Archive for the ‘Market Intelligence’ Category

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Tips for Growing in China

AdAgeChina is adamant that China remains one of the few bright spots for multinational marketers at the present time.  After all, with some 300 million urban and upwardly mobile consumers, China can boast the world’s largest numbers of internet and mobile-phone users, as well as the biggest global market for cars, beer and cigarettes.

But it can still be a tough market to crack, and a new white paper from Ad Age – Winning Consumers in China – can help those, particularly in consumer markets, looking to grow their brands in China.
Some top tips from the paper, many of which also apply to b-to-b markets, include:

• Don’t think of China as a single country.  According to AdAgeChina, an unbelievable 273 of its cities are each home to more than one million inhabitants, giving you some idea of the tremendous scale of this country.
• Don’t misinterpret the popularity of some Western brands as a desire among Chinese to become Westernized. China is advancing apace and is embracing many Western products and ideas, but it also has a strong identity, a proud history and many unique traditions of its own, all of which must be acknowledged and respected.
• Underestimate local brands at your peril.
• Beware mass media in China. One of the most effective ways to reach consumers in the world’s most populous country can actually be through one-to-one marketing.

The full white paper can be purchased from adagechina.com.

B2B International, with research experts on the ground in its Beijing office, offers some similar tips to business-to-business marketers interested in the potential of this huge country.  Our white paper, Marketing and Selling to Chinese Businesses, explores the reasons behind both successful and unsuccessful marketing and sales approaches in China, and can be downloaded here for free. Alternatively, email beijing@b2binternational.com if you would like to find out more from our team in China.

Posted in Branding, China, Market Assesment, Market Entry, Market Intelligence, Market Research China |
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The ROI Of Market Research – New Podcast

ROI is an oft-repeated business mantra for any kind of major strategic investment, and market research is certainly no different from other business expenditure in this respect.

Market intelligence studies are often commissioned with laudable intentions – principal amongst these being the development and growth of the organisation concerned. However, for all the lofty ambitions and expectation that may be placed behind a market research project, without careful planning and management, the end result can all-to-easily disappoint. A study may fail to target the original objectives from the market research brief or the report may be too far divorced from the actions that will effect real change within an organisation.

In effect, the question that companies should ask when commissioning market research is "am I getting my money’s worth?" – A query that should be asked of major investments at any time, not least during a recession.

In B2B International’s latest podcast, we broach these very issues: How can we ensure market research delivers value for money? How can this be verified or measured? And, perhaps more fundamentally, what is the value of market research in the first instance?

The podcast is based upon a white paper written by Paul Hague and Julia Cupman of B2B International entitled "Making effective business decisions: Measuring & maximising the return on investment of market research". Links to both versions of this paper can be found below:

	Making Effective Business Decisions in pdf
	Making Effective Business Decisions from The Market Research Podcast

Posted in Budgets, Business Decisions, Julia Cupman, Market Intelligence, Market Research, Paul Hague, Podcast Audio, Return On Investment, ROI |
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Increasing Sales In Challenging Times, part 2 of 3

Following on from yesterday’s blog post, the second part of Julia Cupman’s 3-part feature on increasing sales in challenging times continues by looking at some of the questions a market entry or market assessment study should help to answer:

There is an obvious requirement for market knowledge and market insight prior to devising a market expansion strategy.  Market research and intelligence should be used to determine the precise nature of the opportunity, the size of the opportunity, and the routes to market.  Many companies turn to market research providers to do this as they are independent and, therefore, unlikely to prejudice the findings.  They also have the expertise in conducting market assessment and market entry research.

Entering a new market is undoubtedly a daunting task.  The following list of questions should assist marketers and their colleagues to explore, scope and define the opportunity in expanding into a new market.

1.  What are the high-level factors surrounding the target market?  Factors such as the country’s GDP, compound annual growth rate and inflation rate should be noted as they could potentially affect demand.  Other factors, such as the industrial production growth rate, the state of the country’s infrastructure, the overall business climate and the cultural norms associated with business should also be covered in the research as they could affect the decision to enter the market and could influence the nature of the strategy.

2. What is the purchasing process surrounding the product/service concerned?  It is necessary to understand who is involved in the purchasing decision and how these decision-makers can best be reached.

3. What are the market’s requirements in purchasing the product/service concerned?  Understanding the market’s requirements is crucial in determining whether the company’s product/service is appropriate for the market.  Key factors influencing the decision should be explored so that the company’s offering can be tailored to suit local demand and to satisfy the market’s needs and wants.  The research should also uncover the market’s unmet needs, offering potential opportunities to be exploited.

4. What are the challenges?  An understanding of the main challenges faced by buyers and sellers will provide insight into problems and pressures faced in the market from both demand and supply perspectives.

5. What are the trends?  It is crucial to understand the nature of the demand for the product/service concerned in order to ascertain whether a company’s products are suited to this new market.  Current and future demand should be explored in terms of how demand is predicted to change in the short, medium and long terms.  The research should provide a clear indication of the trends per market segment, per type of product or service, and per geographical region, as well as trends in international collaboration, mergers and acquisitions.

6. What are the influences on the market?  The political, economic, socio-cultural, technological, legislative and environmental forces on the market should be examined in order to obtain a thorough understanding of the business environment, and to understand who is influencing the market and what power they have.

This article concludes tomorrow.

Posted in Business Development, Market Assesment, Market Intelligence, Market Research, New Markets, Recession, Trends |
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Using Market Research For Product Development

A new B2B International white paper – Using Market Research For Product Development – is now available online.

In it, Julia Cupman assesses the importance of product development to a company’s growth prospects, focusing in particular on the vital role(s) that market research plays throughout all the different stages of the product life cycle, from initial concept through to product maturity.  Product development research serves a host of purposes, such as establishing (unmet) needs, estimating likely demand, setting prices, shaping the specification of the product or determining optimal price points, to give but a few examples.

Of course, product development research does not just examine the product alone; packaging, advertising, pricing, service, brand and company reputation are some of the other factors which together make up the complete customer value proposition.  Indeed, improvements to packaging, delivery, or any aspect of service support could have just as big an impact as improvements to the physical product itself.

Whether establishing potential opportunities for brand new products or trying to breathe life into a former favorite seemingly on its last legs, market research provides insight into the needs of the market, and reduces the risk associated with any form of product development.

To read the white paper in full, please click here

For further details on B2B International’s product development research services, please click here

Posted in Innovation, Julia Cupman, Market Assesment, Market Intelligence, Market Research, Needs, New Product Development, Product Development, Qualitative Research, Quantitative Research, Segmentation, White Papers |
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Top US Brands

The most valuable retail brand in the United States has been revealed in a report just released by Interbrand.

Walmart took the top spot by a huge margin, followed by Best Buy, Home Depot, Target and CVS.  With a brand value of $129 billion, Walmart – which has made a concerted effort over recent years to understand its consumer base and has carved out a niche for value-driven shoppers – is, in fact, the most valuable retail brand in the world.

The study also reveals that brand now accounts for 25% of the decision to shop at a particular store, so those who are prospering are the ones who understand the importance of their brand.

In a recession, retailers who have a clear, well-positioned brand have a better chance of keeping their existing customers and enticing others away from their competitors.  The key to a successful brand is to be able to adapt to the changing economy, yet continue to engage and deliver a unique experience to the consumer.  A renewed focus on brand at this time will help companies to continue through the difficult days ahead.

Posted in Branding, Corporate Positioning, Customer Satisfaction, Market Intelligence, Market Research USA, USA |
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