endeavour. We were happy to conduct a survey for the client and provide them some key strategic Go-To-Market action points.
Key actions and solution
- Our study approach was a combination of Qualitative and Quantitative Research. The research was initiated through in-depth interviews of channel partners / dealers and industry associations followed by a structured questionnaire-based survey of the end-user sector.
- This was also supplemented by detailed in-house research and data mining to identify various existing market trends, competitive vendor scenarios, etc.
- The key research instruments were In-depth Interview guides and a close-ended questionnaire that was approved by the client before field launch
- Some of the key areas included in our research coverage were:
- Opinion of channel Partners’ / dealers’ overall acceptance of the new product, likes and dislikes, drivers of their decision to market this product vis-à-vis possible apprehensions and expectations from a new OEM
- Views of industry associations to understand current government regulations about the product, specifications, pricing, industry demand trends, etc.
- End-user research in particular focused on:
- Experience on using a similar product – need-gap areas
- Views on the proposed new product – acceptable price, appeal, pros and cons, likes/ dislikes, uniqueness, relevance, apprehensions, likelihood to adopt or buy such a product
- Preferred product characteristics and factors they look for when they want to select a similar product for use
- Key Media they use while buying above products, preferred channels and key messages / value propositions that appeal
- Our set of deliverables to the client included a complete set of Key Go-To-Market Actionable recommendations covering specifications for the new product, optimum pricing and acceptable price range, suggested promotional campaign / media and messaging for disseminating information and awareness. The adoption of these actionable recommendations enabled the pump manufacturer to develop a set of strategic plans for successful market entry and gaining substantial market share with their new product.
- We also provided them suggestions on who can be suitable Joint Venture partners for them in case of a Technical as well as a Marketing joint venture