Industrial Components Manufacturer Leverages New Digital Innovation to Enhance B2B Selling Experience
The maker of industrial and power control components engaged Harbor Research to identify customer pain points and challenges with the specification and purchase of their products that could be solved with new digital services. The result: a 3% reduction in selling costs , a boost in efficiencies and an increase in online sales of 20% enabled by a new customer transaction experience.
The client was pursuing multiple industry-segments which bring with them a different set of customer needs, pain-points and equipment types to be monitored. To identify which segments would be the near-term targets for its go-to-market strategy, the client wanted to understand which segments carried the highest opportunity based off of the device demographics and mission criticality of the involved equipment.
Understanding the opportunity across these segments was only part of the challenge for the client. To effectively execute their strategy the client also needed to better understand the competitive structure within the space as it related to their core LOBs, and more specifically the channel structure which would best support their ability to approach the market. Given the complexity of the involved segments, it was deemed necessary by the client to organize its embedded connectivity unit vertically and they sought our support in understanding the approach they should take in each industry-segment.
Process and Outcomes
Given the client’s situation, they selected multiple elements of Harbor’s Research Services as part of their subscription to help organize and facilitate a process in an on-going model to screen and profile industry segments to determine where to focus resources. The client deemed it necessary to select an on-going Service engagement as opposed to a project as they were actively deploying their go-to-market strategy and required real-time information to course-correct their strategy when necessary based off of the findings.
To support and validate the client’s go-to-market strategy, they selected the following elements of our Research Services:
- Market Intelligence Updates: Monthly intelligence update which uses proprietary algorithms to find recent events which are configured around the client’s interests based on Harbor’s market, technology and player taxonomies
- Player Profiles, Ecosystem Maps, Analysis and Database: The client gained access to our 500+ player profiles on top IoT companies in the market today, including maps of customer, competitor, investor and partner ecosystems
- Smart Systems Forecast (SSF) Database and Report: Access to Harbor’s 2017 report and SSF model which covers 450+ device segments across 27 customer segments and 99+ applications
- Executive Brief: Executive-level presentation of current market trends, business model implications and opportunities directly related to the client’s core LOBs
- Market and Technology Briefs: Quantitative and qualitative research reports on markets and technologies within the overall Smart Systems and the Internet of Things arena
- On-Going Queries and Analyst Support: Based off the hours bought, Harbor provides multiple services such as market and tech briefs, configured research and analysis, and custom market modeling and forecasting based off areas of interest to the client
Based off of the original project we conducted for the client, the Services engagement we have with their team has been a natural extension to the initial work as we understand their needs and strategic initiatives. This has allowed us to support the client on 20+ requests related to custom modeling of device demographics, industry profiles and key partners and competitors in related segments over the past 6 months alone. The real-time information we provide to the client has been used to support executive-briefings related to the go-to-market strategy for the company’s embedded connectivity business. To further assist the client, we have provided them with related briefs, reports and opportunity snapshots of adjacent verticals which has allowed the company to stay informed on topics that are outside of their current purview to know ‘what is coming around the corner’ which may impact their strategic initiatives.
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