Case Study: WageScape
Strategic Advisory Support Drives Optimal Go-To-Market Approach and Sustainable Growth
The team did a great job of ensuring we understood where we were in the process, what we had learned, the key decisions and the key findings that still had to be completed. It was very well organized and very clearly thought out. While the process is an approach that WorkTech Advisory follows with many of its clients, it really was applied in a way that was specific to us. So it wasn't a generic approach. [The strategy] focused on what we needed.
Overview
WageScape (powered by Greenwich.HR), a labor market intelligence and data provider based in the United States, sought to convert market interest into a robust sales pipeline and establish a dominant position in the competitive compensation analytics space – yet it lacked a strategic framework for growth. Chosen for its specialized domain expertise and tactical advisory counsel, WorkTech Advisory (WTA) stepped in and equipped WageScape with an optimized go-to-market strategy. WTA's dedicated team conducted a comprehensive assessment and provided tailored recommendations, aligning WageScape's product offering, ideal customer profile and go-to-market approach. The collaboration resulted in a crystallized value proposition, target market clarity and actionable strategies for sustainable growth.
About WageScape
WageScape is a leading labor market intelligence firm that specializes in collecting and delivering real-time insights on hiring, pay rates, skill demands and talent availability across a wide range of industries. Its flagship product is a groundbreaking application designed to empower corporations with comprehensive information on hiring competition and pay trends for any desired job in any market, at any given time. In today's rapidly changing economy, where traditional intelligence sources have become insufficient, WageScape represents a cutting-edge solution that goes beyond existing information sources. WageScape proudly serves an impressive clientele, including the world's largest consulting firms, prominent global companies and prestigious universities leveraging their data for research and technology firms focused on compensation, recruiting and talent analytics. Additionally, its market intelligence provides valuable insights for financial services companies such as hedge funds and media organizations, aiding in business outlook analysis. With a primary focus on human capital management, WageScape supports organizations in areas such as compensation management, recruiting, talent acquisition, talent analytics and related processes.
Challenges
Despite achieving steady growth of over 30% annually, WageScape faced constraints attributed to being self-funded since its establishment in 2015. As the outlook for expansion improved in 2021 and 2022, WageScape grappled with determining the best approach to pursue this growth. With indications of various potential applications for its data and limited resources, the team struggled to allocate its focus effectively and extract maximum value from its unique asset. Seeking a clear understanding of the market potential and client profiles, WageScape aimed to prioritize its efforts and align the team's direction accordingly. It recognized that its growth was hindered by being spread too thin and lacking a concise message, ultimately limiting its ability to capitalize on the best opportunities. Balancing its desire to explore multiple market areas with the need to focus on strategically important targets, WageScape sought to generate revenue that would fuel sustainable expansion while maintaining financial independence.
Problems solved
- Establishing WageScape as a product leader by focusing on its compensation data asset for large enterprises
- Identifying the optimal target market and ideal customer profile to drive growth
- Uncovering the value and different applications of the WageScape product, allowing for targeted client segmentation
- Accelerating traction by focusing on clients best suited for maximum impact and rapid growth
- Executing a robust assessment of WageScape's go-to-market strategy leveraging a proprietary five-pronged propositional framework
- Conducting competitor and channel analyses to support strategic decision-making and to differentiate GHR from other labor market analytics providers
Key takeaways
- Clear and tailored go-to-market strategy recommendations for B2B sales pipeline and revenue growth
- Defined value proposition and target market for focused messaging and customer targeting
- Guidance on leveraging channel partnerships to enhance direct sales efforts
- Successful brand positioning resulting in significant traction, presence, and partnership opportunities with major industry players
- Immediate incorporation of recommendations into daily workflow and business planning
- Aligned the go-to-market strategy with the product and target market, avoiding direct competition with established providers
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