Market Problem:
In the local television station market, the landscape is dominated by large station groups with dozens of stations across the United States. Few station groups would be defined as midsized, but many with just a few stations.
Lakana had a dominant share in the market for large station groups with 3 of the top 5 players as customers for our digital platform (website, mobile apps, and monetization), but our offering for the rest of the market, while highly flexible and powerful, was too expensive and required significant focus and resources to operate that the smaller groups could not afford.
However, without these small groups as potential customers, our growth path was limited.
Who’s it for:
Small to midsized television station groups with ownership of less than 10 stations across the country
What we did:
To address this segment of the market, we defined and then created a flavor of our product with highly configurable content modules and standardized frontends. This new version of the product was deployed on a shared technology stack with prebuilt integrations into the most popular third-party applications for media companies.
The product was easy to demo and quickly gained acceptance by customers who needed to be migrated as part of a merger. Our positioning on RFPs in this part of the market was greatly improved as we could compete at their desired price point. Even our enterprise customers asked to take much of the new functionality in their next upgrade.
Success metrics:
- 100% conversion by existing small customers in Lakana’s portfolio
- 70% reduction in onboarding time for clients, a major concern for smaller groups
- Increased release cycle speed from 6 months to 3 months