CHALLENGE
Bose Corporation is known for its audio electronics and is the United States third largest home and portable audio retailer. The company tapped a MatterMax Media co-founder to identify new markets in Europe to expand sales of the Bose Wave Radio.
SOLUTION
The three-month consulting project involved traveling to the company's office in The Netherlands to research European Markets that had the greatest potential for the high-end product set. The resulting solution identified successful market attributes that each country had to meet including:
- Consumer Delivery and Return Systems
- Credit and Debit Card Payment Methods
- Targeted Demographic and Zip Code Data
- Music and Art Trends and Growth Patterns
- Retail Facilities that Support Bose Retail Strategy
In addition, MatterMax Media created a critical success factor grid that could be reused to evaluate future potential markets.
RESULTS
By identifying the correct success factors, the choice of countries was narrowed from 16 to five with the following attainments for Bose Consumer Direct - Europe.
- Ensured selected markets could support existing strategy
- Project early adoption and growth rates for selected markets
- Shorten time to enter markets through preliminary research
- Identify untapped demand, share and profit for Bose Wave Radio
"The amount of time it would have taken a Bose staffer to do this work would have been prohibitive and resulted in loss market share and profits. By allowing Cornelia to do the work, it not only freed up our staff, but also gave us an independent assessment of the market's true potential. It was money well spent."
Paul Olean, General Manager, Bose Consumer Direct - Europe