Case Study

Evident

Repositioned and Reimagined for the Third-Party Risk Management Market

"The positioning workshop and VOC research was instrumental in ensuring Evident's messaging resonated with our target customers. This has led to more meaningful interactions and stronger relationships with our customers and prospects."

David Thomas

CEO

Description

Founded: 2016

Industry: Third Party Risk Management

Website

https://www.evidentid.com

Evident automates the exchange of risk data, transforming your third party risk management by optimizing due diligence with real-time monitoring for your riskiest third parties. Achieve proactive, cost-effective risk management with global scalability.

Challenge

Evident faced a critical challenge in defining its market position after pivoting from identity verification to certificate of insurance (COI) verification. While their technology offered strong capabilities in verifying various insurance lines with global coverage, their initial market focus on COI was limited, hindering their growth potential. Evident recognized the need to reposition itself within the broader third-party risk management (TPRM) landscape to achieve its ambitious growth goals and establish itself as a market leader.

Solution

To address this challenge, a comprehensive repositioning strategy was implemented, encompassing several key phases:

Leadership Workshop: A two-day workshop was conducted with Evident's leadership team, including the CEO, CTO, COO, Head of Strategy, Head of Marketing, and Director of Partnerships.
Market Analysis and ICP Definition: The workshop facilitated a deep dive into market dynamics, ideal customer profile (ICP) definition, competitive landscape assessment, and the development of a robust brand messaging framework.
Deliverables Development: Post-workshop, key deliverables were produced, including a redefined brand promise, a comprehensive messaging house document to guide marketing efforts, and a CXO pitch deck to facilitate internal alignment and communication.
Voice-of-Customer Research: To validate the new positioning and messaging, voice-of-customer (VOC) research was conducted, gathering insights from key clients like WeWork, Whole Foods, Wayfair, and Hyatt.

Results

This multi-faceted approach yielded significant results for Evident:
Enhanced Brand Clarity: The repositioning efforts provided Evident with a clear and consistent brand message, enabling them to better communicate their value proposition to the market.
Expanded Market Reach: By positioning themselves within the broader TPRM landscape, Evident expanded their addressable market and unlocked new opportunities for growth.
Improved Customer Engagement: The VOC research ensured that Evident's messaging resonated with target customers, leading to more meaningful interactions and stronger relationships.
New Business Opportunities: The repositioning enabled Evident to engage in new conversations with prospects, leading to opportunities for increased sales and market penetration.
Upselling Potential: A clearer understanding of Evident's expanded capabilities allowed for more effective upselling and cross-selling to existing clients, maximizing customer lifetime value.
Strategic Partnerships: The repositioning opened doors for new partnerships and collaborations, further expanding Evident's reach and influence within the TPRM ecosystem.

Conclusion

Evident's successful repositioning demonstrates the power of a strategic and customer-centric approach to brand development in the SaaS industry. By combining in-depth market analysis, focused messaging development, and customer validation, Evident was able to redefine its place in the market and establish a strong foundation for future growth. This case study underscores the importance of clarity, consistency, and customer focus in achieving success in today's competitive SaaS landscape.