Comprehensive market research is an important aspect of a successful market entry strategy. It should cover questions like (1) size of the market, (2) consumer trends, needs and perceptions of products, (3) domestic and international competition, (4) regulatory requirements and certification, (5) trade barriers and opportunities, (6) regional market needs and (7) how your product will stand-out in the market.
OctoberFirst Consulting has the skills, knowledge, and connections to answer those questions.
Filling a viable gap in new export market is key to the success of your product or service. Your product or service should be unique, solve an existing or potential problem, and provide an incentive for your customers to switch to it – be it quality, price, or improvement.
We apply quantitative methodology to gather relevant characteristics about customers as to what products and services they buy; their needs and where they buy their products and services. We also apply further qualitative techniques such as:
- In-depth interviews: We probe consumers to discover underlying attitudes, beliefs, motivations and feelings about products or services.
- Focus Groups: We gain consumer insight and perception from the appropriate target market as it pertains to products or services, the development and distribution of products/services, issues, and unmet needs in the marketplace.
Businesses that fail to assess their competitors before entering new market often realise they are not able to garner much market share despite high growth prospects in the new market.
Our competitive analysis helps clients determine potential advantages and barriers in new markets for a product or service. It also enables clients to monitor how direct and indirect competitors are executing tactics like marketing, pricing, and distribution. By evaluating the strengths and weaknesses of your competition, you can begin to formulate how to give your company an advantage in the new export market.
Businesses are constantly seeking to exploit opportunities and to gain a competitive advantage in new markets. Our feasibility analysis helps clients identify and assess the opportunities and threats present in the new market, the resources required for the business, and the prospects for success. The feasibility analysis is also conducted to find answers to the following questions:
- Does client possess the required resources and technology?
- Will client receive a sufficiently high return on its investment?