Advanced Marine Technology is acquired
We helped Advanced Marine Technology find the most lucrative market and craft their Go to Market Strategy, including a value proposition design, for their new Augmented Reality technology.
AMT needed to prioritize growth opportunities, also creating a GTM strategy and value proposition.
Advanced Marine Technology (AMT) developed a new type of binoculars using augmented reality. The binoculars are augmented with a see-through, computer-generated overlay or display of navigation information. The computer-generated display is superimposed on the real-world image available to the user. A person looking through these binoculars could be presented with identifying labels for nearby objects, navigational data and chart information, or recommended direction of travel, all as an overlay on what is seen by the human eye.
Market Adoption Speed
AMT management was presented with the important task of determining the best way to exploit the potential of their AR technology. Management felt there were a number of short and long-term issues to investigate prior to committing additional resources to further development. Key strategic issues included determining both short-term and long-term potential applications. And in what order should AMT attempt to penetrate each market? It was also important to understand the adoption characteristics of each market.
This assessment had to identify the market segment with the most short-term interest. However, each segment must be evaluated in terms of its product adoption cycles. AMT wanted to avoid market segments that required significant continuing investment until substantial returns were generated.
An issue related to both speed of adoption and overall potential is the relationship certain market segments have with one another. AMT wanted to select markets that produce revenue in the shortest amount of time, and are also linked in a way that allows the company to build upon the successes achieved in each previous segment. Determining the best revenue-producing segments as well as the linkages that exist between segments are both important requirements.
Partnership and Alliance Advantages
Given AMT’s established position in the marine industry, marine applications seemed like a natural first choice. AMT has built a significant level of expertise in the marine industry which was further strengthened by the company’s strategic alliance with Raytheon. These advantages had the potential to accelerate the adoption of augmented reality in the light marine segment.
Unfortunately, the marine industry tends to lag behind many other industries in the adoption of new technology. Therefore the marine market was also required to pass the test of overall potential and synergy with other markets and applications.
Our team identified the area of greatest potential value proposition.
Predictable Innovation's team guided AMT through the process of finding the target segment with the highest value proposition. This included the use of examples or analogies that provided a “model” for management decision-making. It was discovered that technologies or products already in the marketplace could guide AMT’s choices regarding commercialization.
During the engagement, we conducted a market tests with one-on-one interviews and focus groups in all of the different sub-segments of the marine industry. This included demonstrating augmented reality binoculars to leaders in the military, commercial, cargo/container, recreational, government, and academic market segments.
The focus of each market test was guided by two of the elements of initial customer alignment; cost-benefit analysis and value proposition identification. From this tests and validation exercise, we helped AMT executives to identify, attract and work with early adopters in the segments with the highest value proposition.
AMT was acquired by one of its largest customers thanks to the competitive advantage exposed by our Go to Market Strategy.
AMT was able to address the present and continuing need for better aids to marine navigation. Based on our strategic guidance, AMT selected cargo/container ships and commercial fishing fleets as their initial target market.
Handheld augmented reality in standard-size binoculars was the first of its kind in the marine industry. And AMT’s “Enhanced Navigation Glasses” have made a significant contribution to ensuring the safety of life at sea.
The value proposition we identified and crafted became so compelling, that AMT was acquired by one of its largest customers in commercial fishing because the competitive advantage provided was massive.