- Incubator GROW from Bosch has the mission to find the next million € product/service
- A three-person project team from the incubator is the only team with a B2C product that is expected to have a high chance of becoming one of these million € products.
- The product is in the development stage. In the final stage, Corona comes up and there are unexpected challenges
- Within 6 months, it should be validated how, where and to whom the product with which range of services is to be launched on the market.
- In a second phase, the product is to be introduced to the market and the first turnover achieved
Conduct an analysis of the competition and market situation with the aim of: identifying customer segments and their success criteria (e.g. needs, market size, lead potential, entry barriers, channel preferences, willingness to pay), defining a needs-based and competitive service offering and making robust assumptions about the business case (revenue potential, conversion rates, distribution costs).
An online marketing strategy was developed that uses marketing automations to collect interested parties as potential pre-orderers during a market test. A brand communication and all campaigns and materials (texts, website, emails, etc.) were developed for this.
A market test was conducted with the aim of collecting 5,000 interested parties for a product launch via email. During the market test, it was necessary to react flexibly to challenges such as the Corona crisis.
Implementation of the market entry of "spexor", the mobile alarm device, and continuation of the marketing campaigns to generate the first customers. Implementation of upsell campaigns and marketing activities, as well as the expansion of further sales channels.
Received great guidance and know-how.
Through a pre-launch campaign with additional content for those interested in the first hour, the launch could be postponed by more than four months without a large turn rate.
The channels and automations could be further refined. In addition, further channels such as Amazon were set up.
A study by Western University shows that face-to-face interaction is 34 times more effective than an email.