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!
- 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.
- Consumer Behavior Analysis: Navigating Preferences
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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!
- 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!