AGP Support: Growth Strategy, Market Research
Industry: Technology & Software
Industry: Technology & Software
China New Market Entry for an IIoT Platform
Client
The Chief Strategy Officer (CSO) of an American industrial IoT application development platform sought support expanding into China.
Situation
China is a high-risk, high reward market that must be properly understood and developed systematically. The CSO of an IIoT application development platform recognized the potential but was uncertain how to evaluate the risk-return of entering China. The company’s management team also lacked experience selling in China. They required an understanding of which segments to focus on, how to localize their sales process and pricing, and how to prospect for local customers.
Approach
Asia Growth Partners worked closely with the CSO to validate that there was indeed strong demand in China for the company’s unique technical capabilities. We then supported operational setup, from localizing their cloud infrastructure to recruiting their sales team. We also interviewed Chinese startup founders with similar offerings to identify areas where the business model might need to be localized. Finally, we supported in initial customer prospecting in order to accelerate their development of a sales funnel.
- Validate market demand and prioritize customer segments.
- Support cloud infrastructure setup.
- Recruit the local sales team.
- Identify key business model localization requirements.
- Prospect for beachhead customers to establish a sales funnel.
Results
- Within two years of market entry, China become the client’s second largest market globally.
- We introduced a Chinese investor who invested $10 million in B series funding to support regional expansion.
