A typical research pattern might consist of five stages:
* targeting study – to identify companies within a sector, to quantify sectors and to highlight new or adjacent sectors for further investigation;
* issue identification and formulation of offer – structured interviews covering size and scope of potential customer activity, existing products/services, current purchase criteria and trends combined with database and financial analysis leading to a formulated offer;
* opportunity quantification – having formulated a product or service offer, further structured interviews, questionnaires or web-polling to establish probabilities of spend, movement to new product, service or ...view middle of the document...
Armed with this kind of information, you will be in a much better position to succeed internationally, no matter which market you may happen to be in.
Step 3 - Go for a walk
When you travel to the markets that you plan to enter, go for a walk. Take a stroll or car drive around the neighborhood. If you can, mystery-shop your customers, and your competitors. If you keep your eyes and ears open you will be amazed at how much you can pick up from a simple short walk or drive.
To give just one obvious example, a few short walks in Tokyo taught me a great deal that I needed to know about everything from commuting habits and the local dress codes, to roofing structures and the local building codes.
Step 4 - Prepare for the language barrier
English varies significantly from country to country, and from market to market. (The same thing is true for Spanish, French, and any other widely used language.) Be prepared for those language differences. Learn the local version of the language, and learn the local market business jargon. It will show that you care about the local culture.
Putting the four steps into effect
Although people vary significantly around the world, I have found one thing never changes. That is, if you show people that you care enough about them to have learned their business customs and how they conduct business, then they are much more likely to trust you, and to want to develop a business relationship with you. No matter which market you are entering, in the end, that is always the key to business success in entering new markets.
Article Source: http://EzineArticles.com/2260448
To successfully enter a new market, product design must overcome three challenges to avoid delivering functionality that fails to create sustainable competitive differentiation. The three risk points are: lack of adequate market insight, inability to conceive a ‘market-taking’ innovative product configuration, and lack of fresh ideas on how to implement that configuration.
Assuming you have identified a potentially attractive market space, you can overcome these challenges by automating the following innovation tasks to expedite a thorough and highly creative strategy for new market entrance.
Here are five steps to successful market entry:
1. Map the competitive landscape
Without competition there would be no market to enter. So by definition, there is already an established set of functionality fulfilling a spectrum of client needs. The challenge is to determine the best place to insert your specific capabilities into that spectrum. This requires an understanding of current and emerging solutions in a way that yields insights relative to functional differentiation and sustainability.
Traditional market and technology analyses will identify the obvious competitors and their respective offerings, but can easily miss new entrants and early trends in evolving technology. Both need to be proactively identified. The next generation of...