Key Elements in Crafting a Successful Market Entry Strategy

1. ARROWPOINT-MARKET RESEARCH AND INSIGHT SOLUTIONS; Key Elements in Crafting a Successful Market Entry Strategy

2. Key elements which has to be studied before crafting a market entry strategy for your business or product Opportunity may not be found tangible. However, it can be identified. In today’s world there are number of external forces are impacting the success of a business which is like never before, conventional wisdom and handful experience alone can no longer guide strategies for the future. To gain a great strategic advantage, modern companies must learn few w’s before getting in to the market - what, where, and why about the market environment. Such market demands a highly effective Competitive Intelligence strategy.

3. Since the era of globalization, it has been an evident reality that the Indian retail markets are not only dominated by well-established domestic players but also face competition from emerging mid-cap players and international counterparts. Despite this, through extensive market research conducted nationwide across various sectors, Indian brands have discerned opportunities amid rising prices and the rise of small family units. By adopting best practices and analyzing trends in manufacturing, design, and marketing from diverse countries, these Indian brands have not only positioned themselves as formidable contenders but have also outperformed multinational players on their own home turf. In today's business landscape, where external forces significantly impact success, relying solely on conventional wisdom and experience is no longer sufficient for shaping future strategies. This holds especially true when planning a new market entry. What may be overlooked by one company could be a golden opportunity for another. To gain a strategic advantage, brands must delve into the fundamentals—understanding the what, where, and why of the market environment they intend to enter.

4. Many brands collect data on an informal basis about various factors persisting at the marketplace and also about their key competitors, but most of the times that is undertaken in an unstructured manner by internal resources who does not have enough experience in the area of Competitive Intelligence and relevant other methodologies as well. Such kind of ad-hoc intelligence most of the times put them down especially when they are assessing the opportunities and risks of a new market which they are planning to enter. Such kind of ad-hoc competitive intelligence exposes them to high risk of wrong decision making in their respective businesses, which also can be catastrophic to their business.  • So, what is important when it comes to an effective structured competitive intelligence approach is primarily defining goals for market entry investigation. • At Arrow Point, the following goals are some of the key pointers that a market entry investigation must have as part. • We study the entire industry as in the present existence, and then identify the direction where it is headed towards. • We identify any dynamics that are potential to affect a business, especially those which are beyond direct competition and in the industry horizon. We study the market shifts and key disruptions that are potentially impact a business. • We identify all important questions that have to be asked or the key issues that has to be monitored and also identify key opportunities and threats. • We create a foundation line for future as strategy. 

5. Aforesaid goals can also help us to gain an objective view of an industry in current trend and identify shift in trends and it’s dynamic degree. Once we are done with such goal setting, gathering intelligence data is a critical part which has to be focused upon and that will help us plan a new market entry effectively. Whether our Client belongs to a B2C or B2B organization, belongs to the business of manufacturing products, selling products or offering services, the following nine things that our competitive intelligence research will deep-dive into for any new market entry study:  • Assessment of Market / Industry (Market feasibility) • Identifying and deciphering what target product or service is (for example – fruit beverage versus carbonated beverage). • Stock keeping units, Pack sizes / overall sales / revenues, in currency by value and / or units by volume (Global vs National vs Regional vs Territory); Performance in past, present, and future growth forecast and trends. • Key Market drivers including consumption demand and statutory policy.

6. 1. Competitor Landscape: • Identify major competitors based on sales volume and revenue, and evaluate their market share. • 2. Performance Trends: • Analyze market trends to identify competitors gaining or losing ground, and understand the reasons behind these shifts. • 3. Market Rank: • Determine competitors' market positions, specifying whether they are in the top five or top ten. • 4. Emerging Players: • Identify and assess emerging competitors in niche segments, evaluating their strategies and value propositions. • 5. SWOT Snapshot: • Provide a brief SWOT analysis for major competitors, summarizing key strengths, weaknesses, opportunities, and threats.

7. Competitive intelligence has consistently provided enlightening perspectives, adept at uncovering misconceptions prevalent in various industries. It often brings to light issues that were previously overlooked. For instance, a common assumption might attribute a brand's underperformance to incorrect pricing. However, competitive intelligence reveals a more nuanced reality, shedding light on factors such as quality, delivery, customer service, reliability, and innovation, among others. Arrow Point, leveraging Competitive Intelligence tools, has successfully assisted numerous brands in thriving within the Indian market and competing globally. These strategic insights have empowered client brands to navigate the complexities of the market with precision, executing well-crafted entry strategies. It is evident that a meticulously conducted market entry investigation is a crucial tool for success, offering valuable insights that pave the way for success in target markets.