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