EXECUTIVE SUMMARY

In a deeply fragmented and saturated market, Overeno aims to establish itself as a leading player in the industry of sworn translations. Aided by the extensive knowledge its founder has acquired over the past decades working in the sector, Overeno will differentiate itself through a customer-friendly and expansive offering on its website. The platform will provide benefits to users as well as translators – therefore delivering added value to both sides of the market.

Goal

Over the past months, our task was to understand the sector of sworn translations and – based on our observation and findings – present a cohesive Business Plan for Overeno. It soon became evident that the company needs to identify a unique value proposition in order to launch operations in the target market as most competitors offer a broad but similar set of services. Therefore, we quickly understood that our main objective was to clarify which customer needs and pain points Overeno can alleviate and to subsequently formulate a well-founded market entry strategy for the company.

Methodology

In order to come up with a reliable understanding of customer needs and pain points as well as a profound knowledge of the Austrian market, as the target market for Overeno in the initial stage of the business development, we conducted a survey and interviews among people who used the service of sworn translations in the past. The survey was by about 100 participants of diverse background in terms of aspects such as gender, age, and personal income. In the nine interviews conducted, we asked individuals to describe the negative aspects experienced during the process of getting a sworn translation. Additionally, we carried out secondary research to gain an even deeper understanding of the market. Overall, we collected valuable data from the field to identify the most important success-drivers as well as the most promising customer groups for entering the Austrian market for Overeno.

Results

For the purpose of understanding the business environment of the Austrian sworn translation industry we performed a PESTEL-analysis. The Austrian market is currently highly influenced by the global criss, an increasing degree of digitalization, and the rising importance of education. We identified two very promising customer segments we suggest for entering the Austrian market: individuals who need sworn translations for the purpose of education or migration. The four main problems related to the process of ordering a sworn translation are the difficulty of finding a suitable translator in a decent time frame, insufficient quality of the translated document, long execution times and low transparency in terms of pricing. This means that enabling customers to directly match with appropriate translators immediately, offering customizable pricing options as well as significantly reducing the process-handling-time compared to competitors will be fundamental factors for Overeno´s success on the Austrian sworn translation market. Based upon our findings, we were able to create a comprehensive financial plan for our project partner, that includes a detailed overview of relevant cost drivers. Furthermore, we evaluated the workload necessary to the total amount of customers while at the same time maintain a realistic and attainable frame of time for the translators to accomplish their tasks.

Cooperation Partner

• Overeno
  www.overeno.com

Contact Person

• Čedomir Pušica
  cp@cedomirpusica.co

Student Team

• Mario Jandrisevits

• Luisa Lackner

• Marko Popovic

• Markus Presen

Project Manager

• Alessio Delpero, PhD

• Richard Olbrecht, M.Sc