Comprehensive Targeting and Positioning Strategy
We recently assisted a client from Canada in bringing innovative scent machine design into the market.
The client needed help identifying key target audiences for the product and developing effective marketing strategies to reach those audiences.
They also required guidance on establishing a sustainable business model and implementing a comprehensive post-launch plan to drive continued growth.
Our work on the project helped the client achieve double their initial $500k revenue goal within six months of launching and garnered increased interest from investors in Europe, Australia, and Asia.
Conduct an extensive market research to identify target audiences and market opportunities.
Implement a post-launch plan to drive continued growth and to secure an investment.
Outline strategies for client retention and develop pricing structures to establish a sustainable business model.
Develop and implement effective marketing strategies.
Identifying the most appropriate target markets for the scent machine
One of the main challenges we faced was accurately identifying the markets that would be most receptive to the scent machine.
Developing an effective marketing strategy
Another challenge we faced was crafting a marketing strategy that would effectively reach and resonate with the target markets for the scent machine.
Establishing a sustainable business model
Developing a business model that would support the long-term growth and profitability of the scent machine was a complex process that required careful analysis and planning.
Securing significant investment
Finding investors willing to invest $500k into the venture was a significant challenge, particularly given the risk inherent in a new and innovative product.
Our first step was to conduct extensive market research to identify key target audiences for the product. We used a combination of primary research methods, such as surveys and interviews, and secondary research methods, such as reviewing industry reports and competitive analysis. Throughout the research, we identified luxury hotels, five-star restaurants, and high-end automotive dealerships as prime markets for scent machines. Market trends and competition analysis informed us on market positioning and marketing strategy.
Once we had a strong understanding of the market and our target audiences, we worked to develop creative marketing campaigns and promotional materials that would showcase the benefits of the scent machine. We applied the marketing mix theory, considering the product, price, place, and promotion elements, as well as the 7Ps of marketing, which adds people, process, and physical evidence as a critical elements. This included arranging interviews with notable hospitality and luxury vehicle industry figures and establishing press relations with lifestyle magazines and trendsetters. We also used the marketing funnel framework to understand the customer journey and develop strategies to move customers through the funnel from awareness to purchase and beyond. We wanted to ensure that our marketing efforts effectively reached and resonated with our target audiences.
But we didn't stop there. We recognised the importance of establishing a sustainable business model that would support the product's long-term success. For that, we applied business model innovation theory and the Lean Startup methodology, gathering customer feedback and using it to improve the product and business model continuously. We also used the BCG matrix to evaluate the scent machine's relative attractiveness. To that end, we developed a business model based on the best customer retention practices and created a step-by-step guide for founders on how to successfully approach investors and secure over $1 million in private equity funds.
Finally, we implemented a comprehensive post-launch plan that included researching and evaluating debuting markets and analysing customer feedback to improve its effectiveness and functionality. As per customer relationship management (CRM) theory, this allowed us to optimise the strategy and identify new markets and opportunities for growth.
Throughout the project, our team relied on quality research data and strategic intelligence to help our client identify potential pitfalls and capitalise on opportunities for higher returns over the long term. We are proud of the comprehensive approach we took to help our client bring their innovative product to market.
We successfully identified key target markets for the scent machine and developed a marketing strategy that effectively reached and resonated with these audiences. This resulted in strong demand for the product and helped to drive significant sales for our client in the next 6 months.
By establishing a sustainable business model that followed industry best practices, we were able to help the client achieve long-term growth and profitability. We provided a clear roadmap for investors to understand the process of investing over $1 million in the venture, which helped the client to secure a second investment.
Our comprehensive post-launch plan ensured that the scent machine demand continued to grow and succeed in the market. This included analysing customer feedback and researching and evaluating debuting markets to identify opportunities for further growth.
Our efforts to promote the scent machine through interviews with notable figures in the hospitality and luxury vehicle industries and press relations with lifestyle magazines and trendsetters helped to increase awareness of the product and drive additional sales.
Market & Business Research
We tailor proprietary research methodologies to fit your unique business objectives. Whether it's profiling your customers, gauging demand, or assessing the competitive landscape, our approach ensures you get intelligence that matches your needs. We examine consumers, competitors, and markets from multiple angles to deliver a comprehensive perspective.