In order to enter its next growth phase, Xolo was evaluating new market opportunities in Germany. Compared to its home market Estonia and its existing international customer base, the German market landscape and the needs of German solopreneurs differed significantly. That’s why Xolo’s management team partnered up with us to ensure an in-depth understanding of Xolo’s target market in Germany.
- How do direct and indirect competitors compare against Xolo in Germany?
- How big is the addressable market, including granular sub-segmentation?
- How do German entrepreneurs perceive Xolo’s current service?
- What are the needs and pain points of German solopreneurs along the buyer journey?
In order to help Xolo create a successful market entry strategy, ideate new propositions for the German market and make an informed investment decision, we supported in market sizing, benchmarking and market research.
As a first step, we sourced various data to get an initial understanding of the number of new business foundations in Germany and subsequently filtered it down to Xolo’s target market segments. In addition, we benchmarked Xolo against current German market alternatives to evaluate any service gaps and opportunities to win against direct and indirect competitors. This created a first overview of the fragmented small business market in Germany.
Next to the quantitative research, we leveraged qualitative research to get a deeper understanding of the mind-sets, behaviours and needs of German entrepreneurs. After conducting several interviews with Xolo’s target users, we analysed the feedback and presented the research insights under the jobs-to-be-done framework in an interactive Mural whiteboard. The research output further allowed us to verify or falsify the initial research hypotheses. We finally summarised all research insights in a tailored executive deck.
- Quantitative market sizing
- Competitor benchmarking
- User interviews
- Documentation of research insights as interactive Mural whiteboard and tailored executive presentation
- Growth hypothesis for Xolo’s renewed product strategy in Germany
Xolo is currently evaluating various international market entry options. Our research and recommendations now serve as a foundation for making an informed investment decision.