Preliminary market analysis and research is a very important process before launching new projects in the international segment of trade and economic relations. It involves the consistent collection and then analysis of data on consumers, competitors, potential sales volume, possible promotion and advertising costs of your business. Allows you to strategically plan your future.
International market research and analytics for business planning
Let us consider in more detail what should include analysis of the goods and services market. Market research should answer the main questions: the situation with demand, supply of certain groups of goods and services, prices, market segmentation into groups, target audiences, market trends depending on seasonality, upward or downward trends. As a result, the market analytics should consist of at least the following three points:
- General market information about goods and services (supply and demand, prices, competitors, advertising);
- Market segmentation and business target audience (geography, demography, gender, B2B, B2C);
- Market trends, seasonality, business events (analysis in time, historical, statistical data);
Having collected all the necessary information, it is necessary to analyze and draw conclusions about how to promote your goods and services correctly, what profile you can get and what target audience you need to focus on, what advertising channels are best to use to get the maximum result from the invested funds when planning a new international business.
Methods of market analysis and stages of research in our company
In our research we use a classic scheme of analysis of international markets and no matter what you do, it is suitable for any segment of the market:
Samsung analysis In 2009, Samsung, after analyzing the mobile phone market and betting on the sensor segment, sold about 40 million such devices <?>
- We define the business objectives of the market research;
- Drawing up a detailed plan of the market analysis;
- Determine the terms and budget of the market analysis;
- We select methods for market research;
- Conducting necessary market research;
- We carry out the analysis of the collected information on the market;
- We make recommendations for business planning;
Historical fact Market research, as a commonly accepted term, was introduced in the 1920s, when advertisers from the U.S., during the hype of radio broadcasts, began to assess the importance of selecting the target audience and take it into account when choosing radio stations and broadcasts <!>
How do we provide international market research and analysis services?
There are two main ways to collect information – primary and secondary research. In primary market research we collect data directly from us, in direct market research, for a specific marketing task. Such research contains market analytics in a small part of business sector. Secondary research is the data already collected in advance by a specialized analytical company, which often already contains complete information on the industry, analytics and conclusions in reports. The cost of such reports is quite high and cannot be allocated from the budget of most small and medium business companies. Therefore, we offer you a more accessible primary research and only for the necessary marketing tasks of new business:
- Identification of potential demand for goods and services in the international market;
- Identification of upward and downward trends, seasonality of goods and services;
- Identification of market segmentation by geography;
- Identification of major competitors in the market and their analysis;
- Identification of pricing policies and competitor’s prices;
- Identification of promotion methods and price.
The failure of Nokia In 2010, the company Nokia made a bet on OS Windows Phone. The bet was unsuccessful, as the Android OS became the leader. (According to IDC, today the share of smartphones on Windows Phone is 3.7% (8.7 million), Android OS from Google - 79.3% (187.4 million, iOS from Apple - 13.2% (31.2 million) of all smartphones sold in the world. Already in 2011 and 2012 Nokia suffered huge losses and lost its leading position in the world market < :-( >
Any activity to promote their products on the international arena should begin with market research and analysis of opportunities. Based on the results of the initial research conducted by our campaign specialists, you will understand whether it is worth doing international business in another country of the world or it is better not to waste your finances and time, but to do something more profitable.