Acted as sole Strategic Advisor to a service based business in Canada.
Our Firms Role:
Solv advisors acted as a Strategic Advisor for a service-based business that was looking to expand its revenue streams in Canada. This was necessitated by a significant decline in revenues generated YOY, due to country wide shut-downs during the COVID 19 pandemic.
- Help understand the brand value of the business to advise on potential portfolio expansion
- Propose a potential product roadmap within the company’s ability in terms of resources, skillset, and workforce to implement.
- Research the market to assess the opportunities in terms of Revenue Potential vs Market Entry
- Identify the tools needed to be leveraged by the business to ensure the success of this endeavor.
Results of the Engagement:
- Created user profiles of target customers to assist understanding pain points that the company can solve with ideal product offering.
- Formulated an eCommerce strategy to provide the product offerings to the targeted customer segments.
- Based on the results of our research, Solv Advisors built a compelling case for a 2-pronged approach.
- Identified synergetic products that would leverage the brand value of the business to enter the market with relative ease.
- Allow newly identified products to be available to the North American market by entering into the eCommerce space.
- Created an implementation timeline for the company to execute, covering the following aspects.
- Finalizing the product design
- Identifying vendors for product sourcing and placing MOQ
- Setting up the digital space on a hosting platform to showcase the ordered products
- Launching Ad campaign that reaches the target audience through proper channels.
- Soft-launching the product for Beta-testing purposes.
- Streamlining fulfillment of orders
- Officially launching the product line