Market Entry & Opportunity Research
SIS Strategy can help you explore opportunities in new geographies and industry verticals.
With Market Entry and Opportunity Research, we start by understanding your objectives, then the context of your business within the local or global trends most impacting your decisions. Through our research arm, SIS can further tap into the “Voice of the Customer,” exploring the impact and appetite towards your product or service. Our Competitive Intelligence services will further help you glean insight into the competitive landscape, including possible market adjustments or even investment/divestment opportunities. Working closely with our local offices—Shanghai, Manila, Seoul, London, and Frankfurt, to name a few—as well as our extensive database of local market entry and Opportunity knowledge, we connect you with incisive intelligence to rapidly capture new opportunities in the marketplace.
From your objectives to the Market Context, we continue to develop the on-the-ground intelligence that matters most. This intelligence is then used to generate the key insights and recommendations—along with the Make/Partner/Buy and Go/No-Go decisions you need to explore when thinking through entry into new, or extension of existing product lines.
Market Opportunity and Entry Topics
- Market Landscape – Does the market offer enough unit and sales volume for market entry?
- Market Size – units and revenue volume
- Competitive landscape – who are the major competitors?
- Channels of Distribution
- OEMs – Who are the major OEMs and can you develop a relationship with them?
- Social, Political and Legal Barriers to entry
- Domestic met needs by local and international suppliers
- Unmet market needs
- Pricing strategy
- Promotional strategy
- Areas of Market Opportunity
- Conclusions/Recommendations
What is Market Opportunity Research?
A market opportunity (MO) is a potential product or service that consumers may want. In fact, if other companies don’t supply it, therein lies the opportunity. Thus, it’s essential to gain as many details as you can about it so you can benefit from a new market. That’s where market research comes in. Market research allows a business to gain further info about the demand in new markets. When carrying out your MO research, there are some key areas of note:
1. Research your customers and competition.
Use Market Research to understand your customer and rivals in-depth. It will help you to see whether the demand for the product/service is genuine and if it’s even worth the risk for your company to expand into a new market.
2. Get a high-level view of the market.
When doing research, it’s essential to get an insightful view of the market. For example, you need to ask:
- What’s the size of the market?
- How fast is it expanding or contracting?
- How many buyers are there?
- How intense is the competition?
3. Explore other opportunities.
It also makes sense to look at other options. Many businesses with a proven track record of success keep this in mind. Another key point is that with a finger on the pulse of the market, it will allow you to find new ways to expand your brand. It will also enable you to outdo your rivals.
4. Understand the business environment.
Many things can affect how businesses operate. Examples are tech development, economic indicators, as well as geopolitical shifts. For example, Brexit in the UK, where the nation left the EU, caused many issues. The UK’s exit from the EU increased stress on supply chains going out of the country. By the same token, getting goods out to the rest of Europe became a challenge.
Why is Market Opportunity Research Important?
A market opportunity is a chance for any growing business to set itself up in a new market, for example, with many different types of smartphones. In the early days of the phone industry, smartphones existed. But, none of them had an intuitive touch screen display. That was until Apple realized there was demand. So, they made an intuitive handheld phone with many features. And in response, they released the iPhone in June 2007. The opportunity, coupled with Apple’s reaction to it, changed the landscape of the market forever after.
Key Job Titles
There are notable jobs in Market Opportunity Market Research.
- Market Research Analyst
- Data Research Analyst
- Marketing Manager
Why Businesses Need Market Opportunity Research
For a firm to survive and thrive, it needs to take advantage of market opportunities. And to do so, it needs relevant info on the market, which it can only gain from good market research. In cases like these, it’s good to remember the phrase “If you don’t, somebody will.” It’s better that you set up yourself in a new market first. Better that than have somebody else move in before you and raise the barriers to entry.
Key Success Factors
For a business is to be successful, it needs to be timely. It needs to be able to work with the most current info. It must also be able to find out the best opportunities in the market. Also, it needs to be thorough. A business that wants to move into a new market or expand must inform itself well. If not, that mistake can allow the competition to take hold of that new market for themselves.
About Market Opportunity Research
When doing your market research, use all the tools at your disposal. Many online databases already exist to provide a broad look at the state of the market. These will have a good layout report of the Quantitative and Qualitative findings. Keep in mind that niche markets will need specific data. In addition, it’s easy to get the information if you commission a custom market research project. These may use many techniques, including Surveys, interviews, and Focus Groups. These are excellent primary sources that you can use to increase the collection of valuable data.