CASE STUDY: Market Research

SECTOR:

Established and ambitious construction firm sought to expand into new markets across the United States. The company needed support in garnering strategic market insights to support its decision making, engaging market influencers to help drive brand awareness, and building a foundational network of leads in each metro area.

THE PROBLEM:
LIMITED INSIGHTS FOR FUTURE GROWTH

The company identified two prospective metropolitan areas to scale its operations and revenue potential. However, leadership lacked clarity on which market offered the greatest opportunity and why. They also lacked clarity on the appropriate approach and timing due to limited familiarity with market-specific dynamics, construction and building trends, key market influencers, and relevant best practices and government regulations.

SOLUTIONS:
MULTI-FACETED KNOWLEDGE BUILDING APPROACH

Uncover Market and Industry Trends
Gathered and analyzed relevant local and national industry reports and market data related to construction and general contracting to build foundational understanding of industry past, current, and future performance.

Connnected with Industry Experts and Leaders

Identified and spoke with experts and leaders in general contracting, commercial real estate, community and economic development, government, and academia to understand local business dynamics and uncover potential leads to pursue.

Developed contact database, then amassed and tracked interactions with all contacts throughout research and business development efforts to establish a foundational pipeline in each of the targeted markets.

Communications Improvement
Conducted one-on-one interviews with key leaders throughout the organization to understand challenges and opportunities for more effective communication. Developed a phased organization-wide plan to improve communication effectiveness, staff alignment, and overall culture.

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AT A GLANCE

Challenges

  • Lack of decision making clarity on approach and timing
  • Need for greater insight on market characteristics and influencers
  • Lack of brand awareness in market
  • No foundational network of lead

Impact

  • Confident decision making on market opportunities
  • Clarity of competitive advantages for the firm
  • Database of industry contacts and pipeline of leads
  • Decision-making support for direction setting and market penetration strategy
  • Repository of valuable secondary research

IMPACT:
POISED FOR SUCCESSFUL EXPANSION AND MARKET PENETRATION

Industry and Market Understanding
Leadership is informed on key industry and market trends and norms to make confident decisions on market penetration and business development approach.

Brand Awareness
Wide array of local business, academic, and government leaders are aware of the brand, the company’s story, and how the firm is distinctive in the market.

Business Development Headstart
Sales team has a foundational database of contacts across multiple areas of work with status and relevant information to guide approach and broker introductions.

"[This process] has given me the most hope that we are moving in a good direction. I can only hope that what I felt today will be the change that we will see from the inside out!"
STAFF MEMBER
"You contributed to a sense of hope for our team today, and I can’t express my sincere and deep gratitude. This is HUGE! Together, we’re inspiring change…for good."
EXECUTIVE DIRECTOR
The team’s effort in networking and introducing our company to this new market on our behalf made the transition and work of our operations lead much easier. In essence, MindSalt became an extension of our business development team. I would not hesitate to recommend or use the MindSalt team again for this kind of work.
PRESIDENT
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Case Study: Purpose and Strategy Facilitation

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