Are you looking for new markets to increase your growth potential? In a globalized world we now live in, the process of expanding internationally has become much easier for everyone, including our competitors. The markets have become over populated with similar products and customers overwhelmed with choice and advertising. A thorough research can reduce considerably the risk of failure on a new market and answer some important questions we need to know before the launch:
- Where should I export and what is the market size
- Who are my competitors and how do they behave (strategy)
- What are consumers’ expectations of my product
- How can it be adjusted to the new market’s needs
- Which package is better, and what is the best overall marketing strategy etc.
Since 2016 we develop export marketing strategies for foreign markets based on our research.
We operate with research methods that have proven best during the years – polls, focus groups and in-depth interviews, primary and secondary data, access to international databases and partnerships with international consulting firms.
Identifying the best product-market fit
We are limited by marketing budgets but also promoting in all the countries simultaneously has never shown great results. Thus, it is important to create clusters of countries/markets with different priority levels. These clusters are created based on a number of indicators, such as - market size, market potential, product demand, price levels, competition, geographical distance, legal factors and corruption etc.
Based on our research we deliver a complex analysis on the geographical regions we need, creating clusters of countries and the priority list.
Market volume
Market volume is the quantity consumed in a country or region during a specific period of time. Gathering information on the market volume can give the exporter important insights on consumption - is it increasing or decreasing, helps estimate market shares of competitors, and eventually forecast the market share, understand how much are consumers loyal towards local products vs. imported ones and what is per capita consumption.
Moreover, we can identify the origin of the imported products in our target countries, which helps us understand where the competitors come from and what is the average import price.
Price and shelf placement analysis
Price analysis and shelf placement are important steps in the market penetration strategy. Using retail audit method and in-depth interviews with buyer managers we can establish retail chain’s preferences on quantity, package, calibration etc.
Product testing
We apply a series of different methods to test the product on the target country, from in-depth interviews to focus groups. Thus, the exporter receives an objective opinion from the potential consumer, beside the designer’s subjective opinion.
Product usage and attitude
Product usage is an important element in export strategy development. We study the consumption frequency, place of purchase, quantity purchased, brand choice etc. Using complex polls we define consumer psychographic profiles and segments.
Marketing strategy and action plan
Considering the research, we adjust every action to its results, thus creating a well documented marketing strategy for the new market, which comprises all the marketing activities, budgeting for on-line and off-line advertising, performance indicators and a responsible person.
Setting an on-line shop
We can set an on-line shop in 3 days, linked to all the necessary platforms (Google, Facebook), analysis reports, payments methods. We launch the shop with around 30 products correctly set, adjusted to SEO rules and all the online trends.