Our objectives during the grant period were: to conduct an in-depth market study, engage in negotiations with potential customers (BMMs) and secure our first large-scale pilot project for our white label solution. Additionally, we were also eager to validate the technological and economic feasibility of our product and conduct several interviews with potential users to validate the customer journey and the needed software functionalities as well.
During the grant period, we have been able to learn more about our customer’s needs (BMMs) and adjust our value proposition to suit their needs. We have also realized, that the best way to mitigate the risk of low market adoption of our software is to partner with a large corporation because their marketing and sales channels are established and efficient. With direct connections to thousands of craftsman companies as partners in Europe and their ability to scale the sales software powered by CAALA to a Pan-European level, we see great potential in engaging in a long-term partnership with established BMMs. On the downside, we are also dependent on their sales and marketing efforts and cannot influence the speed of market adoption. Hence, we need to be careful and plan accordingly.
Based on our in-depth market study, we selected a specific type of BMM that we want to work with during market launch. Also, follow up markets and suited BMMs were selected and contacted. Due to the above-stated facts, we engaging in negotiations with BMMs of this type to continue with this strategy. During negotiations, we also conducted workshops and were able to verify our assumptions about the technical processes and workflows between building material manufacturers, architects and the CAALA database. As a result, we refined the intended user journey and derived further functionalities that will be implemented in the near future. Also based on the conducted workshops with BMMs we refined our business model for this innovation project and derived financial projects, pricing policies and go-to-market strategies from it.
We are very happy with the results of our campaign and were able to achieve our goals. We have updated our original business model and product to accommodate the learnings from our interviews and market research and are eager to start the implementation of our sales software for our first customer and partner.
