Market Entry Research
What is Market Entry Research?
So what is Market Entry Research. Market Entry Research is the research and analysis of new markets. In many cases this can be companies that are trying to expand in new countries or expanding their product offering in to new product ranges. Market Entry Research is closely related in Market Entry Strategies and should be considered vital to forming a market entry strategy.
A market entry strategy is the planned method of delivering goods or services to a new target market and distributing them there. When importing or exporting services, it refers to establishing and managing contracts in a foreign country (source wikipedia).
Market Entry Research should always start with good introduction containing and number of different parts like:
- Geographic Area
- Unique selling points of the products
- Potential or expected customer description
- Objective, for example are you looking for a general indication which market would fit your product or are you looking for a very specific product.
What The Actual Market Entry Research should contain
After determining these aspects we start with the actual research the actual research will contain a number of different parts most start with interviews with different department management/sales/marketing. Of course these can be expanded our reduced depending on your product and objective.
- Interviews Internal
- Interviews External (stakeholders/potential customers)
- Research competitors
- Research USP competitors vs Client
- Research substitutes
- Research Sales Channels
- Analyse difficulty to the enter market
- Analyse most import factors for clients to choose your product
- Advise go-no-go and sales channels
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