Case Study

The JJELLYFISH team's rigorous process has provided invaluable clarity. While we faced considerable market pushback, the team's strategic agility was impressive, continually seeking alternative entry points when confronted with barriers. The four identified opportunities are both a testament to JJELLYFISH’s thorough approach and a guiding light for our strategic prioritization. Your partnership has been eye-opening and integral to our understanding of the North American market dynamics.

First Asset HR, a leading compensation management platform tailored for enterprise customers, has established a strong foothold in the European market. Aiming to broaden their reach, they investigated whether Total Rewards leaders in the U.S. experience similar challenges to their European counterparts; specifically, the involvement of managers in the annual merit planning process.
First Asset HR recognized a need to quickly understand (i) which cold outreach method(s) would be most effective, and (ii) how to find the highest fit ideal customer profile for market entry in the U.S.

The JJELLYFISH team deployed a multi-channel strategy, engaging Total Rewards leaders through Email, LinkedIn, and Cold Calls. Seeking to understand how different industries view the problems First Asset HR solves, the initial ICP encompassed BFSI, Professional Services, Consumer, and Health. Due to the complexity of larger organizations' annual merit planning cycles, the target companies chosen had more than 2,000 employees. Notably, cold calling was particularly effective, yielding twice the interest rates of Email and LinkedIn.
A critical learning emerged during the engagement: North American Total Rewards leaders did not validate the initial assumptions that were based on European market experiences. This disproved the hypothesis that Total Rewards leaders needed help with the existing process for managers' contribution to annual merit planning. In under 3 months, the effort spared First Asset HR from a potentially costly misalignment with the North American market. 
The team pivoted to investigate other challenges that Total Rewards leaders face. They found that Total Rewards leaders manually managed their stock awards and bonus programs with tasks not supported by their existing compensation platforms. This issue was especially pronounced in the BFSI and Tech sectors, where compensation frameworks are notably complex. Learning that the current compensation tools aren't customizable enough to include Stock Awards and Bonuses uncovered a new opportunity for First Asset HR.
As a result, JJELLYFISH and First Asset HR have crafted a new strategy for entering the U.S. market and are continuing their partnership with this revised approach. The initial strategy was met with market dynamics that overturned assumptions, and the insights gained have put First Asset HR in a strong position to engage market segments that align well with their specialized solutions.