THIS CASE STUDY PRESENTS HOW AN IOT-BASED COMPANY LEVERAGES EXCLUSIVE TERRITORY AGREEMENT AS AN ADVANTAGE
The IoT company wanted to expand its product offerings into a different market, they thought about Wi-Fi light switches and Smart plugin compatible with google echo and Amazon Alexa devices in order to establish themselves as an innovator. The idea was targeted at consumers, which led the company down to another path: directly marketing to homebuilders as well. This would give the firm an advantage over other companies for offering something that no others do – compatibility with both Google Home/Alexa products or exclusively with Apple’s Siri remote control options such as iPhone controls on this device.
The strategy was to secure an exclusive sales territory agreement with IoT manufacturers in order to have a sustainable advantage. Utilizing insights and analytics, the team developed a go-to-market strategy that enabled the growth of the company’s revenue by partnering with international product innovators who offered more than just one type of device/service for sale.
Rather than being at the mercy of what other companies are doing or developing the devices from scratch, this innovative firm uses valuable intelligence data as well as major partnerships across borders so that they can offer customers products tailored specifically to them based on their interests and needs.
✔ Increased revenue by expanding the market to include consumers as well as home builders.
✔ Improved customer spending while attracting new business through high-performing targeted advertising campaigns that grew revenue by 30%.
✔ Created incentive programs that rewarded repeat sales and increased client and consumer retention by more than 50%.