How an EV Charging Station Company Faced Static Growth & Alleviated Its Product Constraints?

A small-scale electric charging station company with propitious growth in the emerging market of electric vehicle (EV) infrastructure, faced static growth in their sales. The company designed, manufactured, and distributed advanced charging stations for EVs, catering to both commercial and residential customers. However, despite the initial success of the organization, it encountered several obstacles that hindered its growth and customer satisfaction. In this dire situation, the management sought out Research Nester’s expertise.

An overview:

The firm continues to build the charging infrastructure necessary to fulfill the expanding demand for EV drivers while maintaining an industry-leading and extensive network of public EV charging stations.

Despite these growth factors the company is facing serious losses, which hindered the company’s growth opportunities.

The charging stations suffered from slow charging speeds, resulting in prolonged charging times and dissatisfied customers. Lack of compatibility with various EV models and charging protocols was further added to the list of issues.

The organization’s incapability in accessing the product’s limitations was majorly responsible for the company’s downfall. Recognizing the urgency of these challenges the firm sought the expertise of Research Nester. The analysts were tasked with identifying the root cause of the problems and formulating effective solutions.

Only with extensive product analysis can one find what’s not working for the product and how one can mitigate them accordingly.

The Story

The company was founded with the mission to fight climate change and increase sustainable choices. The major mission statement of the company was to curb climate change by reducing greenhouse gas emissions caused by transportation. Paving its way for the growth and adaptation of electric vehicles the organization started with the electric vehicles. And till this day, continues to offer innovative EV products. Even with a wide range of products, the company saw invariable growth. The inclusion of charging stations for the EV was also incorporated. But the company faced difficulties in expanding its charging network due to inadequate power supply management, resulting in frequent power outages and inefficiencies in managing multiple stations simultaneously. All these issues limited the scalability of the product and prevented the company from attracting high-volume users such as fleet operators. Failing to assess these situations, the company hired Research Nester to analyze the situation and suggest appropriate solutions.

Our Solution:

Research Nester conducted an in-depth analysis of the company’s charging technology and recommended crucial upgrades to enhance charging speeds. The analysts did a comparative study of the the EV- charging station market for a wider EV- charging station market for a wider perspective on the company’s market scenario. They analyzed the firm’s engineering team to develop advanced charging algorithms and optimize the power delivery system. Apart from this RNPL analysts suggested the following strategies:

Integrating multiple charging standards into stations, enabling customers to charge various EV models seamlessly.
Optimize power distribution infrastructure.
Implementation of a network management system, which would enable monitoring and control of charging stations, minimizing downtime and improving overall scalability.

The business adopted the aforementioned tactics to ultimately accomplish its intended business goal and proactively deal with all the issues.

Results

After implementing Research Nester’s plan of action, the company’s charging stations witnessed a significant improvement in charging speeds, resulting in enhanced customer satisfaction. Users experienced faster charging times, which led to increased adoption and positive word-of-mouth referrals. Expanded compatibility for a broader range of EV models attracted new customers and allowed the company to tap into previously untapped segments of the EV market. They optimized the power supply management and network management system eliminated power outages and improved the overall reliability of the charging infrastructure, enabling the organization to deploy new charging stations more efficiently. It was noted that the company’s shares increased to 24% in 2022 from 18% in 2021 after the successful integration of Research Nester’s guidelines.

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How an EV Charging Station Company Faced Static Growth & Alleviated Its Product Constraints?

An overview:

The Story

Our Solution:

Results

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