Exploring use of Telematics in the UK
Based in Bangkok, V2X offers a highly customisable set of telematics solutions such as user-based insurance, carsharing and B2C mobile applications. With strong growth in Thailand, V2X looked to the UK to pursue Europe as its next target market.
V2X engaged Newfound in 2 phases.
With a wide range of products and technology, the first phase allowed V2X to identify different market opportunities and assess which sector holds the most potential for a successful entry into the market.
After receiving a detailed report that analysed opportunities and market insights, V2X then commissioned Newfound to proceed into phase II where a detailed go-to-market plan was built out to identify the capital and operational requirements for their European expansion.
This report provides insights into the UK market that we weren’t aware of before. It has given us guidance in shaping V2X’s UK market entry strategy and informed our next steps.
Through engaging with industry experts and conducting rigorous research, Newfound delivered a comprehensive market validation report which allowed V2X to deepen its understanding of the UK telematics market, identify potential competitors, partnership opportunities, and industry networks.
Most importantly, the report provided the top 3 telematics sectors that V2X could tap into, helping it to narrow down their focus and devise an informed market entry strategy.
Newfound helped V2X in building out a go-to-market business plan which included organisational structure and hiring plans, detailed financial accounts, and milestones required to achieve EUR200m ARR in 5 years.
The data enabled the CEO and the board of investors to review the capital requirement and make a fact-based informed decision to not pursue the European market at this stage and only focus on SouthEast Asia.
The opportunity cost of not going down this route, hiring European staff and spending potentially years to come to the same conclusion is a lot higher than the investment made in the research led by Newfound.