LumApps Successfully Enters USA Market and Wins $24M Funding
We applaud LumApps for securing $24MM in Series B financing after showing strong growth in the USA and other markets. We’re particularly proud, as two years ago Rocket Market Development LLC provided LumApps with market intelligence and go-to-market strategies that led to successfully entering and expanding in the USA market.
LumApps was founded in 2012 in France by a talented team focused on social and mobile software for large enterprises. Answering the needs of a large French enterprise client, they developed an innovative “social intranet” with advanced collaboration and communication capabilities that integrated with Google’s G-suite.
LumApps quickly expanded its technical and sales teams, and they secured over 200 corporate clients in Europe. Encouraged by their success in Europe, they decided to expand into the USA market.
Entering the USA Market
In 2015, LumApps opened a San Francisco office headed by a smart, experienced sales leader from France. However, they found the USA market to be more difficult to penetrate than Europe. There are many more competitors with similar products and services in the USA, so business customers are more selective and demanding in the products and services they’ll consider.
After six months of trying to enter the USA market with marginal success, LumApps hired RMD to help them gain traction in market development and sales. In mid-2016, we started to help them:
Better understand the USA market, competitors, and B2B buyer behavior for digital workplace solutions
Identify the best market segments and sales targets for LumApps
Craft value messages that differentiate LumApps from competitors and resonate with prospects
RMD Market Opportunity Map
As with virtually all RMD projects, we started with market intelligence, including secondary and primary research. Utilizing RMD’s Market Opportunity Map process, we created a landscape of the market segments, competitors’ marketing activities, and the features/benefits of products in the marketplace.
Importantly, we identified three market segments, which were defined by different categories of feature/benefits. In addition, within each market segment, LumApps needed targeted value messages for the different groups (IT, HR, and Internal Communications) involved in the purchase decision of new Intranet software.
Value Messages and Marketing Strategy
Next we develop targeted value propositions and marketing messages. By mapping competitor’s marketing and sales messages, we identified the “Must Have” product features that were required by each market segment. In order to differentiate LumApps, we identified product features that were not being promoted by competitors. These represented the “Opportunity Space” for our value messages and marketing strategy.
Then, working with LumApps sales team, RMD connected with clients and prospects to test the value propositions and marketing messages. During these interviews, we learned that marketing and sales activities needed to be tailored based on how far along the prospect is on the adoption (maturity) path for digital workplace software.
Foundation for Success and Growth
Certainly, LumApps success is primarily due to their outstanding people, quality products, and excellent execution. Nonetheless, RMD is pleased that we could contribute to helping them gain traction in entering and expanding in the USA Market.
For more information, or to talk about your plans to expand in USA markets, please contact email@example.com or call 914-500-1765.