Founded around five years ago, with over 70 employees in the Middle East, the UAE-based saas company has a strategic focus on expanding their product offerings beyond their existing UAE market. It provides claim payment solution including claim settlement, cashflows management, payouts management, for healthcare organisations and payers. The Company’s Head of Strategy, and Head of Growth (Commercial) is looking forward to expanding into the international markets and exploring new regions to enter the GCC.
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The Challenge
Despite having a preliminary go to market strategy (GTM strategy) for entering new markets, our initial plan required validation and fine-tuning. While we had outlined key planning areas, our strategy lacked the concrete and actionable go to market strategy (GTM strategy) necessary for realistic market entry and expansion.
Additionally, our visibility into our competitors' sales and marketing strategies was limited. Our entire new product launch strategy relied heavily on secondary research and insights from channel partners who had existing collaborations with our competitors in the same market.
Before the GreyRadius approach, our expansion plan primarily centered around marketing, sales through channel partners, and administrative actions. However, it lacked critical insights into our competitive landscape. It failed to provide key information such as the optimal region or location for market entry, a compelling value proposition, essential product features, positioning strategies, and an effective pricing strategy.
To address these challenges, we sought a strategic partner capable of leveraging competitive market intelligence to develop a comprehensive and data-driven go to market strategy (GTM strategy) grounded in a deep understanding of the market and competitive dynamics.
The Solution
After thorough evaluation of various market research and consulting firms, we selected GreyRadius Consulting as our strategic partner to tackle our challenges. GreyRadius structured their approach into a three-step process:
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Step 1: Gathering of Information
In this initial phase, extensive information gathering took place across three critical dimensions:- Competitive Intelligence: GreyRadius conducted assessments of our top-tier competitors, focusing on their value growth within a similar domain. Analysis included market expansion, sales and marketing tactics, and growth strategies. Insights were gathered from secondary and primary research, including interactions with key leadership teams and subject matter experts. Sources included sales collaterals, sales pitches, emails, and case studies. GreyRadius also reviewed competitors' marketing strategies and product differentiations by analyzing targeted campaigns and selected media channels.
- Buyer Intelligence: Interviews were conducted with prospects in new regions to analyze pricing dynamics, budget allocations, and purchasing processes. Research included product adoption criteria for different buyer segments and use cases.
- Market Intelligence: GreyRadius performed a comprehensive market analysis to explore new opportunities and assess potential. This included defining total addressable market (TAM), serviceable market (SAM), and obtainable market (SOM), as well as product/solution segmentation and utilization scales.
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Step 2: Defining the Report Structure
GreyRadius outlined an actionable report structure, including a comprehensive go to market strategy (GTM strategy). Key deliverables included:- Project launch model, market entry plan, and 6-18-36 month strategic ambition covering revenue targets, valuation goals, and growth projections.
- Detailed GTM planning for product marketing in new regions, including pricing strategies, user segments, sales plans, and partner identification.
- Consolidated recommendations for sales, marketing, pricing, and regional entry decisions to drive top-line growth.
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Step 3: GTM Enablement Plan
GreyRadius designed a practical execution plan to bring the GTM strategy to life:- Market process setup, content marketing, and organic media strategies.
- Performance marketing, social media channel planning, and campaign execution.
- Staffing and team structure recommendations with growth and salary plans.
- Detailed value propositions aligned with buyer preferences and strengths/weaknesses analysis.
“The GTM plan shared by GreyRadius is too detailed and we are thankful to the team for giving deeper insights around the competitive landscape for the Saudi and GCC4 regions. We liked the depth of information covered with the validation process. We now feel like we understand the overall market preferences for our healthcare claim settlement solutions.”
Chief Strategy Officer, UAE-based Healthcare SaaS Solution Provider
The Impact
The impact of GreyRadius Consulting's efforts became evident within the first four months following the report:
- Establishment of an Office in Saudi (Jeddah): We successfully set up an office in Saudi Arabia, specifically in Jeddah, marking a significant step toward expanding our presence in the region.
- Formation of a Dedicated Team: We assembled a team of 8 executives, emphasizing our commitment to the new market. This team plays a crucial role in executing our go to market strategy (GTM strategy) effectively.
- Improved Budget Allocation: We are now equipped to allocate budgets with greater precision and foresight, thanks to the insights provided in the report. This enables us to make informed decisions about resource allocation and financial planning.
- Clear Growth Plan: Our leadership team has gained enhanced clarity regarding our overall growth plan. This newfound clarity allows us to set more specific and achievable growth targets, ensuring that we allocate the necessary financial resources accordingly.
- Conversion of Channel Partners: During the initial 4-month period, we successfully converted 3 channel partners who will support our sales activities and act as dedicated system integrators across different regions.
In summary, the impact of GreyRadius Consulting's efforts has resulted in a swift and strategic market entry, improved financial planning, and the formation of valuable partnerships. These achievements lay a strong foundation for our continued growth and success in the new market.
