Challenge:
LumeSmart required a strategy to reach the horticulture market
Solution:
Undergo market research to create a strategy to enter the market, including market size and buyer behaviour for Canada, US, and Mexico markets
Impact:
Cohesive campaigns and an organizational system for market planning to provide efficiency savings for the small businesses
Although market share has been obtained in other industries, wanting to enter the horticulture market , LumeSmart requires a strategy to do so. To do this, they approached the Business and Commercialization Innovation Centre (BCIC) at Niagara College Research and Innovation to undertake market research and to understand the current market conditions in the greenhouse growing space, uncover the main competitors, and complete a full analysis to understand how to position themselves against competitors. A target market is essential to ease the work of the sales team and to uncover pain points for identified markets. A detailed promotional strategy on how to reach these markets (including elements of the promotional mix) were needed for this B2B brand.
To develop a strategy and understand the potential within target markets for LumeSmart, the BCIC team worked on uncovering trends in greenhouse LED lighting in Canada, the United States and Mexico to understand how best to capture them as recommendations. This work included a detailed analysis of competitors, a look at the impact of government promotional measures to adopt LED lighting, consumer attitudes and regulations for businesses, and an exploration of market constraints.
This review allowed the development of target audiences and recommendations for key pain points around which to develop targeted campaigns.
The distribution strategy focused on potential avenues of distribution for LumeSmart to pursue, outlining the pros and cons of various options.
The promotions strategy developed focused on B2B interaction points for LumeSmart. Understanding how to tell the story of how the product can best suit the needs and requirements of each target audience allows for cohesive campaigns and an organizational system for planning, providing savings in terms of efficiency.
Recommendations were also made for a content planning system that incorporated insights from the sales team. Outlined a media and events strategy for LumeSmart to reach more targeted audiences and for the sales force to have an opportunity to discuss the unique benefits of LumeSmart products compared to competitors.
Visit Niagara College’s Business and Commercialization Innovation Centre (BCIC) website to learn more about its resources and capabilities.
(Project #NC132)
