1. As part of its goal to better serve its membership of emerging companies as well as its government customers, this federal intermediary organization wanted to get full visibility into federal government demand for embedded cyber. Their management team knew that existing market research methods wouldn’t work and there were potentially many other programs with needs that they weren’t able to identify.
2. Provides government agencies with a way to create transparency around their procurement spending while identifying other programs across the government they can collaborate with.
Results: For an intermediary organization, AI-MI matched over 300% of additional potential customers across federal defense and civilian agencies, utilizing PSF’s artificial intelligence market planning technology and GovShop platform.
As part of its goal to better serve its membership of emerging companies as well as its government customers, this federal intermediary organization wanted to get full visibility into federal government demand for embedded cyber. Their management team knew that existing market research methods wouldn’t work and there were potentially many other programs with needs that they weren’t able to identify.
To rapidly identify the full potential market and customers for embedded cyber, we used Public Spend Forum’s AI-MI™ Market Planning and Customer Matching (MPCM) workflow. The MPCM workflow integrates and leverages several of PSF’s demand datasets along with various AI-MI tools specifically designed to support market planning.
Basic market research is flawed in many ways, especially when it comes to defining a market. Without the right keywords and understanding of how a market may be evolving over time, the research that follows results
in missed opportunities. A specific example: a mobility solutions company used the term “urban transportation” to search for potential customers. Using our ontology tools, we also identified “city transportation” as a term used by cities. Jackpot – the new term resulted in an additional opportunity that would’ve been missed otherwise.
For this specific market planning exercise:
1. To start, we identified the scope and definition of “embedded cyber”, utilizing a tool we call OntologyMatch™. The goal of this tool is to ensure we have a holistic definition of a market based on keywords, so we don’t miss any potential customers which generally occurs with typical search methods. The key to conducting the ontological analysis is having comprehensive datasets, which we have developed over the past 4 years.
2. We then developed an overall market segmentation, grouping into 15 capability clusters based on the nature of needs and requirements. This approach is especially useful in understanding the way government agencies or any buyers for that matter organize requirements versus how suppliers organize their capabilities.
The illustrations below show some of the AI-MI outputs that ultimately result in the “Embedded Cyber Capability Clusters.”
Even if you have the market taxonomy and keywords identified, the next problem most sales teams run into is a lack of data related to potential customers. The fact is data on government programs and demand is buried deep inside websites and documents. The typical approach, which most small businesses can’t afford,
is to dig through tons and tons of information. That is typically an endless exercise.
That is why we have built out GovShop Demand datasets to be as comprehensive as possible while we append additional demand data for every client and market planning exercise.
Utilizing our demand datasets:
In addition to identifying direct customers, PSF’s market planning approach includes identifying potential contracting and partnership channels including prime contractors already doing business with the government. In this case, the customer preferred not to identify partnerships but specifically focus on contracting channels. The result:
Customers and channels are great but ultimately you need people to call! The final result also included specific points of contact for each target, a part of our growing community.
The customer also requested an additional analysis to identify emerging and diverse companies that had already won innovation grants or awards from the federal government. Using our enhanced SBIR/STTR database that includes AI-enriched definitions for each award, we:
We're ready to help you discover the right companies and ecosystem partners, understand technology/market trends and track risk/commercialization potential of your portfolio of companies/contractors.