How a US-Based Power Startup Mitigated Its Product Analysis Challenges?

A power-producing startup after a year of selling its noticeable products had migrated into solar panels manufacturing. However, profitability and growth were challenged by a lack of competence, cost, reliability, and complexity. The company authorities went on to seek the services of Research Nester analysts to strategically devise a solution for effective product analysis using their expertise and experience.

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An overview:

1

A startup dealing in other power went on to build resources and capacity to initiate solar panel production. The transition although smooth, hit turbulent waters owing to the incorporation of complex technologies.

2

The company continuously failed to identify the crucial aspects of the products that needed consistent evaluation. The company’s strategy was focused on delivering as per the supply and demand analysis. It unconsciously neglected the drawbacks of the product.

3

With recurring failures in delivering a functional and efficient user experience, it found itself at a loss of revenue and customer acquisition.

4

Finally, Research Nester was brought into the domain to facilitate a strategy for effective product analysis.

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The Story

The startup was started in 2012 with the aim of developing power products. At the beginning of 2020, owing to environmental concerns, it ventured into developing solar panels. The company sold its product through its traditional business model of selling it directly. With the attack of the COVID-19 pandemic, the business trend changed drastically. Although the company tried to keep up with changing market dynamics, it was unable to detect weaknesses and conduct effective product analysis due to a lack of domain-specific knowledge. To complicate matters further, the complexity and reliability issues with the product became one of the major concerns that resulted in its failure. This resulted in a poor user experience. All this started to drain profits, margins, and resources. Research Nester analysts stepped in at this crucial time when the company was incurring losses and finding it difficult to stay afloat.

Our Solution:

The company's main problem was weak product analysis, and Research Nester analysts recommended a change of strategy by increasing consumer visibility for their website. In order to encourage further growth and profitability, consumers should actually be given other perks along with the product so that they do not find it expensive. They also need to be better informed about the product because they don't believe it can meet all of their energy needs, which makes them doubt its dependability. To further emphasize it, RNPL Consultants provided its product analysis consulting services solution and informed the audience about the advantages and potential future developments of solar panels. The following strategies were suggested by RNPL analysts-

  • Firstly, to clearly define the objectives regarding the functionality and analysis of the product.
  • Secondly, to establish a dedicated and specialized team with adequate knowledge and skill sets for analyzing the product.
  • Thirdly, clearly outlining the methodology of product analysis and consistently and carefully evaluating and improving it as per the product requirement.
  • Fourthly, establishing a well-structured and standardized analysis that covers all relevant aspects of solar panels and energy production.
  • Fifthly, documenting the analysis of all products for future reference and better decision-making based on the analysis outcomes.
  • Finally, evaluating the product from the user’s perspective, consider the experience and satisfaction a customer can achieve while using it.

The company incorporated the above strategies to finally achieve its targeted business objective.

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Results

The company was experiencing declining sales right from the beginning, with revenues estimated to be around USD 4.3 billion in 2020. Even the products sold fell short of user expectations. The company authorities attempted to re-strategize their production and marketing when COVID-19 unexpectedly entered the picture, but all efforts failed. By the end of 2021, the company's cash registers showed a bleak scenario, with sales of only USD 100 million. The company's leadership followed the advice and suggestions of RNPL consultants to get the business back on track. After re-planning and restructuring its product analysis strategies, sales increased gradually at first, eventually reaching USD 6.88 billion in 2022. Research Nester consultants used their experience and expertise to facilitate the incorporation of the right product analysis methodologies for the company. This way the startup was able to build a prominent market position and create profitable prospects for future growth.

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Swara Keni

Head- Global Business Development

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