SPARC creates model for market sizing
For an industry leader in the consumer electronics industry, SPARC was asked to do a Market Sizing exercise. Basically, to create a model to gauge the market size for a specific product group across 10 countries in ASEAN PACIFIC. The project was executed using a mix of primary and secondary research as well as on line and offline methods. Insights were delivered within a time frame of just 6 weeks, at a cost 30% lower than using traditional approaches.
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After thoroughly understanding the strategic objectives, strong hypotheses were build and an approach was developed. In various interactive working sessions the links between the business strategy and research approach were made as buy in for the possible outcomes was built with the main stakeholders.
During the course of the fieldwork it became clear this industry leader had in fact missed an enormous shift in the market to a new product in the category. This confirmed what some people had already felt, but it was the first time it was made explicit, also in terms of size and value of the market.
Next steps…
In a feedback session, attended by the regional leadership the findings were shared. Today, an action driven ‘Focus Team’ is in full swing with only one objective: winning back the market. Knowing the size of the market and the potential market share, the focus team has the right direction. They know where the potential lies… all they need to do is get it!
SPARC’s involvement increased after these findings. Other research was deployed to support the focus team to increase the opportunities to win in this market. Covering and leveraging all facets of modern marketing: product, place, price and promotion. An example is a qualitative study including home visits and In Depth Interviews with contractors.