Market Research and Strategy

CLIENT TYPE

Lighting Fixture Manufacturer 

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OVERVIEW

Performed a competitive analysis and go-to-market planning for a lighting fixture manufacturer launching a new product family into the US market.  

Our client, an international lighting fixture manufacturer, was planning to introduce a new line of outdoor architectural-grade floodlight luminaires.  The new President wished to conduct a confidential competitive analysis that would allow them to benchmark the existing market players and, ultimately, develop a strategy to position the new line at the top of the architectural grade market.  The results of the competitive analysis would be used in the following:

•    Educate the sales force on key competitors and competitive product features.

•    Modify the product for the U.S. market as well as determine necessary testing and certifications.  

•    Determine value proposition of the company’s product line in relation to key competitors.

•    Provide recommendations for sales tools and marketing communications.  

•    Develop a competitive library and knowledge base.  

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PROJECT COMPONENTS

A.    Identify primary competitive products.

B.    Obtain direct customer and channel input regarding key features, functions, and benefits, as well as other reason for customer preferences for the most specified products.

C.    Determine price points with correlation to features and benefits.

D.    Make recommendations regarding sales tools and marketing communications methods.

E.    Identify manufacturing representatives for each of the final competitors, along with potential manufacturer incentives.

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RESULTS

A.    Competitive Analysis

1.  To identify the key competitors, a combination of primary and secondary market research methods was utilized.  After thorough analysis of published sources (secondary research), an initial list of 27 products were identified as potential competitors.  Direct customer input (primary) was obtained by identifying and interviewing over 50 decision makers, specifiers, and influencers.  This included designers, architects, and engineers, as well as independent sales representatives and distributors.

2.  Utilizing a tollgate evaluation process and optical distribution analysis of 27 products (across all versions of the client’s product family), eight competitive (8) products were identified as the closest competitors for our client’s product line.  

3.  Determined key features, benefits, distributor net pricing, positioning and accessories, as well as other reasons for supplier or channel preferences.  

4.  Prepared in-depth individual reports for each of these 8 competitive products.  These reports included:

 

• Product value proposition, features benefits and applications in comparison to the client’s products.

 

• Distributor net pricing
   

• Analysis of each product’s optical distributions in relation to client’s new product family.
   

• Customer and market perceptions of the product, manufacturer and/or buying process.

5.    Developed a matrix of manufacturing representatives by product.

 

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B.    Go-To-Market Strategy

1.    Established the value proposition and competitive positioning for the company’s new product line.  

2.    Identified product portfolio gaps. 

3.    Provided recommendations for product enhancements (e.g. applications, colors/textures, mounting options, accessories, etc.)

4.    Established price points linked to specific features.

5.    Marketing Communications and Sales Tools:

 

• Determined the types of data and information needed by architects, specifiers, and designers in researching and making product decisions. 

 

• Ascertained the value proposition of the product based upon the competitive analysis and then provided detailed recommendations for marketing communications and other sales tools.

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C.    Armed with the market research, competitive analysis and go-to-market recommendations, the President and Senior Product Manager introduced this new product at their national sales meeting one month later and a few months later, they launched it at the industry’s largest North American trade show and conference.  The product was met with tremendous interest at this trade show.  The company then went on to expand the product line.  It is now one of their anchor products and continues to be a centerpiece at trade shows and other marketing activities.