This success case revolves around an IT company specializing in accurate geolocation of objects, coupled with metadata provision.
With extensive experience in the B2B2C segment, the company sought to expand its presence in the B2B market, specifically targeting courier services and logisticians. Recognizing the potential risks associated with developing a product that might not resonate with the new market, the company turned to Peoplr, a leading lead generation company, for assistance. Through a focused Customer Development project, our client achieved remarkable results, unleashing a multitude of new market opportunities and driving rapid business growth.
Client: An innovative IT company specializing in standards and solutions for accurate geolocation of micro and macro objects, accompanied by metadata provision.
Background: Having established a strong foothold in the B2B2C segment within the international market, specifically catering to tourism, travel, and transportation industries, the client aspired to penetrate the B2B market, particularly targeting courier services and logisticians. With no direct competitors and lacking experience in this new segment, the client faced the challenge of developing a product that would maximize efficiency in delivery operations.
Problem: The client was concerned about potential investment losses resulting from developing a product that did not align with the needs of the B2B market.
Solution: We embarked on a Customer Development project. Through this collaboration, the client engaged executives, managers, field personnel from prominent companies within the target B2B segment, seeking their valuable perspectives and insights. We:
- Formulated 11 additional hypotheses, expanding the client's understanding of potential market opportunities.
- Thoroughly assessed the product-market fit of each hypothesis to prioritize development efforts effectively.
- Identified a unique and distinctive market opportunity tied to significant growth in customer lifetime value (LTV).
- Validated the value of the client's solution in the B2B market through the insights shared by industry professionals.
- Developed precise product development requirements to ensure the solution aligned with specific market needs.
- Refined the business model concept based on the gathered insights, enhancing the overall market readiness.
- Generated proposals for testing the minimum viable product (MVP), providing a strategic approach to validate the solution's viability.
- Enabled the client to make informed decisions, mitigating risks and accelerating their business growth in the B2B market.
Results: The Customer Development project supervised by Peoplr yielded exceptional results, enabling the client to unlock numerous new market opportunities.
- By leveraging the collective expertise and knowledge of industry professionals, 11 additional hypotheses were formulated, expanding the client's understanding of potential growth avenues -
These hypotheses were meticulously evaluated to assess their market potential and align them with customer needs. As a result, a unique and distinctive market opportunity emerged, highlighting a significant increase in customer lifetime value (LTV). This finding validated the client's belief in the value their solution brought to the B2B market.
Furthermore, the project facilitated the creation of precise product development requirements. By leveraging the insights gathered from the collaborative Customer Development process, the client was able to develop a solution finely tuned to the specific needs of the target market.
In addition, the business model concept was refined, and proposals for testing the minimum viable product (MVP) were generated. This comprehensive approach ensured that the client's product was not only market-ready but also primed for rapid adoption and success in the B2B space.
