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Global Penetration Through Market Readiness Assistance (MRA) Grant

 
Rachel brings together an understanding of consumer psychology, design and an eye for detail into Renee Piagott* (RP), a brand specializing in customized ladies’ handbags.

The idea was born from Rachel’s passion in design and her desire to deliver a strong value proposition. She saw the opportunity to offer aspiring designers a platform to develop and retail customised leather handbags for women and flew to Italy to gather some samples.

In order to gain strategic insights for market penetration, the company sought advice from Sneha Menon, one of our Business Advisors at SME Centre @SMCCI in November 2017. Based on their niche product and strategic direction, Sneha worked closely with Rachel to develop a business plan, which would prove to be useful throughout the business lifecycle.

“As a startup, it is essential to have a business plan that sets a solid foundation. Business plans help keep companies in check of their vision, determine target markets and chart their timeline of growth and development,” shared Sneha.

Apart from developing a business plan, Sneha assisted the company in the following:
- Conceptualization of business model and setting focused short and long-term goals
- Developing networks with industry experts to facilitate product and platform development
- Adopt market research strategies to identify potential markets for entry

Enhancing the customer experience
The company engaged the expertise of Maple Tree Media, a Singapore-based digital marketing and branding agency, with a niche in notable lifestyle brands, to build an e-commerce platform. Sneha and Maple Tree Media identified that it was vital for Renee Piagott to establish an experiential platform to entice aspiring designers and ease the prospective customer’s experience through the buying journey.

“Part of our vision was to have a three-dimensional Artificial Intelligence (AI) platform for customers to tailor a highly-personalized handbag that would serve their functional and aesthetic needs. Having this AI platform allows customers to envision the desired product before making a purchase decision, and this often enhances and provides for a highly involved experience for the customer,” shared Rachel.

Market Penetration
In line with globalization, Renee Piagott wanted to create an international presence in the design community and hence identified Australia for its high market penetration potential.

Sneha conducted a business needs analysis to streamline the company’s globalization strategy and identify key market entry methods. RP was hence able to further analyze the market demographic and psychographic factors to facilitate a more strategic market entry.

With the assistance of Sydney-based marketing and PR firm, R3D Global Limited, the company was able to develop a robust community-based marketing plan that covers target market outreach, public relations and branding in the Australian market.

Sneha also explained the mechanics of the Market Readiness Assistance (MRA) grant and assisted the company in the application process. Funded by Enterprise Singapore, the company was able to receive funding of up to 70% of their new market penetration cost.

“It is vital for Renee Piagott to tap onto various customer touchpoints and a community-based marketing strategy could effectively facilitate this,” explained Sneha.

The company’s progress during the campaign in Sydney has been closely monitored and the strategy has been carefully aligned to achieve measurable target market penetration.

 

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