When planning to expand a business to another area globally or locally, you need a lot of information to make this move as secure and smart as possible. There is no point in making a significant strategic move if you do not have enough information about the market demands. But what kind of information will you need for this? Here is a short checklist can can go through.
- First and foremost, you have to know more about your potential customers: what they need and desire. You need to know more about how they buy and where they buy. Of course, it is essential also to know more about their culture and habits. Find out what their values are and what motivates and makes them tick. How do they live their everyday lives? Focus on understanding, what are the challenges they face and how your products or services could help them to solve these problems or needs.
- You should also be familiar with your target country’s legislation and regulations. This way you’ll be prepared and can avoid potentially costly mistakes. In addition, take into account the customs and habits of your customers in your marketing and advertising.
- If you are going to set up let’s say an office, a restaurant or a hotel to another country, you need to know what the economic and educational situation of the target country is. What is the employment rate, and is there qualified staff available to hire? Is there enough purchasing power and demand for your products and services in the country?
- Logistical information is also highly important. You need to know more about the geographical facts that can affect logistics and infrastructure. If you plan to build a new production plant, how to get power for your facilities, machines and production? How will transportation take place? Also, you should pay attention to the political climate, because it can affect your business in a multitude of ways.
- You should also be aware of the competitive environment. Focus on finding out who are the biggest rivals in your field and what they are doing in the same business area. This will tell you how you should position yourself in the markets? Is there a gap in the market that your company’s product or service could fill?
It is market intelligence that you need when planning to expand your business to other locations or business areas. You need to focus on external factors that could have an impact on your plans and business opportunities. As you can see from the checklist above, a lot of information is needed in order to turn it into useful market insights.
Get Useful Market Insight for Your Business
But how and where do you gather this information? Of course, from various sources, but doing this yourself sounds like an exhausting job. mPulse is the one and the only tool you need to get market insight to keep on top of everything you need to know. It is a useful and time-saving service that can collect and refine all the information mentioned above in one place.