XConsulting Market Research 15

5. Customers

5.1 - Target Customers

Australians aged 18 - 65 seeking help writing a business plan, creating market research or a pitch
deck for funding, improving business decisions or Business feasibility.

5.2 - Customer Profile

SARAH REYNOLDS
Age: 35 Occupation: Entrepreneur

Background: Sarah is a motivated and ambitious individual who

has recently started her technology startup. She has an experience
in software development and wants to launch a new product in the
market. However, Sarah needs to gain expertise in creating
comprehensive business plans and pitch decks that can attract
potential investors. She is looking for a reliable consulting firm like
XConsulting to help her research the market, analyse competitors,
and create a compelling business plan and pitch deck to secure
funding for her startup.

JOHN THOMPSON
Age: 42 Occupation: Small Business Owner

Background: John has been running a successful small business

for five years. He is considering expanding his operations and
needs a well-structured business plan to present to potential
investors and secure financing. John understands the importance
of market research and a professional pitch deck to showcase his
business's growth potential. As a busy entrepreneur, he seeks the
services of XConsulting to save time and ensure the quality and
accuracy of his business documentation.
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EMILY PARKER
Age: 28 Occupation: University Graduate

Background: Emily recently completed her studies in marketing

and has a passion for entrepreneurship. She plans to start her own
e-commerce business and wants to present a solid business plan to
potential partners and investors. However, she needs to gain
experience in conducting market research and creating
professional business documents. Emily seeks the expertise of
XConsulting to assist her in crafting a comprehensive market
research report and a clear business plan that reflects her
innovative ideas and aligns with industry standards.

6. Competitors
6.1 - Optima Consulting

ABOUT
Optima Consulting is a long-established consulting company headquartered in Melbourne. The company

caters to both SMEs and large corporations in the areas of strategy, digital transformation, innovation, and

talent development. Optima Consulting’s distinctive feature is its wide range of industry knowledge, backed

by a well-experienced team. They currently operate in several major cities in Australia, as well as a few

overseas locations.

PRICING
Optima Consulting offers a tiered pricing model based on project scope and complexity. They offer services

on both a project basis and a retainer basis. Their average rates start from approximately $200 AUD per

hour for general consulting and can go upwards depending on the specifics of the project.

ANALYSIS
While Optima's range of services is extensive, their broad approach can sometimes lead to a lack of

specialization in certain areas. They also tend to focus on more traditional methods of business, potentially

leaving an opening for more innovation-focused consultants. Furthermore, their high prices may not be

affordable for many startups and smaller businesses, making them a less appealing choice for these markets.
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6.2 - InnovationX

ABOUT
InnovationX, based in Sydney, is a unique consulting firm with a niche focus on technology startups and

businesses in the growth phase. They employ a team of experienced tech entrepreneurs and industry

veterans, providing advice on business strategies, fundraising, and market entry. InnovationX is known

for their flexible, personalized approach and their extensive network of industry connections.

PRICING
InnovationX operates on a flexible pricing model that takes into account the nature of the startup, its

stage, and its financial position. They offer both hourly rate and equity-based compensation models, with

hourly rates typically starting around $150 AUD.

ANALYSIS
InnovationX has a solid understanding of the tech startup ecosystem, making them an attractive option

for tech-based startups in need of specialized guidance. However, their specialization in the tech industry

can limit their appeal to non-tech startups. Additionally, while their flexible pricing model is advantageous

for early-stage startups, it might not be appealing to mature businesses with stable cash flows.

6.3 - GreenLeaves Business Consulting

ABOUT
GreenLeaves Business Consulting is a Brisbane-based consulting company known for its focus on

sustainable businesses and social entrepreneurship. They provide advice on a wide range of issues such as

green business strategies, sustainable supply chains, and corporate social responsibility (CSR) practices.

Their team comprises individuals with diverse backgrounds in sustainability, business, and law.
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PRICING
GreenLeaves operates on a project-based pricing model, with fees typically ranging from $1000 AUD for

short, simple projects to $10,000 AUD and above for more complex, longer-term projects.

ANALYSIS
GreenLeaves is well-regarded for their expertise in sustainability and social entrepreneurship, making

them a preferred choice for startups operating in these fields. However, their niche focus can limit their

reach to startups operating outside these areas. Furthermore, their pricing, while affordable for some

businesses, can be prohibitive for early-stage startups operating on a tight budget.

7. Business Strategies
Motivation Categories for Service Offering:

a. Tailored Funding Lists (Grants, Investors)

b. Business plans for funding
FUNDING
c. Pitch Decks
d. Market Research

BUSINESS a. Market Research Reports

DECISION b. Business plans
c. Creating go-to-market strategies
IMPROVEMENT

BUSINESS a. Market Research

FEASIBILITY b. Business Plans
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8. Analysis
The market research indicates a significant global demand for document creation services, focusing on

Australia and New Zealand. The presence of successful competitors in the market is an encouraging sign.

However, the target market for document creation services typically faces financial constraints and

needs help to perceive the value of a business plan. Hence, the business must offer cost-effective

solutions. Moreover, scalability should be a priority considering the relatively weak competition in the

Australian and New Zealand markets.

Upon analysis, it is evident that competitors in the market heavily emphasize auxiliary services. However,

the business intends to differentiate itself by forging partnerships with other professional service

providers. The proposed approach involves earning commissions based on sales or paying commissions to

partners, depending on the mutually agreed terms.

The business will primarily focus on offering business plans and market research services. These services

have a larger target market and are comparatively easier to penetrate.

Forming partnerships with other professional service providers is deemed the most favourable strategy

for the business.

Defining the target market proves to be a challenge, necessitating actual testing. Although the research

suggests that older individuals are the primary target, this assertion raises doubts. Additionally, the

pricing component requires thorough testing to ascertain whether a fixed pricing model with transparent

rates would be the most effective approach.ng.

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9. Business Model
A possible business model for XConsulting:

Service-Based Model
XConsulting operates as a service-based business, offering professional document creation
services to early-stage businesses. The core services include market research reports, business
plans, and pitch decks.

Client Engagement
XConsulting engages with clients through initial consultations to understand their needs and
requirements. This involves gathering information about their business, target market, goals, and
existing documentation.

Customised Solutions
XConsulting provides customised solutions tailored to their business based on the client's
requirements. This may include conducting market research, analysing competitors, developing
business strategies, and crafting comprehensive documents to support their business objectives.

Expertise and Specialization

XConsulting positions itself as an expert in early-stage business documentation. The company
focuses on developing in-depth knowledge and expertise in market research, business planning, and
pitch deck creation to deliver high-quality services to clients.

Collaborative Approach
XConsulting maintains a collaborative approach, working closely with clients throughout
document creation. This includes regular communication, feedback gathering, and revisions to
ensure client satisfaction and alignment with their vision.

Value-Based Pricing
XConsulting adopts a value-based pricing model, considering factors such as the project's
complexity, the level of research required, and the expertise provided. Pricing may be customised
for each client based on their specific needs and the project scope.
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10. Marketing Strategies

Email Marketing
Building an email list of prospects and customers and sending targeted and personalised email
campaigns. This strategy helps nurture relationships, promote new offerings, and drive repeat
purchases.

Content Marketing
Creating valuable and informative content such as blog posts, videos, podcasts, or infographics to
attract and engage your target audience. This strategy aims to establish your brand as a thought
leader and drive organic traffic and leads.

Referral Programs
Implementing referral programs that incentivise existing customers to refer new customers to
your business. This strategy capitalises on word-of-mouth marketing and encourages customers
to become brand advocates.

PPC Marketing
Google, Meta, Twitter, Linked In, Quora paid Social media advertising.

Public Relations (PR)

Building relationships with media outlets and journalists to secure media coverage and press
mentions. This strategy helps generate publicity, increase brand credibility, and reach a broader
audience.

Partnerships and Collaborations

Collaborating with complementary businesses or brands to reach a wider audience. This strategy
involves joint marketing campaigns, co-branding initiatives, or cross-promotions to benefit both
parties mutually.
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XConsulting, as an early-stage business document creation firm, could partner with various businesses to

receive referrals. Here are some examples of businesses that XConsulting could potentially partner with for

referrals:

Business Incubators/Accelerators Business Coaches

Venture Capital Firms Startup or Entrepreneurship Podcasts

Entrepreneurial Networks/Communities Co-Working Spaces

Small Business Development Centers Angel Investor Networks

Professional Services Providers Events and Conferences

Industry Associations Online Business Communities

Business Loan Brokers Business Plan Competitions

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11. Recommendations
Affordable Pricing Strategy
Given the financial constraints of the target market, it is recommended to offer cost-effective
document creation services. This can be achieved by keeping prices competitive and
communicating the value proposition.

Scalability Focus
Exploit the relatively weak competition in the Australian and New Zealand markets by designing
the business operations to be scalable. This will allow for efficient expansion and capture a larger
market share as the demand for document creation services grows.

Partnership Development
Instead of emphasising auxiliary services like competitors, the business should prioritise building
partnerships with other professional service providers. This approach can offer clients a more
comprehensive range of offerings and generate additional revenue through commissions or
referral fees.

Specialisation in Business Plans and Market Research

Concentrate on specialising in business plan creation and market research services. These core
offerings have a broader target market and are relatively easier to sell. Develop expertise in these
areas to establish a strong reputation and attract a steady customer base.

Target Market Testing

Conduct thorough market testing to refine the understanding of the target market. Challenge the
assumption that the primary target is older individuals and explore other potential customer
segments. Gather data through surveys, interviews, and focus groups to gain valuable insights into
customer preferences, demographics, and purchasing behaviour.

Pricing Model Testing

Test different pricing models to determine the most effective approach. Consider conducting
market research experiments to gauge customer reactions to various pricing structures, such as a
fixed price model with transparent rates. Analyze customer feedback and purchasing patterns to
refine the pricing strategy accordingly.

By implementing these recommendations, the business can position itself competitively in the document creation market,
cater to the target market's needs, and drive growth through strategic partnerships and a focused service offering.
 XConsulting Market Research 24

12. References
1. https://www.consultancy.uk/consulting-industry/market-segments

2. https://www.globenewswire.com/en/news-release/2022/08/26/2505400/0/en/At-4-10-CAGR-Business-
Management-Consulting-Services-Market-Size-to-Hit-USD-1048-9-Billion-by-2028-Comprehensive-Rese
arch-Report-by-Facts-Factors.html

3. https://www.verifiedmarketresearch.com/product/global-strategy-consulting-market-size-and-forecast-
to-2025/

4. https://www.consultancy.uk/consulting-industry/strategy-consulting

5. https://www.indeed.com/career-advice/finding-a-job/types-of-small-business-consultants

6. https://www.forbes.com/sites/jonyounger/2019/02/03/the-skills-most-in-demand-for-independent-ma
nagement-consultants/?sh=4cf4906649e2

7. https://sendpulse.com/support/glossary/startup

8. https://smallbiztrends.com/2022/12/startup-statistics.html

9. https://www.founderjar.com/startup-statistics/

10. https://www.abs.gov.au/statistics/economy/business-indicators/counts-australian-businesses-including
-entries-and-exits/latest-release

11. https://www.abs.gov.au/statistics/economy/business-indicators/counts-australian-businesses-including
-entries-and-exits/latest-release

12. https://www.forbes.com/sites/hollyeve/2020/07/06/venture-capital-is-not-the-funding-reality-of-most-s
tartups-heres-what-is/#:~:text=In%20reality%2C%20less%20than%201%25%20of%20startups%20get%
20investment%20capital.

13. https://alariss.com/careers/australia-tech-startups/

14. https://www.startupdaily.net/topic/funding/kiwi-startup-funding-rose-nearly-8-to-nz726-million-in-202
2/#:~:text=While%20startup%20funding%20globally%20fell,Technology%20Investment%20Network%
20(TIN).

15. https://www.companiesoffice.govt.nz/insights-and-articles/latest-company-statistics/

16. https://www.abs.gov.au/statistics/economy/business-indicators/counts-australian-businesses-including
-entries-and-exits/latest-release

17. https://www.companiesoffice.govt.nz/insights-and-articles/latest-company-statistics/