Market Opportunity Research
If you want to enter a new market or increase your share in a current market, understanding the scale of the opportunity is crucial. Allocation of resources; targets for sales staff; innovation: these activities and decisions must be understood in context of the size and nature of the opportunity. This, in itself, is challenging.
Going beyond knowledge
B2B International’s market opportunity research provides practical and actionable answers to the most frequent questions faced by businesses looking to expand their market share, including:
- 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 answer these questions, we tailor a B2B opportunities research study for your business with key components, such as:
- Market sizing research – To know the overall market size and, above all, the addressable market size, i.e. the size of the segment willing and able to pay for the value you provide.
- Value chain analysis – The starting point to understanding any market is drawing out the market map to find out: how products and services get to market and how this is changing; how many distributors there are and what value they add; how approaches of multinationals and local businesses differ. Once we have mapped out the market on your behalf, we go on to recommend the path of least resistance in the supply-chain.
Needs assessment research – Market requirements vary significantly between countries. Understanding how your product or service may need to be tailored to a new market is crucial to ensure successful market entry.B2b pricing strategy – Competitive pricing studies, as well as statistical price optimisation studies, are a crucial part of our offering for businesses serious about succeeding in a new market.
The output of our market opportunity research is a comprehensive market entry strategy, plus tactical action plan. This output covers the entire marketing mix of product, price, place and promotion and forms the basis of an implementation workshop in which a clear way forward is established.
Case study: Market share analysis
A worldwide provider of barcoding systems for factories and warehouses was dissatisfied with its market share in three key geographies. The company wanted to know why its market share was so small and what it could do to increase it.
What we did
To ensure a full understanding of the market, our team built a program around interviews at every stage of the supply chain, competing manufacturers, distributors, resellers and end customers. The total market size was calculated in three ways and triangulated:
- Based on demand from the end customers
- Based on demand from the intermediaries
- Based on proven products sold by manufacturers
We profiled all key competitors and conducted a full needs assessment of the target audience. This left our client with a full understanding of the size and nature of the opportunity, all within the competitive context. Our client decided to focus on one of the three countries, installing a new sales force with clear targets in that location.