Although market share has been obtained, Lumesmart would like to put their strategy in place. To do this, they have approached the Research and Innovation, Business and Commercialization Innovation Centre to undertake market research to understand the current market conditions in the greenhouse growing space, uncover the main competitors, completing a full analysis to understand how Lumesmart can position themselves against these competitors. A target market needs to be developed to ease the process of the sales team and uncover the main pain points of the identified markets. A detailed promotional strategy on how to reach these markets; including what elements of the promotional mix to utilize, types of messaging, imagery needed for this B2B brand.
To develop a strategy and understand the potential within target markets for LumeSmart, the team worked on uncovering trends in greenhouse LED lighting in Canada, the United States and Mexico to understand how best to put them into recommendations.
This included a detailed analysis of competitors, a look at the impact of government promotional measures to adopt LED lighting, consumer attitudes and regulations for businesses, and an exploration of market constraints. Going through everything allowed the development of target audiences and recommendations of their key pain points to develop targeted campaigns. The distribution strategy focused on potential avenues of distribution for LumeSmart to pursue, outlining the pros and cons of various options.
The promotions strategy focused on B2B interaction points for LumeSmart. Understanding how to tell the story of how the product can best suit the needs and requirements of each target audience allows for cohesive campaigns and an organizational system for planning, providing savings in terms of efficiency. Recommendations were made for a content planning system that incorporated insights from the sales team. Outlined a media and events strategy for LumeSmart to reach more targeted audiences and for the sales force to have an opportunity to discuss the unique benefits of LumeSmart products compared to competitors.