Unique or Old Hat – Market Intelligence will give you the answer
Image Credit – JD Hancock (CC License)
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. The nightmare of any company is to launch a product or service they have spent money and time developing, only to discover there is no real demand or someone else does it better and more cost effective or they were addressing the wrong marketplace!!
Having the right market intelligence will allow you to allocate your resources appropriately.It will also give you some idea of the potential size of the market opportunity and which contacts you should be addressing within the prospect list. Understanding the competitors and their own USP’s is another piece of critical information. 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 undertaking a proper market opportunity telemarketing campaign can help you identify and exploit your chosen marketplace.
Intelligent market research
A professional market research service , will provide to your business with 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. They will 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?
The right partner and tools for the job
A good Market research partner, in order provide the market intelligence to answer the above questions, will tailor their B2B market research activities for your business focusing on the key components, such as:
Market size research – Providing 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 will then enable you to create 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… In short a good partner will allow you to stand out from the crowd.
Contact Us
If you are interested in us at VSL running a campaign for you or you would just like some more information please contact us.
In order for you to grow your business, you need to understand the economic and competitive environment in which you operate and the needs of your existing and potential customers.
For more information take a look at our Market Research page.
This is a sensitive area for organisations to undertake themselves. our researchers work under strict codes of conduct and ethical means to obtain information about the market in which you operate.
For more information take a look at our Market & Competitor Research Page
VSL is able to carry out Customer Research, we have an experienced team who have carried out research for approximately 20 years.
For more information take a look at our Customer Research page
Tags: Market Intelligence, Market Research
Andy Dickens
Andy Dickens is a veteran of IT Sales, used to leading by example. He is the CEO of Virtual Sales Limited (VSL) who offer telesales, telemarketing, lead generation and appointment setting services to B2b businesses. He previously was Sales Director EMEA for Red Hat and before that ran sales at Visio before it was acquired by Microsoft.