A well-respected software provider engaged Meradia to help it develop a strategic product and marketing plan aimed at driving future growth and success. Meradia’s investment management expertise, deep industry contacts and focused determination led to a successful project that helped shape the company’s vision and direction.
Working collaboratively with the company’s executive leadership team, Meradia used a fact-based, data-driven methodology to perform a rigorous market and competitive analysis that was the basis for the recommended strategic action steps. This objective and empirical approach was the foundation for robust data gathering, analysis, and recommendations. The software company tasked Meradia with delivering an impartial assessment of its current functionality, building a thorough market and competitive analysis, and crafting strategic action steps.
To develop long-term strategic action steps for the company, Meradia recognized the importance of gathering and synthesizing extensive data, including client and industry feedback. Identifying the firm’s competitive advantages and disadvantages was an important component of the functional assessment. Meradia gathered this critical information by designing a comprehensive process in which the software company’s current and target markets were identified and completed interviews with market participants across the various market segments, along with conducting research with secondary sources. Meradia also uncovered data points and gained clarity regarding a perceived conflict of interest that impeded continued market penetration.
Meradia began its research by pinpointing three target market segments. With the potential markets defined, Meradia focused on analyzing four key benchmarks to develop a target market profile. Meradia researched the (1) true size of each market, (2) perceptions of each market segment and unmet needs, (3) competitive landscape and (4) critical success factors for winning in each market. By using its investment management expertise and ability to canvass an impressive set of industry contacts, Meradia crafted a detailed analysis. Armed with this analysis, Meradia developed a thorough understanding of each target market and their respective importance to the software company.
Once Meradia completed its assessment and evaluation of the three potential markets, it formed the following conclusions:
- The company’s software product is well-positioned as a competitive, attractive option for market participants within the current segment.
- Substantial opportunity exists within another segment as market participants have functional needs similar to those in the firm’s current segment.
- Given unclear market needs, the third researched segment was less attractive.
Meradia’s significant domain knowledge and expertise, combined with deep functional experience and well-placed industry contacts, resulted in a successful engagement. Meradia’s team efficiently completed an assessment of the company’s functionality, market position, and competitive analysis to form conclusions that were based on empirical data.
The software company implemented Meradia’s recommendations, which continue to drive top-line growth resulting from the expanded scale and scope of their product offering.