CASE STUDY
Competitor Analysis & Customer Journey Intelligence
Overview
A US-based customer data platform (CDP) startup approached us for help in a highly competitive market. We understood the challenges the startup was facing and dove into a deep market analysis to get a clear picture of the competitive landscape and uncover opportunities for growth.
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Through close collaboration with the startup, we analised key competitors and developed a customised sales strategy that leveraged client's strengths and set it apart from its competitors. The approach emphasised high-value customer targeting, strong relationship-building, and thought leadership to differentiate the platform in the market.
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We provided ongoing training and support to the client's sales team, ensuring the successful execution of the strategy. The results were impressive. Within 6 months, the client experienced a significant 20% (!) increase in sales, establishing itself as a leader in the market and laying the foundation for continued growth and success.
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Objectives
Conduct in-depth market and competitor research to understand the customer journey and identify areas for improvement.
Identify key psychological areas for improvement within the client's organisation to enable the company's sales team to be more successful.
Use AI to analyse data and restructure the customer journey to better meet the needs of customers and improve the overall customer experience.
Measure the effectiveness of the changes made and adjust KPIs.
Implement changes to the customer journey and internal processes to drive sales growth and improve the performance and morale of the sales team.
Challenges
Gathering and analysing data
Gather and analyse a large amounts of data on the customer journey and competitors in order to understand the market and identify areas for improvement.
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Identifying the most effective changes to make
Determine the most impactful changes to make to the customer journey and the startup's internal processes.
Balancing needs and preferences of potential customers
Find solutions that were the most beneficial for both the client and potential customers, requiring negotiation and compromise.
Implementing changes
Effectively roll out the changes to the customer journey and internal processes and ensure that they were adopted and effective within the client's organisation. This required careful planning and execution, as well as coordination with various stakeholders.
Measuring the effectiveness of the changes
Accurately measure the impact of the changes made on sales team and adjust the strategy accordingly. This required tracking key metrics such as sales growth and customer satisfaction and using this data to inform day-to-day decision-making.
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Approach
We conducted an in-depth analysis of the startup's direct competitors using a mix of research methodologies, including competitor analysis and customer surveys. Therefore, we were able to identify potential customers' preferences and recognise areas of improvement that the client should undertake to optimise the customer journey using frameworks such as customer journey mapping.
Using business theories such as Maslow's Hierarchy of Needs and generated data, we then restructured the customer journey using AI to meet customers' needs better, aiming to increase overall satisfaction and engagement with the product:
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Identifying key pain points
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Developing solutions for pain points
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Implementing strategies to improve the overall customer experience
In addition to restructuring the customer journey, we identified key areas for improvement within the client's own organisation that would enable the sales team to be more successful. This included changes such as improving communication strategies between managers and employees to increase transparency and accountability, setting up psychologically-positive incentives based on concrete goals rather than subjective assessments, and investing more resources into training programs for new hires. These initiatives were designed to motivate employees and improve their performance, ultimately leading to higher overall sales success for the business.
The efforts of our work paid off, and it was soon that the client's sales team saw positive results. Their performance improved due to increased knowledge on how to best approach different customer needs, and their morale skyrocketed with newfound enthusiasm towards achieving their goals. The success achieved by the client demonstrates the power of understanding the customer journey and implementing psychological changes within the team to drive growth.
Outcomes
Increased Sales
One of the most significant achievements of the project was a noticeable rise in sales for the client.
Improved Customer Experience
The focus on improving the customer journey resulted in a more seamless and satisfying experience for customers.
Differentiation in the Market
The customised sales strategy and improved customer experience set the startup apart from its competitors, helping it to stand out in the highly-crowded market.
Stronger Relationships
The focus on relationship-building was key in helping the client build stronger connections with its customers, partners, and employees
FEATURED ON:
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.