Navigating Markets:
The Journey of R&D Products into New Markets
SOCAR Türkiye
Hizmet: R&D Commercialization
Project Scope
SOCAR Turkey R&D Unit has developed digital products and was seeking ways to understand the business feasibility for 2 of these products and possibly create a market entry strategy for commercialization. Our dedicated team managed two projects simultaneously, with two consultants driving each initiative.
Project Delivery
To chart the course for success, we conducted extensive desktop research, analyzing a total of 6 industries. From this research, we strategically selected three markets as beachheads for each project, ensuring a targeted and impactful market entry.
Recognizing the importance of firsthand industry engagement, our team attended 4 industry fairs and exhibitions, establishing a direct connection with key stakeholders and staying abreast of industry trends. In parallel, we reached out to over 600 potential customers utilizing a multifaceted approach that included cold calls, LinkedIn outreach, and active participation in fairs and exhibitions.
To gain a deep understanding of market needs and preferences, we conducted over 100 B2B customer interviews with potential customers, researchers, and industry leaders. This qualitative research provided invaluable insights, guiding the iterative development of four customer tests for each product. With an approach of constant testing and refinement, solution tests were conducted with over 30 customers, allowing us to validate the market readiness of the products and incorporate valuable feedback for further enhancements.
Project Results
We have deeply analyzed both quantitative and qualitative data gathered from the market and created different business models for different product scenarios. Each business model included financial feasibility and a market entry strategy and an actionable roadmap for SOCAR Türkiye to move forward with commercialization.