Acorn Biolabs: A Case Study
Acorn Biolabs developed an unique cryopreservation product and was looking for the best and most profitable method to introduce their product to the market.
After preliminary conversations with the client and understanding their current Go-to market strategy, Acorn came to ACE with two asks: Identify the target market and how to best target these markets.
Acorn Biolabs was exploring an already established market with their new technology. We determined that the final deliverable will consist of two parts: an extensive market research and our recommendations of how to target those markets. Our deliverable began with extensive research to understand the biotech and cryopreservation industry. Then, we conducted research on market interest and potential target markets. Finally, we determined our recommended target market and developed strategies in which Acorn can implement to target those markets.
Our preliminary research was helped us understand the current landscape of the cryopreservation industry and how Acorn’s product fits in. We investigated the history of the industry, the technology that is currently available in the market, direct and indirect competitors, potential target markets, and market demand. Our market research consisted of analysis of how Acorn’s product differentiated from their competitors in terms of their technology, product, business model, target market. From which we generated conclusions of how Acorn can market themselves differently and introduce their product to new audiences.
The next step was to analyze our research and decide on which target market we will recommend to Acorn. Once the decision was made, the team started to develop possible marketing strategies to target that market, while taking into consideration of Acorn’s Go-to market strategy. We developed three marketing strategies extensively and incorporated the cost and benefits associated with it. Our projections included the timeline associated with the strategy, and how they tie in with Acorn’s visions. For each strategy, we also recommended action items and tips for implementation. While keeping in mind of Acorn’s internal marketing timeline, we discussed the short-term and long-term strategies and how the strategies can be adapted over time to fit Acorn’s needs.
After compiling our report and presenting our findings to Acorn Biolabs, they were thrilled about the potential marketing strategies they can implement. Acorn has since been planning the launch of their product and incorporating our strategies into their marketing plan.