The Client required support in planning and articulating a three Year Strategy plan. The Client specifically required an understanding of market size for a range of products and services, and the competitive dynamics.
In addition, the Client required assistance in setting Key Performance Indicators (KPI’s) to assess progress against its strategic goals.
a) Understand the client business
- Westwood worked closely with senior leadership to understand the Client’s core market sectors, geographies, and proposed target customer groups
- Understand the Client’s existing offering and how it compared to competitors
- Understand potential opportunities for product development and innovation
b) Understand the Client challenge, questions and problems to solve
- Discussions with the Client to understand where it perceived key market opportunities, and key customer groups
- Discussion with Client technical leads to understand progress and challenges associated with ‘soft’ strategic initiatives
- Discussions with the Client to understand which adjacent markets may be of interest across the Energy Transition spectrum
c) Assess how we could help
- Identify the Client’s total market potential and addressable market for each product and service lines, including a view on which markets and geographies offered the largest opportunities
- Identify the key target customer groups
- Impartially assess the Client’s offerings compared to the competitors
- Articulate the Client’s strategic goals & the tactical steps needed to achieve these
Westwood proposed a bespoke study underpinned by Westwood’s proprietary RigLogix, SubseaLogix, PlatformLogix and Offshore databases to enable the client to:
- Gain an in-depth understanding of the total and addressable market opportunities across product / service line by region and identify key potential customers
- Gain an in-depth understanding of the competitive landscape and the differentiators for its products
- Provide a view on potential alternative renewable markets that may be appropriate
- Define three year goals and the KPI’s to measure progress needed to achieve the goals.
Westwood’s advice helped the Client formulate a comprehensive three year strategy, leveraging on granular data led evidence, industry consultations and a deep understanding of the evolving upstream energy sector.