How Research Nester Provided Competitive Analysis and Benchmarking Services to a Musical Software Service Provider to Identify its Competitive Environment for Expanding its Service Offering?

One of the top IT companies intended to reach more users by investing in desktop music by seeking the assistance of Research Nester, who helped steer the company in the correct direction.

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The Story

The company aimed at reaching more clients, especially independent musicians all around the globe by offering them their software in the field of desktop music. Desktop music offers music production with DAW to make music creation easier. Hence it could provide independent musicians benefits. The company further, executed a plan to make their software available at an affordable price. They aimed at reaching customers in a very short span. However, there were numerous challenges for The company to reach a large number of customers all across the globe. With the launch of desktop music, the company wanted to rank first and reach a large number of people.

To take a step closer to desktop music, the company contacted Research Nester, one of the top service providers that specialize in strategic market research and consulting. Over the course of 10 years, the company launched desktop music as its business model. The company reached more customers within the period of 2 years and a large number of musicians availed of its benefits. Collaborating with The company, Research Nester concentrated on brand research for desktop music by learning about the major competitors in the market globally and examining consumer experiences. Research Nester analyzed 10 market players, to understand the challenges in the market for desktop music.

Future Growth Prospectus:

Research Nester provided a solution in the form of a market report on desktop music which served as the company’s road map, the Research Nester team predicted the expansion of desktop music for the years 2023-2031. The forecast made lofty ambitions, one of which was to figure out how to make software easier and make it function in various other devices along with computers. As customers responded well to these new tactics, the company was able to increase its usage of them.

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Challenges to be faced:

It's difficult enough to take the initiative to introduce something new to the market. The company learned about the difficulties it would have when entering the global desktop music market by engaging with Research Nester. For instance, one of the major challenges faced was to provide a price-competitive software basis on the offering provided by its competitors. Understanding such type of problems ahead of time made the company much easier to overcome these challenges.

Results

After consulting with the team of RNPL analysts, the company's revenue increased again, and it began to grow as a good name and leading provider of desktop music software. Research Nester analysts advised them to focus on their cash overruns, labor backups, and a variety of other solutions related to their product offering. The company was also provided with a benchmarking analysis of its competitors which helped their business decision makers to understand the current market scenario and the future trends that may possess as a challenge, and how they can convert it to an opportunity to remain ahead of their competition. This is how the RNPL analyst team demonstrated the solution to their major concerns in the desktop music software company's profit and future growth.

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Swara Keni

Head- Global Business Development

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