A leading technology firm (Client) established itself as a trusted partner within the Financial Services industry, delivering innovative solutions that optimize enterprise productivity. Their platform boasts a?78% user satisfaction rate?among financial institutions, significantly improving workflow efficiency and collaboration. However, the Client recognized significant growth potential in applying their expertise to new industries. To navigate this expansion effectively, they needed a deep understanding of diverse market landscapes and competitor strategies.
The Client partnered with Nextyn to leverage its comprehensive suite of expert networks and research teams:
- Market Penetration Analysis:?Nextyn's Primary Research team conducted in-depth interviews and surveys with?over 150 key decision-makers?across targeted non-financial industries, including healthcare and manufacturing. This research explored industry needs, existing technology adoption (average industry adoption rate of 42% for enterprise productivity solutions), and potential pain points related to enterprise productivity.
- Qualitative Insights for User Adoption:?Nextyn's Qualitative Research team conducted user studies with?25 individuals?across target industries to understand user behaviour, workflow preferences, and potential areas of resistance to adopting the Client's solution.
- Competitive Landscape Assessment:?Nextyn's Competitive Intelligence (CI) team utilized its network of industry veterans to analyse existing technology players and assess their strengths and weaknesses. This provided a comprehensive view of the competitive landscape and potential white spaces for the Client's entry (identifying a potential market gap of 24% in the healthcare sector for solutions focused on secure collaboration).
- Commercial Viability & Pricing Strategy:?Nextyn's Commercial Information team conducted in-depth research on pricing models within target industries, identifying optimal pricing strategies for maximum market penetration and profitability.
- Targeted Market Identification:?Utilizing Nextyn's research, the Client identified two high-potential industries with a strong demand for improved enterprise productivity solutions: healthcare and manufacturing. These industries exhibited a?combined market size north of $12 billion for enterprise productivity solutions.
- User-Centric Design:?Qualitative insights from user studies were incorporated into the Client's product roadmap, ensuring user adoption and maximizing the solution's impact.?Early user testing resulted in a 18% improvement in the solution's ease of use.
- Competitive Advantage:?Nextyn's CI analysis equipped the Client with a strategic understanding of the competitive landscape, allowing them to tailor their messaging and value proposition effectively.?By focusing on secure collaboration features, the Client positioned itself to address a specific need in the healthcare sector.
- Data-Driven Pricing Strategy:?Informed by Nextyn's commercial research, the Client implemented a competitive pricing strategy optimized for market penetration in the identified industries. This strategy aimed to achieve a?24% market share within the first two years of expansion.
Nextyn's Global Expert Network and dedicated research teams provided the Client with invaluable insights that fuelled their expansion strategy. By leveraging this comprehensive understanding of targeted industries, user needs, and the competitive landscape, the Client is now positioned for successful market penetration and long-term growth beyond the Financial Services sector.
Nextyn is a leading expert network with offices in Singapore, Mumbai, Bangalore and the UK. With experts in spread across 70+ countries and 30+ meta industries, Nextyn's global capabilities have helped clients in over 16 countries make informed business decisions. Our clients largely constitute strategy & management consulting firms, PE/VCs and corporates. We deliver the highest quality, flexibility and the most competitive prices in the industry. To know more, write to us at [email protected] or visit Nextyn
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