Market Entry : Coming in from the Cold
Founded in 1968 and headquartered in Helsinki, Finland, this client has approximately 17,000 employees, operates in over 20 countries with net sales of approximately EUR 1.8 billion. They are the largest Nordic IT services company providing full life-cycle services for both private and public sectors. The company has global presence through its product development business and delivery centres.
The company realised that there was an opportunity to link their product to the London Stock Exchange as the Millennium software system was used in both Oslo and London. However they had no UK presence in the Wealth Management sector.
The business didn’t have the internal expertise required and were unable to find it by hiring a permanent sales person, therefore they put this process out to tender. Sales Kinetics won this bid in direct competition with other consultancies.
As the client had no insight into this market they didn’t fully understand the opportunity for their product, they also hadn’t identified and understood the gap between their product and what was required for the UK market. Sales Kinetics could bring their intensive knowledge of the Wealth Management arena as well as their experience of positioning new products for this market.
Although the company had a UK operation in situ they didn’t have the necessary experience for this work and they also needed to concentrate on their core business.
The immediate challenge was to identify the gaps in the product and to manage the project to test the software sufficiently to expose the idiosyncrasies of the UK market. Sales Kinetics then presented a three month Market Entry strategy.
This was implemented and involved :-
- > Exploring options to work with both institutional and private clients;
- > Market testing with selected prospects and contacts of Sales Kinetics in the Wealth Management space to test the proposed solution;
- > Project managing the closing of gaps in the product;
- > Pipeline and proposition building;
- > Managing the creation of sales and marketing collateral including Press Releases, brochures and the website;
- > Initial PR and market launch of the product in the UK.
The product was launched in April 2012 and three launch events were held for Consultants and prospective clients which generated a pipeline which included Société Générale as a short listed opportunity. This was the first offering of Software as a Service (SaaS) into the Wealth Management arena in the UK.