A business without ambition will not survive long in the market. Just like in sports, we need to set new goals, and doing things the same way repeatedly will not only not lead to growth but will probably lead to a deterioration in business performance in the long run. Businesses need to constantly rethink their strategies and take advantage of the opportunities the market offers.
Entering a new market is one way to give your company a chance to grow (and this includes entering a new geographic market, a new industry, product or service area). However, it usually involves some risk, and the more interesting the opportunity, the greater the risk.
Early market research can protect a company and its key decision-makers from making wrong decisions in this area, which can later result in financial losses, loss of other opportunities, demotivation of employees and damage to image.
A well-designed market opportunity study can help decide whether and to what extent an opportunity is relevant and attractive to a company. This includes examining both the external environment and internal factors.
External factors:
- potential of the opportunity
- growth expectations / indications
- strength of competition
- mode of operation in the market
Internal factors:
- Adequacy and attractiveness of the offer to the market
- Perception of our competence in a particular area/market
- Perception of market entry by internal stakeholders
Market research can help answer not only the question of whether to enter the market, but also compare different opportunities based on different criteria and inform the market entry strategy. Depending on the goal, the market, and the available budget, there are different methods that can be used to study market opportunities.
Desk Research
This is the classic way to learn more about the market and often the best way to get started. At B2B International, we consider many sources, such as official statistics, industry association reports, competitor websites, financial documents and social media, and relevant content such as articles in the industry press and company blogs.
Interviews with market experts
These interviews offer a cost-effective and time-effective way to obtain an understanding of the opportunity as market experts can offer a broad overview of the market and an understanding of the various market participants. Experts can be members of industry associations, distributors, wholesalers, scientists, or other relevant audiences with a broad understanding of the sector.
Interviews with customers and prospects
This is the best and most reliable way to get to the “heart of the market” and truly understand usage and behavior patterns, triggers and motives, future plans, perceptions, etc. Interviews with customers and prospects can be conducted through a specialized online B2B panel, over the phone, or through online sessions, depending on the target, market, and feasibility.
Ethnographic research
Depending on the sector, some information can be obtained through market observation, but only if it is publicly available and not subject to confidentiality protection. Observations can also be conducted if relevant subjects agree to it.
To discuss how our tailored insights programs can help solve your specific business challenges, get in touch and one of the team will be happy to help.