Bringing a new idea to life
This venture-capital-backed software services company was entering its third year of development. Cash burn was still much higher than forecast, as customer take-up was proving much slower than expected.
Growth expectations were high and on a global scale. The UK was intended to be the “proof of concept” market, followed by a rapid global roll-out. Unfortunately, the target market was unconvinced by the offer and was dragging its heels in adoption.
What we did
We started with a detailed study of how customers and non-customers perceived the business and how well they understood the business concept. This threw up critical insights that clearly demonstrated that the market was having great difficulty in understanding the offer, and was experiencing even more difficulty when trying to engage in using the service.
From this we were able to go back and recreate the value proposition and all supporting material.
We also developed a new training module that prospective users could engage with online before making a purchase decision.
The sales force was also restructured to put more focus on building client numbers rather than account-managing existing ones.
Within a year of the project’s initiation, customer numbers had increased sufficiently to make the company cash neutral and ready to continue with its international expansion.