£M Financial Services - Urgent viability query
To enter a new market and bid for a big, new client?
Our market research and unbiased opinion are completed in a week.
Business problems - Lack of detailed knowledge to enter a new market.
Tight bid deadline.
The company served a niche market in the financial services industry and it had received a sales enquiry outside its normal area of operation. Although it was a specialist in its field, it lacked detailed knowledge and expertise about a new and potentially very profitable new software market segment. It wanted to assess the profit potential of this new market and the competitiveness of their proposal for computer systems and business services. However it had only 10 days to respond to a customer bid where it had a strong relationship and stood a reasonable chance of winning new business. Was it a golden opportunity or a potential minefield?
Our solution - a team of experts and high quality statistics and data.
We quickly used our marketing skills and resources to obtain the information they were seeking. We found senior executives in our consultants database who had worked in this area. Also we obtained access to important sources of company statistics and a software product directory. We concluded there were few competitors serving this market niche and product prices were relatively high due to the small number of suppliers normally found in the industry. Turnover of the competitors was modest. We produced a one page report recommending the company enters this specialist market.
Winning results - enter the new market and develop a new profitable division
We provided an unbiased answer very quickly within a week and gave the company confidence to respond to the bid and expand into the new market sector. They won the bid and are now thinking about taking over a competitor.