National University MKT634 Market Research Report

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National University College *

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634

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Marketing

Date

Feb 20, 2024

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docx

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Uploaded by BaronAntelopeMaster3170

1 Market Research MKT634 Market Research 10/22 /2023 Market Research Report

2 Market Research Abstract: The purpose of this report is to conduct an in-depth review of Click-Up, one of the world’s fastest-growing Software as a Service (SaaS) companies, helping nearly 10 million users (clickup.com, 2023), raising over $537 million since its inception in 2017 (Cohen, 2023). The SaaS industry has become a competitive market in recent years and continues to see solid growth, having seen 28% median growth in 2021 despite the COVID-19 pandemic (Takala, 2022). Click-ups objective is to simplify project management by provide a simple, user-friendly, application to track goals, measure key performance indicators, and set clear targets, to name a few, all in one place, this “saving one day a week” (clickup.com, n.d.). The paper will investigate and question some popular beliefs that are currently influencing consumer engagement initiatives. Click-up hopes to propel itself forward in the market by highlighting these difficulties and assisting in their resolution in an attempt to make better, more informed decisions for customers, accelerate growth, and optimize ROI.

3 Market Research Table of Contents Recommendation: 4 Problem Definition 4 Background 4 Approach 5 Data Collection from Primary Sources 5 Fieldwork 5 Conclusion 6

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4 Market Research Recommendation: Enhancing data-driven insights into consumer behavior across multiple channels can offer valuable advantages to industries. Project management tools have gained prominence in various sectors, enabling businesses to boost productivity, improve team efficiency, and effectively manage projects. For small business owners, proactivity in project management entails leveraging the right tools to work smarter, not harder. However, in order to gain a competitive edge in the market, it is imperative for organizations to focus on marketing strategies that effectively reach their target audience and facilitate seamless communication to foster engagement. Problem Definition: The client seeks to simplify their program organization, reduce workload, and invest in tools that facilitate better understanding of their teams, goal tracking, and efficient project management. Additionally, the client aims to promptly address customer issues by identifying root causes. Despite the company's recent achievements, including rapid user growth and a significant customer base of 100,000 paying customers (clickup.com, 2022), expanding globally and entering new markets is crucial for further market penetration and long-term success. Background: Established in 2017 by CEO Zeb Evans and Alex Yurkowski in San Francisco, California, Click-Up fulfilled its vision of providing a cloud-based project management platform (Cohen, 2023). Over the years, Click-Up expanded its operations, partnering with renowned organizations such as the San Diego Padres and opening an office in Utah. As of February 2023,

5 Market Research Click-Up reported a user base of over 8 million users across 1.6 million teams and has successfully secured $537.5 million in funding, with a valuation of $4 billion. Approach: This study utilized interviews, information analysis, document inspection, and email questionnaires to gather primary data. The data collection process involved various methods, including face-to-face interviews, email interviews, self-administered surveys through online platforms and social media. The research design employed in this study is a case study, specifically examining Click-Up's business model and strategy. Prior research on the subject was reviewed, and evidence gathering and analysis methods from previous case studies were utilized. The study aimed to answer key research questions concerning Click-Up's market share, revenue, customer engagement, and potential opportunities for expansion. Data Collection from Primary Sources: Click-Up's primary data was collected through interviews, surveys, focus groups, as well as analyzing financial statements and other financial data. To address the research question of expanding market size, the study extensively analyzed Click-Up's financial statements over the past five years. Industry analysis techniques, including demand-supply statistics and competition analysis, were applied to explore avenues for successful global growth (CFI Team, 2023). The study also incorporated consumer involvement strategies, such as customized marketing and customer interaction. Surveys and focus groups were conducted to gather insights on Click-Up's marketing strategies and identify areas for improvement. Fieldwork:

6 Market Research Effective brand management plays a crucial role in the success of businesses. Click-Up has achieved recent successes in maintaining its brand image. However, to further increase outreach and attract more users, leveraging platforms like YouTube for branded videos and social media sites such as X (formerly Twitter), Meta (formerly Facebook), and Instagram are recommended. These platforms will help expand Click-Up's survey reach and enable SWOT analysis and evaluation of customer engagement strategies. Surveys will include questions regarding improvements and potential referrals, allowing the organization's recruiters to follow up and potentially subscribe to the service. YouTube videos will focus on entertainment and tutorial content to assist new subscribers in navigating the software. Each new subscriber will receive a welcome survey to gather feedback on Click-Up's performance, areas for improvement, reasons for subscribing, and potential business referrals. SWOT analysis will address Click-Up's opportunities concerning competition and market positioning. Conclusion: In conclusion, Click-Up has emerged as a leading player in the rapidly growing SaaS industry, offering a user-friendly project management application aimed at simplifying workflows and enhancing productivity. Through critical evaluation of prevailing consumer engagement strategies and targeted enhancements, Click-Up aims to solidify its market position, drive sustainable growth, and optimize return on investment. Primary data collection from interviews, surveys, and financial statements provides valuable insights into Click-Up's potential for expansion, while leveraging platforms like YouTube and social media sites will enable an expanded user base and increased brand visibility. With a commitment to continuous

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7 Market Research improvement and a customer-centric approach, Click-Up is well-positioned for continued success in the dynamic SaaS landscape.

8 Market Research Resources: Cohen, J. (May 17, 2023). ClickUp. https://research.contrary.com/reports/clickup# Corporatefinancneinstitute.com.(Sep 28, 2023) Industry analysis. https://corporatefinanceinstitute.com/resources/management/industry-analysis-methods/ Clickup.com. (Aug 8, 2023). Clickup named to the 2023 forbes cloud 100 for the second year in a row. https://clickup.com/blog/forbes-cloud-100-2023/#:~:text=As%20one%20of%20the %20fastest,least%20one%20day%20every%20week . Clickup.com. (n.d.). Create trackable goals connected to your work. https://clickup.com/features/goals Forbes.com, (May 9, 2022). 13 effective strategies for increasing market share. https://www.forbes.com/sites/forbesbusinesscouncil/2022/05/09/13-effective-strategies-for- increasing-market-share/?sh=297b8b4e3ab1 Hop.online. (Dec 2, 2021). How to build brand awareness: clickup’s video marketing strategy. https://hop.online/digital-strategy/clickups-video-marketing/ Kazim, M. (n.d.). 5 ways to improve your business with market research. https://www.bdc.ca/en/articles-tools/blog/5-ways-improve-business-market-research Malhotra, N. K. (2018). Marketing Research: An Applied Orientation (7th ed.). Pearson Education (US). https://online.vitalsource.com/books/9780134735603 Takala, P. (Apr 5, 2022). Saas business booming but highly competitive. https://www.goodsign.com/blog/saas-business-booming-but-highly-competitive

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