How do you prepare to enter a new market?
What steps should be taken in preparation for entering a new market?
First, we should pre-select the market(s) into which expansion seems most sensible based on our know-how. Then, for verification purposes, we should conduct an in-depth analysis of the selected markets and the competition operating in them. Having detailed information, we can move on to build a strategy based on the data acquired earlier.
Which market analysis approach to choose?
Secondary research, primary research, or perhaps a combination of both methods? Which method to choose depends on several factors. If you plan to enter the market with a service or product that already exists, it will be necessary to learn about the characteristics of your target audience, growth forecasts, trends, etc. Such information can often be obtained through secondary research. On the other hand, when you want to launch a completely innovative product obtaining information in this way may be difficult. This is when primary research should be conducted.
How to conduct a competitive analysis that will help when entering a new market?
It allows us to learn the best market practices and build the right strategy that will give us an advantage over other players in the market. In addition, we can analyze the mistakes made by competitors and avoid them ourselves, and design a unique value for our company, which is essential for a successful entry into a new market.
What will you find in the report?
Where to start?
A detailed description of the various steps that need to be taken in order to create an appropriate new market entry strategy.
A description of the methods that will allow you to analyze the market and competition that will yield valuable conclusions.
Building a strategy
Advice on creating a strategy based on the previous steps to carry out an optimal expansion into a new market.
Examples of ConQuest Consulting's successful assistance in creating a new market entry strategy.
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