Boombotix was founded on the vision to make the best portable speaker experience. The purpose of this consulting work was to present, describe and analyze Boombotix as a holistic business made up of equally relevant fronts which should gear together to assure sustainable and accelerated company growth in today’s highly dynamic and competitive environment. The analysis was conducted, mainly through the lens of operational efficiencies and strategic alignment. Our consulting team believed that the back end activities that assemble the value chain of our client company are equally as important as the customer facing strategies and tactics.
At the beginning of the consulting engagement, a working plan for the following three months was proposed, revised and approved both by the members of the Boombotix team and the CCA Faculty. The plan followed three distinct stages with a set of clear objectives and deliverables per stage. Clarity of expectations in the beginning of the process would lead to a better, more trusting client relationship and a more aligned body of work.
Stage 1: Discovery and Analysis
- Corporate strategy analysis
- Competitive landscape overview
- Opportunity spaces and red flags
In the beginning of the consulting process, our team met with the Boombotix management team and engaged in an extensive conversation around their current situation and potential operational challenges. Alongside this activity, members of our team thoroughly revised and analyzed the company’s financial statements including sales reports, balance sheets, cash flow statements, financial ratios, forecasts and investment reports among others, as well as their web and social media analytics. As a result of the exploration, our team gained a clear understanding of the organization’s challenges and competitive advantages. The model selected to visualize and dissect our discoveries was Porter’s Diamond Model, because it allows addressing a company’s strategy holistically while also providing different lenses of analysis through each one of the pentagon’s sides.
Stage 2: Operational Alternatives
- Identification of operational avenues to pursue
- Identified challenges per initiative
- Identified rooms for improvement
Once the client selected an operational recommendation route that was more relevant and useful for them, our team proceeded to further explore that opportunity area and proposed a set of different alternatives to move forward.
After reviewing and discussing a variety of operational alternatives to address challenges, our team selected and analyzed four different strategies: Social media marketing and analytics analysis, Conducting a D-Scout Research, Using in-package incentives, Conducting a paid survey research, Pursuing a sales partnership with GoPro
Stage 3: Operational Recommendation
- In depth operational recommendation
- Implementation steps
- Other strategic considerations
Our team presented potential operational strategies to the Boombotix Team after following the Porter’s Five Forces model. Our client chose the most relevant and useful operational recommendations for their business, that being Consumers’ Power and the Threat of Substitution. Our recommended operational strategies addressed product market fit and we identified five strategies to address this issue: Paid Surveys, D-Scout, In Package Incentives, Hire an Online Marketing Experts, and to Partner with GoPro. Since the first four strategies can take place immediately, our final recommendation for Boombotix was to pursue a partnership with Go Pro.
Our final recommendation enhances a bundle proposal for packages mixed of Rex2 and Go Pro product. We recommend the partnership with Go Pro because it has the greatest impact both financially and for product market fit validation. The amount of revenue this partnership could generate even with capturing just a ¼% of Go Pro’s sales with the proposed bundles, would enable Boombotix the freedom to pursue any new idea, option, diversification, and allow them to continue to have the freedom they have had in their organizational structure, marketing, development, and product diversification. This is the catalytic moment that Boombotix needed to take advantage of in order for them to achieve their goals and to grow to where they want to be in 5 years.