Use Case
Using TechInsights Market Intelligence to Increase Battery Sales and New Logo Sales
The sales department within a key supplier of high-performance batteries used in smartwatches is responsible for securing contracts with smartwatch manufacturers, expanding market share, and driving revenue growth by positioning their batteries as the preferred choice in the industry. As a critical component supplier, this type of company plays a vital role in ensuring the reliability and longevity of smartwatches produced by various manufacturers, including both leading and emerging brands.
The Challenge
Without reliable market intelligence sales departments face challenges in developing a more strategic approach to their sales efforts. With the market for smartwatch components becoming increasingly competitive, companies recognize the need to focus on a data-driven strategy. They want to focus on identifying high-growth market segments and aligning their sales efforts with emerging trends in the smartwatch industry. However, they often lack the verifiable and granular market intelligence needed to make informed decisions and prioritize opportunities effectively, leading to scattered sales efforts and missed strategic opportunities.
The Solution
TechInsights’ Smartphone, Tablets, and Wearables product provides sales departments with critical insights into the industry landscape, including detailed data on emerging technological trends and market growth forecasts. This data allows sales teams to focus their efforts on the most promising opportunities and allocate resources more effectively.
To incentivize and reward sales teams, companies set sales targets based on the most promising market segments identified through our research, and rewards are tied to the successful acquisition of contracts with manufacturers who were likely to increase their demand for high-performance batteries.
The Results
By leveraging our market research, sales departments can strategically target key smartwatch manufacturers, leading to a potential 10+% increase in contract acquisitions within the first six months. Data-driven incentive programs motivate the sales team and can result in a 10% increase in overall sales performance.
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