The Importance of Market Research
If you are a business owner looking to enter a new market place or increase your share in a current market, understanding the scale of the opportunity is crucial. Having the right market intelligence will allow you to allocate your resources appropriately. This then translates into realistic targets for your sales staff selling a product or service at an appropriate competitive price. However these actions and decisions must be understood in context of the size and nature of the opportunity. This, in itself, is a challenging task. However this is exactly where VSL can help you identify and exploit your chosen marketplace.
Intelligent market research
VSL’s market research service , provides to our clients an intelligence based action plan, to allow the business to make the best commercial decisions, which are faced by all businesses looking to enter a new market or expand their existing market share. We analyse the fundamental but critical business questions, such as;
What is the size of the market and is it big enough to interest my business?
What proportion of the market is ever likely to be interested in our offering?
What are the precise requirements in terms of the whole customer value proposition – core product, service offering and intangibles?
What are the promotional messages and channels we should adopt?
How can I price my products and services in the new target market?
What is the optimum channel strategy and which specific intermediaries should we do business with?
To provide the market intelligence to answer the above questions, we tailor our B2B market research activities for your business focusing on the key components, such as:
Market size research – We will provide you with the data to understand the overall market size and, above all, the addressable market size, i.e. the realistic market segment, which would be willing to pay for the service or product you provide.
Supply chain analysis – The starting point to understanding any market is drawing out the market map to find out how it’s products and services get to market and how this may change in the near future. We will also look at aspects such as: how many potential distributors there are and what potential value they could add; and the market differentials between different types of business competitors. Once we have mapped out the market on your behalf, we then go on to recommend the path of least resistance for you to enter the the supply-chain.
Needs assessment research – For example, market requirements can vary significantly between countries and regions. Understanding how your product or service may need to be tailored to any particular market location is crucial to ensure a comprehensive and effective market entry.
B2B pricing strategy – We will also conduct competitive pricing studies, as well as statistical price optimisation studies, which will form the foundation of your offering for a business serious about succeeding in a new market place.
The results which we are able to attain through our market research is a comprehensive market entry strategy, and a tactical action plan. This service can cover the entire marketing mix of product, price, place and promotion and forms the basis of an implementation blueprint, which will provide you the client with a clear and decisive way forward in attaining your desired goals.
To find out how we can help you succeed with our intelligent B2B Marketing, please contact the experts at VSL and see how we can help your company skyrocket into a new market.
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Tags: Market Analysis, Market Research