01
Client context
An investment firm was evaluating a growth-stage B2B services company and needed independent commercial evidence within a tight deal timeline.
02
Business challenge
Management's plan relied on assumptions about market growth and customer retention that needed independent validation.
03
Research objective & questions
Independently validate the target's market, customer position and plan assumptions within the deal timeline.
- Is the target's addressable market growing as assumed?
- How do customers rate the target versus alternatives, and how likely are they to stay?
- How defensible is the target's position against competitors?
- Which plan assumptions carry the greatest risk?
04
Methodology & approach
- Thesis mapping
- Investment thesis converted into testable hypotheses.
- Market model
- Independent sizing and growth analysis.
- Customer referencing
- Current and former customer interviews plus a short B2B survey.
- Expert calls
- Industry experts and former executives.
- Plan review
- Sensitivity analysis on key revenue drivers.
05
Sample & geography
- ~20 customer interviews
- ~8 expert calls
- ~80 survey respondents
- Geography — India and United States
06
Key findings
- Market growth assumptions were broadly supported, with variation by segment.
- Customers valued responsiveness and domain expertise; pricing was a secondary concern.
- New-customer acquisition assumptions were more aggressive than market evidence suggested.
07
Business implications
- Adjust the base-case plan for more conservative new-customer growth.
- Protect the service model that underpins retention post-deal.
- Prioritise segment expansion as a value-creation lever.
08
Outcome
A CDD report and red-flag summary used alongside financial and legal diligence.
Example engagement — Shows how Hoog approaches this type of question. Not a specific client project. Findings are directional.