Building a
business is definitely not a cakewalk, but expanding it is a next-level task. But
this doesn’t mean it is only full of hustle, it surely offers some great
opportunities to flourish and make profits. However, there are some challenges
that cannot be overlooked while entering a new market or a territory and
overcoming these hurdles requires a mindful strategy that can only be built
when you have accurate insights under your belt.
So, here we
are, uncovering three key customer insights that can guide your positioning
strategy in a new market. Also, some famous examples are attached for your
better understanding. So, let’s start!
1.
Cultural Sensitivity: The Language of Connection
Entering a
new market is more than about just about your product. No matter how awesome is
your product, if it doesn’t resonate with your target consumers or their
cultural beliefs, it won’t be as successful as it could be.
Hence,
understanding the local culture is paramount. Even Harvard Business Report
highlighted that 70% of consumers are more likely to purchase a product if
the advertising is culturally relevant and Pampers understood the homework
very well while entering into Japanese Market.
When
Procter & Gamble introduced their diaper brand Pampers in Japan, they found out that Japanese
mothers preferred diapers with higher absorbency due to smaller living
spaces. As a result, Pampers adapted their product to meet this need,
and their advertising focused on the convenience of longer-lasting diapers met
with Japanese consumers’ expectations, resulting in a successful market
entry.
2.
Consumer Behavior Analysis: Navigating Preferences
Book a free call with market
consultants to seek accurate customer insights and build an effective business
strategy.
Understanding
how customers behave and what drives their decisions is vital. Research from
Nielsen suggests that 59% of consumers globally prefer to buy products from
familiar brands. However, preferences can differ significantly in new
markets, making it necessary to tailor your strategy.
Customers
are the one who decides your product’s success. That’s why, it is important to
understand how consumers behave and what determines their decisions is
important. For this, you need to conduct several surveys and interviews in
order to get deep consumer insights and build your marketing strategy
accordingly. However, this is a time-consuming task.
That’s why, 500+
Product managers opted for Ken Research to get detailed targeted consumer
insights. Ken's research has helped multiple business owners globally build
a customer-centric strategy based on customer behavior analysis and helped
them increase significant market revenue.
For
instance, a multinational
Emirati-based telecommunications services provider increased
revenue by 10% after receiving a detailed market assessment and target
customer analysis from
Ken Research.
This company
faced difficulties in assessing customer preferences and understanding the
Competitive benchmarking for the future strategy. Therefore, they contacted Ken
Research.
Ken Research
offered a detailed market assessment and target customer analysis to
understand the potential for each type of tariff and internet plan across the
region. Additionally, enabled the client to formulate an effective strategy and
launch different mobile tariff plans and internet plans in line with the
customer preference across different countries and regions across the Middle
East.
As a result,
the client experienced a 10% revenue increment by understanding customer
behavior.
Want to learn more about the process?
Click
to visit the website now!
3.
Socioeconomic Understanding: Pricing and Value Perception
A survey from Statista shows that 57% of consumers globally consider price as the most vital factor that influences their purchasing decision. Therefore, the economic context of a new market plays a very crucial role in deciding the pricing strategy for your brand.
When Uniqlo,
a Japanese fashion retailer entered the Indian market, they did their homework
pretty well. It was reflected in their pricing strategy. They thoroughly
studied the needs and wants of Indian shoppers and accordingly offered the best
quality stylish clothes at affordable prices. This helped Uniqlo quickly
establish a strong foothold in the competitive Indian retail market.
To sum it
all up, entering a new market is always full of surprises. You never know what
would come. But there is always a data-backed strategy that helps you stay
strong in this dynamic industry. Besides, we have added three customer insights
that will not only help you gain and retain loyal customers but also enable you
to flourish by tapping some new opportunities that your competitors might have
not yet, simply by identifying the loopholes in the market through customer
surveys!
So, do
consider taking the market research lane if you wish to outsmart your
competitors and build a successful market entry. In case you seek some reliable
platform to seek customized market research for your brand, Ken Research
is the one for you! Visit the website today!
