Case Study: Heating Technology Market Entry
Engagement Overview
Fulcrum Consulting Group was engaged by a leading manufacturer of building heating products to devise a go-to-market strategy for a novel technology entering the North American market.
Client
Engineered Products Company
Engagement
Go-to-Market Strategy
Industry
Commerical & Residential Building Products
Product Area
Building Heating Solutions
Key Issues
In order to inform management team understanding of the addressable market, competitive landscape, and relevant regulatory and standards environment, as well as relevant decision makers to product adoption, the project scope focused on addressing and prioritizing suitable end markets and purchase decision structures.
Market Analysis: Assess the total addressable market for the novel heating solution including both new and R&R construction, while focusing on understanding the competitive landscape the product will be introduced into and the relevant regulations and codes applicable to the new technology.
Decision Analysis: Identify decision makers and influencers in the process of heating technology specification. Understand the relevant decision criteria and how incentives differ across stakeholders. Recognize where education must occur for decision makers to understand the articulation of the product’s most competitive value proposition.
Go-to-Market: Recommend market segments most receptive to the new technology. Provide effective points of entry to decision making processes as well as relevant positioning and key value proposition points to gain traction within highlighted end markets.
Approach
Fulcrum conducted ~60 total primary research interviews with market participants to develop a foundational understanding of current technologies in the building heating market and test the product value proposition in relevant end markets.
In addition to the market research interviews, Fulcrum conducted extensive desktop research and analysis on consumer trends, market dynamics, regulatory environment and the competitive landscape.
Fulcrum communicated with our client frequently to discuss findings and adjust focus, delivering several formal substantive updates during the project. These updates enabled Fulcrum and our client to prioritize markets and refine the most important insight for each target segment. At the conclusion of the project the final report was presented to the client covering 6 different adressable market segments for the product.
Impact
The client was focused on understanding whether there was a viable market for the product application they had developed from their technology, who drives the implementation decision process, what value proposition would be most effective, and what were the regulatory or code implications that might hinder product adoption.
Through analysis of secondary and primary research Fulcrum identified a large market opportunity for the novel technology and the key decision makers, and their most important priorities, in the technology's implementation, including a group not previously known to the client. Fulcrum also identified several regulatory requirements, present in all buildings but more stringent in commercial structures, that would need to be addressed.
Fulcrum ultimately also made reccomendations regarding go-to-market as primary or secondary solutions in residential and certain commerical end markets.
Firms have finite resources to pursue growth opportunities, Fulcrum engagements amplify strategic decision-making by providing the critical insight required to focus efforts to optimal target markets and decision makers. Get in touch to learn how Fulcrum Consulting Group can support your team.