About the Client:
The Client is a multi-billion dollar textile company and one of the largest manufacturers of floor textiles.
The challenge:
The Client noticed opportunities to enter an emerging market that could overlap with their brand and product development goals. The Client asked PreScouter to conduct a market analysis and characterize relevant technologies by providing market insights (size, drivers, growth, etc.), an analysis of key players and emerging players, relevant technologies, threats, and opportunities in addition to future trends.
Methodology:
To provide the Client with the required data and insights, PreScouter put together a multidisciplinary research team composed of 5 Advanced Degree Researchers from Precouter’s global research network with expertise in engineering management, marketing, and business administration. In addition, 2 Subject Matter Experts from the emerging market provided their insights and expertise. The PreScouter research team’s goal was to identify consumer needs and potential partners in an emerging market for which the Client’s floor manufacturing experience can be applied as a business. The following approaches were developed:
- Characterizing the market size and projected growth as a function of a specific demographic and key aspects of the housing market
- Identifying the top influencers and evaluating the changing technology landscape that is driving the market growth
- Characterizing the financing services offered from the key and emerging players identified: banking/financial institutions, govt. assistance, etc
- Identifying the top influencers and changing technology landscape that is driving the market growth
- Characterizing the service networks being formed to serve this specific market
Results:
Utilizing a combination of market analysis, technology landscaping, and IP whitespace mapping, PreScouter identified 38 relevant players and 5 potential partners to clearly identify the best points of market entry for the client. PreScouter provided the client with a comprehensive overview of the current state and future of their emerging target market, specific recommendations for new products, and a partner map to complement their product development timeline. In addition, Subject Matter Experts (SMEs) from the space were interviewed in order to provide further validation and insights to PreScouter’s recommendations. Further, PreScouter introduced the client to two potential partners in the space: a housing designer and a thought leader creating a new marketplace app.
Impact of PreScouter work:
The Client approached PreScouter with the very specific goal of exploring market entry opportunities into a new market. Based on PreScouter’s thorough analysis and expert recommendations, the Client found a valuable entry point is currently working on implementing their new market strategy. The Client noted that PreScouter helped save months of research by clarifying the overlap between disparate market demographics and their product development goals.
A downloadable version of this case study is available here.
