Why start with market research?
There are several ways to investigate if your product or service has potential in an international market. The key to international market success is to understand the need and identify anything that may hinder your plan for breaking into the global market.
Seeking opportunities for growth in international markets has specific advantages and can include:
- Creating a new customer base
- Increasing the size of your business
- Surpassing your local competitor with a broader visibility
- Diversifying so you don’t rely on only one market
All these advantages don’t come without challenges. So how do you get started?
Step number one is to create an effective strategy for identifying new or unique opportunities. Growidely can help you by preparing a market research study, giving you a sense of how much work and investment you will need to enter a new market.
Our market research will not only develop indicators for success but may also change your choice of foreign market entry mode. The perception of how to enter a new market is a core strategic decision and should always come after market research. This will help determine a company’s level of commitment as well as its capacity and capabilities. An ideal entry mode is also chosen based on a company’s tolerance for risks.
The objective indicators mentioned previously focus on long-term success rather than short-term gain; developing solutions that match target market preferences often requires a deeper evaluation of the indicators that will be used for an international market assessment.
The purpose of the report is to look beyond the internal decision to enter into the new market and help the company understand the market as a whole. The study utilizes secondary research to collect as much data as possible to provide direction and a rationale to help the company allocate time, money, and human resources in this new market. The next step would be to analyze your company’s specific situation with regard to the market study, and Growidely will be happy to partner with you and guide you as you continue to grow…
