Enter New Markets With Holistic Planning and Expert Research
What we did:
Our two-phased approach began with our Accelerated Intelligence Secondary Research and Expert Network capabilities to gauge the size of the market, estimate the growth trajectory, and understand the competitive market share. This was done by leveraging the knowledge of market and industry experts and exploring business literature through secondary research.
Phase 2 involved primary research designed to capture qualitative insights from customers to understand their needs and requirements, quantify the use of competitors’ offerings, identify unmet needs, gauge customer appeal and acceptance, and map the buyers’ journey.
The result:
The results of these two phases led to a rank ordering of market attractiveness across 5 new but related industries in two major geographies. Furthermore, this intelligence provided clear guidance on what it would take to enter these related markets, including go-to-market strategies, distribution considerations, sales, marketing, and after-sales support.
The manufacturer quickly pinpointed their short-term and long-term focus and leveraged this intelligence to build their business case. This insight, coupled with their 5-year strategic plan for product development, led to the pursuit of two new target markets to enter. With the success of this project, Big Village is continuing to work with this manufacturer in an ongoing capacity.