If your business is thinking of entering a new market, then the first thing on your mind should be market research.
Going in blind, or (wrongly) assuming that the strategy that works so well in your home market will work equally well overseas, is a recipe for disaster!
Each new market must be carefully researched in order to discover whether it is a viable market for your business, and how your marketing strategy must be adapted in order to succeed. This is because different markets have different nuances, requirements and online behaviours.
But how do you start a market research project? What should it include? And how should you tie it in with your broader marketing strategy? We held a webinar that covered all this and more, to show you how to use market discovery intelligence to make strategic global marketing decisions.
Let’s take a look at what a good market research project should include. The best ones take a holistic approach, combining industry, customer and competitor insights to produce a whole picture that looks at the market from all angles. Here are some important questions that a market research project may seek to answer:
- What are the consumer trends and behaviours in this market?
- What are the best ways to reach your prospective customers in this market?
- What are the main opportunities for your business in this market?
- What are the main challenges for your business in this market?
- Are there any cultural sensitivities your brand needs to be aware of?
- Are there any legal or logistical problems that could be a barrier to entry?
- What are the industry trends in this market?
- Who are your main competitors in this market?
- What activities are your competitors doing in this market?
If you want to learn more about how to use market discovery intelligence to make strategic global marketing decisions, check out the webinar recording on this topic!
In this webinar, you will learn:
- Why market discovery research is so important
- When to invest in a research project and what it can include
- How to plan the scope and objectives to ensure relevancy and value
- How to analyse and use the results to make strategic decisions
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