Case Study: Lighting the Way for a Lightning Manufacturer
The lighting industry was undergoing a rapid transformation, with connected, smart solutions becoming increasingly in demand. A lighting manufacturer recognized this opportunity to expand its market share but needed a strategic partner to navigate the complexities of new product development and market introduction. This case study illustrates how one of Fisher Specialty Advising's partners helped them capitalize on this trend and achieve significant growth.
The Challenge
A lighting manufacturer sought to capitalize on emerging trends in connected lighting but needed a strategic partner to guide them through the complexities of new product development and successful commercialization.
The Process
Our partner helped develop and execute a comprehensive growth strategy, including:
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Market Research and Analysis: The team first conducted in-depth market research to identify customer needs, assess competitive landscapes, and pinpoint opportunities for innovation in the connected lighting space.
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Product Strategy Development: They collaborated with the client to define the product vision, target market, and key features of the new lighting solutions. This included defining the value proposition and competitive differentiation.
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New Product Development Support: They provided project management support throughout the product development lifecycle, ensuring seamless collaboration between designers, engineers, and manufacturers. This included assistance with product design for certification.
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Go-to-Market Strategy: They developed a comprehensive go-to-market strategy, including market segmentation, pricing strategy, distribution channel selection, and marketing campaigns.
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Sales Team Training: They provided sales team training to equip them with the knowledge and tools needed to effectively sell the new connected lighting solutions.
Key insights and results.
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Successfully Launch New Product Line: The new line of connected lighting solutions was successfully launched into the market, gaining significant traction with commercial and industrial customers.
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Increase Market Share: The new product line contributed to a significant increase in the company's overall market share.
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Establish a Strong Brand Presence: The successful product launch enhanced the company's brand reputation as an innovator in the lighting industry.
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Generate New Revenue Streams: The new product line created substantial new revenue streams for the company.
