By ICG member Jeff Deighton, Insight Engineers
Introduction
Many organizations have a directive and need to plan to grow but entering a new country and market sector is complex and challenging and will usually require significant time and monetary investment, even in these days of digital marketing and technological advance.
And this ambition has to be based on evidence and measurable data, not just gut-feeling. Typically, this ‘market entry’ ambition starts with the macro – wanting to prioritize which countries have the best chance of success and then requires the micro – detail on critical aspects for your specific sector – to build back up to the business plan internally.
We have been ‘engineering’ this type of ‘insight’ delivery for many years, utilizing low budget, high value ‘secondary desk’ research information and expert interviews to turn such public domain information into profitable wisdom specific to each client. The recent BREXIT years have only heightened the level of requests as many organizations – in East, West and the Americas – recognize the need to land new opportunities outside of home territories.
Some of requirements we have been approached with may well strike a chord with you:-
- We need robust sector/category information at our fingertips to be able to create a reliable business plan and accurate forecasts
- Who, or what type of customer/company/person will be interested in buying our product/service/idea – and how many of them are in Country A versus Company B?
- Will our product/service/idea appeal only to our traditional customer groups or can you identify interest amongst new/different customer groups?
- Who are the key competitors – are they local or global?
- What has/has not worked for the current companies – and importantly, what are they planning?
- What cost advantages do they enjoy in their supply chain?
- What is the media landscape? Where and how do people inform themselves?
- Does the Corporation Tax level in the country preclude or encourage our own subsidiary?
- How will local regulations and labour laws impact how we would go about normal business?
We have written this paper with our partner, Benori Knowledge Solutions in India, based on our shared experiences of delivering solutions across multiple markets. Projects have ranged from 1 to 40+ prospective markets & countries evaluated, with clients spanning B2B and B2C categories for established multi-nationals, local players wanting to expand, EU grant supported companies in New Energies, Education Bodies, Charities and new Start-ups with a good idea – from the obscure to the common.
The shared ingredients in the cake each company has sought to bake have been to understand the category landscape, relevant trends, competitive landscape, buying processes, regulatory and pricing situations across countries to help them decide how to best accelerate growth, before large-scale investment.
The most valuable insights about the entering new markets lie in four main aspects: –
- Sector landscape
- Competitive scenario
- Cost & Pricing
- Market Assessment Summary
insight engineers and Benori Knowledge are always happy to explore how we can help you in your plans and to guide you on what to look out for. Please contact me for a free discussion on what you might be considering in any future journey to a new sector and country.
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Jeff Deighton; Managing Director; insight engineers Ltd, Building 1, Chalfont Park, Gerrard’s Cross, Bucks SL9 0BG
(ddi) +44 (0) 1753 916 908; (e) jeff.deighton@insight-engineers.com