In an era where information is abundant, there is a belief that technology or widespread information availability makes additional research redundant. While it is true that many traditional research processes are being impacted by technology, we still need to validate information, understand key trends and a variety of qualitative factors that can only be derived by speaking with industry participants. Moreover, depending on the research question, very often, complete data is not available in any report or database.
The larger community of stakeholders – channel partners, customers, dealers, influencers, ex-employees, suppliers or competitors – will invariably have deep insights on various aspects of your business – and there is no other way to gather this, other than speaking with a sample of such people. Of course, primary research (especially in B2B) tends to be challenging and often costly, so it’s critical to design your primary research well.
Recently, while working on a market re-entry study for a multinational firm manufacturing industrial mixers, we had in-depth conversations with nearly 200 respondents to gain insights into price-quality trends, key competitors, dynamics in the supply chain, etc.
|Market re-entry strategy for a multinational firm manufacturing industrial mixers
With an emphasis on primary research, our analysts conducted in-depth conversations with nearly 200 respondents – customers, competitors, distributor & traders and industry experts –
– to establish the addressable market for the client’s product, price-quality trends
– analyse the key competitors in the market
– identify the dynamics in the supply chain
– get insights into new projects expected to materialise in the next five years
The study provided a comprehensive picture of the opportunities available in each of the customer segments, expectations of customers, and the future game-plan of competitors.
Based on our research, the client was able to develop an appropriate re-entry strategy for the Indian market.
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