A Market Sizing Project for CHILI Publish
Laying the groundwork for an effective expansion strategy by sizing the martech opportunities in the U.S. and Europe.
CHILI publish developed software for smart artwork and marketing creation and is revolutionising the way graphical production is done by removing repetitive tasks for creatives. They were considering entering some new markets and were curious about how large the relative opportunities were. Kevin reached out to us for assistance in sizing these markets in Europe and North America.
Their no-nonsense approach and accurate assessment of market potential provided our board with crucial insights for our strategic roadmap. Smart templates require smart data, which is what Promethean Research delivered.
The Big Question
How large of an opportunity exists in each geographic market and how does that compare to the size of the markets they currently sell into?
How We Helped
DISCOVERY We held a discovery session to better define the markets CHILI publish was interested in. Based on their product, we focused the scope to the martech markets in North America and select European countries. Sizing these markets would allow them to efficiently design their expansion plans and make their go to market strategy more effective.
SECONDARY RESEARCH A common first step we take is checking to see what data is already available. This can help in two distinct ways: 1) It can reduce the overall cost of the project if sufficient data is uncovered that answers the client’s core questions. 2) It can provide additional insight and context around the subsequent primary research that increases the value of the project as a whole. During this project, the amount of secondary research available in the markets we were interested in was scarce but we were able to identify a few high quality sources that helped contextualize our research.
PRIMARY RESEARCH Since the secondary research in this space was limited, our primary work would need to be relied on to answer the core question. A decision needed to be made between speed and expense versus the level of accuracy required. Since this report was going to be the basis for an expansion strategy that was rolling out quickly, we stuck a balance of a quick turnaround with a moderate level of accuracy. This would give CHILI publish a good enough idea of these relative markets while making sure the results could be quickly incorporated into their strategic planning process.
To size these markets we identified the percent of the marketing budgets that brands spent on martech in recent years and mapped that to the relative marketing budgets by industry. This gave us a spend profile that we could map to the industry layout for each of the selected countries. We then took the trailing 12-month revenue for each of the industries in the various countries and factored them by the expected marketing spend and then by the expected martech spend. This gave us relative market sizes by country.
We compiled all of our findings, including both the primary and secondary research, into a market size report. This report detailed the project goal, the definitions of the markets, our methodology, the results in terms of the serviceable addressable market sizes for each country, and a list of sources used. This report gave CHILI publish the knowledge necessary to assess these markets and build a successful expansion strategy.
How Can We Help?
From Comprehensive growth evaluations, to strategic positioning, to custom market intelligence, and everything in between.