Market Research: Learn more about your target markets

Miten hankkia tietoa potentiaalisista kohdemarkkinoista? Onko kannattavaa tehdä markkinaselvitys kun yritykseni tähtää uusille markkinoille? 

 

Knowing your potential market can provide you with a stronger foundation, built from the most basic information: ease of market entry, price placement, cross-cultural differences. The most relevant information is deeper than any of those.

Research doesn’t need to be a long, drawn-out project. At Xport, we don’t waste time looking for things you already know or information that isn’t relevant, only the information that you need. We ask you, “What do you need to find out?” It can be a list of potential contacts, information about competitors and their pricing or even the number of current/potential distributors for your product.

This provides top-level information about several countries enabling you to identify the right target market. If you already know where you want to go, the research could be more detailed information from that/those markets.

Just a couple of researches we did:

  1. In autumn 2015, we carried out research on 18 different countries in order for our client to select two or three that were deemed to have the most potential. This project needed to be done quickly, with roughly 200 hours of work needing to be completed in less than two weeks! It was at this point, we could really utilize our Xport Associates network, where research was done in each Associates’ native language. With the flexibility and the skills of our Associates, we completed the project on time.
  2. On a separate occasion, we carried out a more detailed research for a customer going to the German market. They looked for the condition of the market, growth/decline/ trends, competitors and pricing. This helped them understand any legal barriers or requirements for entering the German market, if their product was suitable and the best method for successful market entry.
Benefits of Market Research graphic: Strengthen your business, Minimize your investments, Identify your Threats & Opportunities, Discover Competitors' Strengths & Weaknesses, Facilitate Strategic Planning, Focus on your Customers needs & demands, Identify challenges to Market Growth, Ability to set Realistic Targets, Stay Ahead of the Competition. Xport.

Benefits of Market Research

Having the knowledge of the market beforehand is to have an advantage. To have a very useful tool. It can provide insight on whether or not that particular market is worth pursuing. For both your company and your brands, it is essential to understand all aspects of your customers, who are nowadays highly aware of their marketing environment. Therefore, it is more vital for companies to stay up to date with the market than it ever was before.

But let’s be honest, the fundamental reason for conducting a market research is simple: To find out what you need to know about your target market, in order to increase your sales.

Lien Niemitalo, Projektikoordinaattori

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