The Problem
A leading global manufacturing company was an innovator in the world of 3D printing technology, boasting a successful and profitable product for high-end 3D printing materials. Unfortunately, their market development team had realized that the company had reached full saturation within its current customer base and sought to explore opportunities to enter new industries. Before exploring this avenue for growth, however, they wanted insight into possible applications for their additive product.
Critical Issues
Industry | Landscaping | New Applications | Technical Expertise
The Solution
Maven conducted an electronic survey of knowledgeable engineering professionals, including those in industrial materials, equipment, and 3D printing, to gain insights into alternative applications for additive manufacturing products. The survey results showed several potential growth areas for the company’s 3D-printing product.
Additionally, several survey respondents even expressed interest in technology similar to the company’s, giving the team promising customer leads. Furthermore, many of these applications could be addressed with only minor changes to their current product. After understanding the opportunities that were available beyond their comfort zone, the team shifted their focus. It appealed to new markets and end users, significantly increasing their revenue potential from 3D printing products.
“It’s hard to expand past what we already know when our product is so successful in our existing markets,” said the Vice President of Market Development. “Maven gave us a clear view of all the possibilities out there.”
Final Thoughts
The company utilized Maven’s Electronic Survey to uncover potential new applications for their additive product, yielding promising customer leads. With a slight change in focus, the team was able to capitalize on these opportunities and increase its revenue from 3D printing products. Maven enabled them to successfully bridge the gap between their current market saturation and future growth prospects.
