Generating 41% growth in one year through new markets
Situation
Our client offered specialty goods in a niche market. Their distribution was online and through the web. Following two years of triple digit growth, growth declined to less than 10 percent. They needed to find an additional audience for their product to continue their growth.
Challenge:
- Finding new audiences for a niche product
- Branding product line to reach new market segments
Expertise Applied:
- Go-to-Market strategy
- Go-to-Market Plan
- Positioning strategy
- Product marketing strategy
- Product launch
- Growth
Astute Approach:
- Conducted competitive analysis to identify new market segments
- Identified three market segments client was missing out on that offered the highest growth rates
- Developed go-to-market plans tailored individually for all three markets
- Branded product line for new segments with minor changes to existing products
Results:
- Within one year, generated 41 percent total growth within all three new markets