For small businesses, entering new markets can be quite a challenge. It is common for them to need help finding comprehensive market entry strategies that help them boost sales and profitability. However, offering a broader product line with a wider appeal is important for many business owners.
Naturally, business expansion can be risky for a business. It brings unfamiliar challenges and new competitors, involver many questions:
- Will consumers in this new market embrace my products?
- How successful are my competitors? Will the consumers be willing to switch the brands they are currently using?
- What products should we offer for the greatest appeal?
- Which promotional materials and pricing work best for penetrating this market?
And so on.
The good news is that one effective way to combat the uncertainty that comes with entering new markets is, well, with data. That is, collecting information regarding customer behaviour, competitors and local market conditions before you join.
Market research helps your business develop paths to grow and plays a crucial role in de-risking market entries. More specifically, mobile market research is the tool that lays the groundwork for this to happen, as it is the most cost-effective and convenient way of researching new markets.
Mobile research can help your business to:
- Analyze market size and growth potential
- Assess your competitors and their strategies
- Explore distribution channels
- Identify potential partners
- Investigate promotional opportunities
- Refine price points and pricing strategies
Helps Your Business Target Potential Customers
Using mobile technology, you can accurately and efficiently identify new customers in new markets. Moreover, it will also help you conduct customer behaviour research to see how shoppers could respond to the products or services you are offering.
Mobile market research will help your business to map the ideal customer, as well as the customer journey, so that you can develop the perfect market entry strategy.
Allows you to keep an eye on the Competition
Inevitably, a crucial part of market entry research is competitor research.
Conducting an in-depth competitor analysis to study existing businesses in your targeted new market is crucial to understand the market and the environment in which you will need to compete.
Mobile Market Research provides you with tools to better understand competitors, their position in the market, their brand promise, and so much more.
Robust and Actionable Insights
With Mobile Market Research, you can have both low-cost and quality access to real-time data that will enable you to take decisions right when and where you need to.
Through our model of crowdsourcing, SmartSpotter gives you that visibility by mobilizing people on the ground to conduct field research, so you instantly get to see what they found, together with analytics that reveals what it means.
Smart solutions for your market entry strategy
Developing strategies to enter new markets does not have to be tricky. With Mobile Market Research, no matter how small your business is, you can expand it faster, more affordably and more efficiently.
Contact us for more info!
