We did a verification of a market landscape for an online store, focused on trends and risks, competition, strengths, opportunities and positioning. As a result, a ready market expansion strategy was developed.
The owners of an established eCommerce business approached Unicornly in order to perform digital due diligence of the market side of their business. The company was running a B2C marketplace and was facing serious competition. Since the experts at Unicornly have a proven track record of scaling up similar businesses, the founders approached us in order to evaluate their current market situation and business activities, review the competition, and suggest market positioning that would be most beneficial for the company.
During the 2-week assessment, Unicornly performed an analysis of the platform and the business strategy. We focused mostly on comparing the market positioning against the most relevant competitors, but we also pointed out most important trends in the industry and avenues for potential disruption. A big part of the assessment was to evaluate current customer acquisition activities and plans for future customer retention, increasing engagement and building brand awareness. Unicornly also listed the potential risks related to the market situation, the competition, and the general potential of the industry (as measured by our experts).
As a result, Unicornly created a comprehensive report summarizing the market situation, with potential risks and opportunities presented in an easy-to-digest way. The report had the form of a ready market expansion strategy that included a list of suggestions on how to leverage the current strengths of the company’s offering in comparison to how competitors were positioning themselves.
Immediately after the assessment, the founders decided to shift the direction in which the brand was going and create a new brand story. With reworked communication and polished marketing activities that targeted a broader segment of the market and leveraged the strengths of the company against their competitors, the founders managed to open new business avenues and increase revenue by 9% over the next 6 months.
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