Why The Success of Your Market Entry Strategy Lies in Research

  • October 11, 2023

  • Jennifer Smith Tapp

Entering a new market is a significant endeavor for any B2C or B2B brand. Whether the brand is expanding internationally or entering a niche market segment, success relies on a well-crafted market entry strategy. 

Market research plays a pivotal role in refining and fine-tuning this strategy. Here is how research can refine a B2C or B2B brand’s market entry strategy and how employing custom online panels is essential in gaining crucial market insights. 

Why is Market Research Important in Market Entry Strategy? 

  • Understanding Market Dynamics:  Market research allows B2C and B2B brands to gain deep insights into target market dynamics. It allows them to identify market trends, audience preferences, and potential competitors. This understanding helps B2C and B2B brands tailor their strategy to align with current market conditions. 
  • Defining the Target Audience: Successful market entry hinges on knowing who the ideal audience is. Through research, B2C and B2B brands can create detailed audience personas, ensuring that their product or service resonates with the right audience. 
  • Competitive Analysis: Thorough research helps B2C and B2B brands analyze competitors’ strengths and weaknesses. Having this knowledge enables brands to position themselves effectively and identify opportunities to stand out. 
  • Identifying Barriers and Regulations: Different markets come with varying regulatory and legal requirements. Research ensures that B2C and B2B brands are aware of these barriers and can plan accordingly to overcome them. 
  • Pricing and Localization: Market research can help B2C and B2B brands determine the optimal pricing strategy for their product or service in the new market. Additionally, it is also helpful in adapting a brand’s offering to local preferences and cultural nuances, something that might be missed altogether without prior research. 

The Role of Custom Online Panels 

Custom online panels are an invaluable tool in market research, especially when refining a B2C or B2B brand’s market entry strategy. Here’s why they should be part of a market entry strategy: 

  • Tailored Data Collection: Custom online panels allow B2C and B2B brands to target specific demographics or segments within their target market. This tailored approach ensures that the data collected is highly relevant to a brand’s market entry strategy. 
  • Real-time Insights: Online panels provide access to real-time data, allowing B2C and B2B brands to monitor market changes and trends as they happen. This agility is essential for adapting a B2C or B2B brand’s strategy as circumstances evolve. 
  • Cost-Effective: Custom online panels can be a cost-effective way to collect data. Compared to traditional market research methods, they often offer a better value. 
  • Flexibility: Online panels can be adapted to suit a B2C or B2B brand’s research needs, whether they require quantitive data, qualitative insights, or a combination of both. Flexibility is vital when refining a market entry strategy. 
  • Quick Turnaround: Custom online panels generally provide faster results than traditional research methods, enabling B2C and B2B brands to make informed decisions promptly. 

In the business landscape, knowledge is power. Market research is the key to unlocking that knowledge and refining a B2C or B2B brand’s market entry strategy. It helps navigate the complexities of new markets, understand the target audience, and outshine competitors. 

To make the most of market research, B2C and B2B brands should consider leveraging custom online panels. Eyes4Research has deep experience creating custom online panels for our B2C and B2B clients, helping them navigate the challenges of breaking into new markets and keeping their finger on the pulse of what their audiences want and need, setting them up for continued success. 
Read more about market research and the business landscape on the Eyes4Research blog. Eyes4Research also has everything you need to collect high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our specialty panels here.