Background:
The global market size for home water filter systems reached $11.48 billion in 2020 and it is projected to skyrocket at a compound annual growth rate (CAGR) of 15.9%, reaching a staggering market size of $24.11 billion by 2025. Just imagine the incredible potential and opportunities that lie within this booming industry.
In the United States, safe drinking water has become a mission critical project for both state and federal governments. Between 2017 and 2021, they allocated a budget of over $25 billion to ensure access to clean and safe drinking water. In 2022, the US government passed the infrastructure law with a budgeted funding of $50 billion for the EPA to tackle clean drinking water.
Incorporating Customers into Our Team:
We joined forces with our customers as a unified team, embarking on a cooperative venture to shape their product and understand market dynamics. Our customers voiced a need for a solution surpassing standard water filtration, encompassing instantaneous monitoring, alert systems, and smart data analytics.
In crafting a potent market entry strategy, we worked intimately with our customers to grasp their preferences and identify the most effective avenues for engagement. We pinpointed essential marketing messages, customer outreach methods, and pricing structures that aligned with their requirements. Utilizing their feedback, we devised an engaging strategy for launching their product, ensuring its unique selling points were clearly communicated.
Through ongoing dialogue with our customers, we formulated a product evolution roadmap. This plan was tailored to prioritize their needs while aligning with their strategic objectives, setting a definitive course for product development and enhancement.
We collaboratively set realistic timelines for the product’s development with our customers, fostering transparency and accountability. We evaluated aspects like technical challenges, resource allocation, and market trends to define feasible milestones. Our commitment to regular updates and cooperative efforts ensured that customer expectations were managed and they remained well-informed about progress and expected timelines.
