Lighting Specialist Evolves From a Product-Centric Background
We recently engaged with a manufacturer of lighting fixtures and systems across buildings, infrastructure, commercial, retail, institutional and industrial markets. The client wanted to adjust its strategy to expand its presence in the smart lighting systems and services space, thereby driving new growth while staying ahead of its competition.
While the client had significant strengths in its market position and a growing competitive advantage from the shift to LED lighting systems and technologies, the company still faced many strategic challenges as it related to accessing smart lighting systems opportunities. With a presence in many markets, the client needed to understand which markets to target with which solutions, which were most attractive and what this meant for the capabilities required to capture value from these opportunities. Coming from a traditional product-centric background, the company also needed to figure out who they might work with to bring these solutions to market.
Our Process and Outcomes
We developed hypotheses about the most attractive applications for smart lighting systems and conducted a market opportunity assessment and voice of customer exercise across the client’s key verticals to identify and validate potential opportunities. We analyzed in depth the competitive structure of the market, noting the client’s key traditional and emergent competitors and their maneuvers related to smart systems. We then sized the market for LED and smart lighting systems market and conducted a screening of potential opportunities to determine which applications were most attractive for the client to pursue and what go-to-market structures it should use to drive acceptance and adoption of the solutions. After organizing and presenting the information to the client, we introduced the company to innovators we knew in the market who could help the client develop and deliver smart lighting systems.
Impacts for the Client
As a result of the engagement, the client made 3 key acquisitions to build out smart lighting systems and solutions for its customers. The company is now a leader in the smart buildings space, and is well-positioned for continued differentiation, both in smart lighting systems but also in adjacent applications such as energy management, climate management, and other smart buildings applications.