VCW for Cuckoo: Global Market Expansion and International Market Selection
Utilizing the Value Creation Wheel to identify a low-cost global expansion strategy and the most attractive international market for the Cuckoo social alarm app.
Which strategy is more appropriate for global market expansion with low costs? and Which one is the most attractive international market?
This project applies the Value Creation Wheel (VCW) framework to address two key challenges faced by Cuckoo: identifying a low-cost global market expansion strategy and determining the most attractive international market. The analysis focuses on leveraging sports events for promotion and selecting the United States as the target market.
Overview:
Cuckoo, a social alarm app, seeks to expand its global reach with minimal cost. The team used the VCW framework to analyze potential strategies and markets, focusing on leveraging sports events for promotion and selecting the United States as the target market. The project involved brainstorming, stakeholder engagement, and rigorous application of the VCW phases.
Process:
The team defined the problem, analyzed the market, and identified potential solutions and filters. They engaged with stakeholders, including the Cuckoo team and individuals at a Nova Fair, to generate ideas. The POKA method was used to refine solutions and filters. The VCW funnel and multi-criteria decision analysis were used to select the United States as the target market and the Copa America 2016 in Santa Clara, California, as the specific event for promotion. The team then developed a concept and prototype for leveraging the event.
Key Takeaways:
Sports Events Offer Low-Cost Global Promotion: Leveraging major sports events provides a platform for reaching a large audience with minimal marketing expenditure.
The United States is an Attractive Market: The high smartphone penetration and active social media usage in the United States make it an ideal market for Cuckoo.
Strategic Event Selection is Crucial: Choosing events that align with the target audience and offer opportunities for engagement is essential.
Co-creation and Stakeholder Engagement are Valuable: Involving stakeholders in the process generates diverse ideas and increases the likelihood of success.
VCW is a Dynamic and Customizable Framework: The VCW framework allows for flexibility and iteration, enabling the team to adapt to changing circumstances and refine their approach.
Conclusion:
By applying the VCW framework, Cuckoo was able to identify a low-cost global market expansion strategy and select the most attractive international market. The project demonstrated the effectiveness of leveraging sports events for promotion and targeting the United States for expansion. The VCW framework provided a structured and dynamic approach to problem-solving, enabling the team to make informed decisions and develop a viable plan for global market entry.