Paving the Way for a Rust Removal Innovation

A Case Study on Discovering Market Potential

The Problem

A Japanese technology company had made a groundbreaking development in rust removal technology. They had the potential to revolutionize the corrosion removal and protection industry, but the challenge was in identifying where to start. The company had the technology, but they lacked insight into the potential markets, product formulation to meet market needs, and the path forward to introduce their innovation effectively. The company recognized the need for expert guidance and engaged us to assist them in mapping out their journey.

The Approach

We assembled a small, dedicated team to work closely with the company. The team had a blend of marketing, technology, and industry experts to ensure a well-rounded approach to the problem. Our approach was divided into three phases over a six-week period:

• Market Research: We conducted thorough market research, identifying potential sectors that could benefit from this technology. We analyzed various industries where rust and corrosion are significant issues. For this, we conducted 15 desk and remote interviews across diverse sectors:

• 4 interviews in Oil & Gas

• 3 interviews in Nuclear

• 3 interviews in Construction

• 1 interview in Automotive

• 1 interview in Aerospace

• 1 interview in Solar

• 1 interview in Naval

• Product Formulation: Based on the potential markets identified, we explored the specific requirements of each sector. We collaborated with the company's technical team to align the product formulation with the identified needs.

• Strategy Formulation: Upon identifying the markets and product requirements, we worked on developing a comprehensive go-to-market strategy. This included a roadmap for product development, marketing, and sales strategies.

The Solution

Our multi-disciplinary approach resulted in a detailed roadmap for the company. We identified a staggering multi-Billion addressable market in the US alone. By prioritizing the innovation backlog, we could highlight key areas where the company's technology could make a substantial impact.

“The global cost of corrosion is estimated to be $2.5 trillion, which is equivalent to 3.4% of global GDP. In 2002, The annual estimated direct cost of corrosion in the U.S. is $276 billion—approximately 3.1% of the nation’s Gross Domestic Product (GDP).”

We also defined the key product requirements for each potential market, ensuring the technology was tailored to meet specific needs. The resulting roadmap provided a clear and focused plan for the company to follow, ensuring a refined and targeted approach to introduce their technology to the market.

The Results

• Post our engagement, the company had a clear understanding of the market potential for their technology. Armed with detailed product requirements and a comprehensive go-to-market strategy, they were in a position to leverage their innovation effectively.

• They now have a prioritized innovation backlog, a clear understanding of the product requirements, and a roadmap for refined exploration. The possibility of tapping into a $1 Trillion market has opened up new horizons for the company, making them a potential game-changer in the corrosion removal and protection industry.