Question 6: Who will our competitors be in the new market? Why do customers buy from these market players? And above all, what do we need to do to make them buy from us?
In the sixth part of our market assessment series, we’ll discuss one of the most crucial aspects of entering any market – the competition. Who will your company, your products and services be competing against? You should also know why people are buying from these market players. And of course, you must find out what it is you need to do to make them buy from you and drive customer satisfaction.
Question 5: What are the different market segments? Do we need to enter in all or just a few of these segments? Which segments are expanding and which are shrinking?
Market segmentation is a crucial part of a marketing strategy, especially one being utilized when entering a new market. In this fifth part of our market assessment series, we’ll discuss the importance of market segmentation.
Question 4: What are the new market’s buying habits and how can these be exploited?
Knowing the buying habits of a market is critical for any business hoping to sell in that market. This is what we’ll discuss in this post, the fourth in our market assessment series.
Question 3: How well do our services fit in the market? Is it possible to create a new market for our services?
In this third part of our market assessment series, we’ll talk about the importance of a company’s products or services “fitting” in the new market. Will Caldwell, founder and CEO Dizzle explained on Entrepreneur Magazine that it is a challenging and time consuming process that requires businesses to get a deep understanding of their target market.