Market Intelligence and Positioning

Understanding the market you are entering and having reliable information on the trends and forecasts can be a great way to be prepared when looking to gain entry into a new economy. Before making an investment and beginning the process of incorporating a business into a new country, you are going to want to know whether it will succeed. Does your product or service supply something that is needed? Is there a reliable market? Being able to answer these questions is why you need market intelligence. So what is market intelligence and how can it help your business? Market intelligence refers to the collection of external data about a certain market, giving information about whether or not entering this market would be profitable for a business. A company will take the information gathered and then analyze it to determine whether or not entering the market would lead to success or failure.

Many people get confused between business intelligence and market intelligence, assuming that both of these concepts are one in the same. While market intelligence refers to data gathered about factors outside of the company, business intelligence will focus on aspects within the company. Market intelligence is more holistic in its approach, relaying how certain external factors will impact the internal factors within a business.

Market intelligence is a base point for marketing tactics that a business may want to use in the future. Many of the processes and stages involved in doing market research will be used later when you begin marketing your products or service to the public. Market intelligence helps a business to form ideas around the wants and needs of the public, helping them to become more consumer-focused. This consumer-focused form of intelligence enhances their offers and better prepares a company for entering a new market. Along with focusing on the wants and needs of potential customers, market intelligence also offers vital information on the competitors of an area. What are businesses selling? What are their price points and how do they compare to your own business prices? Having this information will not only allow you to better understand the market but it will also help you to see how your own offerings compare to the ones that are already being sold in a certain area.

• Competitor Intelligence: In order to gain a full understanding of the market you are entering into, it is important that you are aware of what your competitors are doing. Getting an idea of the strengths and weaknesses of your competitors and using this information to better your own understanding of the market can be a great way to set you apart from the competition and can help to ensure that you are not making the same mistakes that others may be making.

• Product Intelligence: Analyzing how your product is developed and ensuring that it is being done in the best way possible is important. Along with ensuring quality, you also want to be sure that you are creating a product that is going to be as profitable as possible. Looking at the manufacturing process and being involved in how a product is made is a great way to learn more about product intelligence!

• Market Understanding: You may start in one market but that does not mean that you should not assess how you are doing over time. This assessment will help you to gain information on whether or not you are in the right market and also whether you should expand. Analyzing the market in this way will ensure that you are able to make future decisions about an expansion using the data that you have collected!

• Customer Understanding: Part of market intelligence is understanding your consumers. Why do they purchase products from you? What do they use your products for? How do they benefit them? Understanding this will give you information on which other markets you could expand into as you have a better understanding of your consumers themselves.

One of the main advantages of market research is that it helps a business to gain a better understanding of how well its own products and services will sell and how they compare within the current market. Market intelligence provides a holistic view of how you compare to your competitors and what is needed by consumers in a certain area. This is vital when it comes to deciding if you are going to enter a new market and how you should market your products or services to consumers in certain areas.

Global Me is equipped to help you when it comes to all market intelligence processes that will need to be compiled. With a skilled set of experts in the fields of company incorporation and market intelligence, we are able to help you perform the analysis involved in gaining insight into new markets. Our extensive market research involves analyzing consumer trends, assessing global market dynamics, assessing distribution channels and so much more!

How your customers perceive the products or services that you have on offer can greatly impact whether or not you are successful. Different target markets will have different things that are important to them, some rely on cost while others like to think of the brands they purchase from as affluent and elegant. So what is market positioning? How you position yourself in the market to your audience will determine what kinds of customers you attract. This process is what is known as market positioning. You will want to do research into different trends within the market in order to locate the target audience you are hoping to attract. Different companies will look for different target audiences depending on what kinds of products or services they sell and who they are.

• Product Attributes and Benefits: If you are creating and producing a product with unique characteristics and benefits, you will want to promote these unique attributes. Market positioning in a way that ensures that these product benefits are well-known to the consumer will attract certain types of people and push you into the market position that you want.

• Product Price: One of the main attributes to attract your target audience may also be the price points that you offer. Showing your target audience that you have created a product at one of the best price points on the market is a great way to help position your brand within a certain market. This type of market positioning strategy involves looking to your competitors to see what their prices are and how they compare to your own.

• Product Quality: A business is also able to position itself in such a way that the quality of the product or service is at the forefront of the advertising. Quality is extremely important to customers and if they are paying for a product or a service, they want to know that you are able to supply them with the very best! Market positioning through product quality can be a fantastic way to get you ahead of competitors!

• Product Use and Application: You may have a product or service with unique application benefits, like if you produce something versatile and can be used for more than one thing. Product use and application can be great when it comes to market positioning as they can help a potential customer gain insight into how a product or service would function in their life.

• Competitors: You can also go the route of letting your customers know about how your products or services differ from your competitors. You may use different materials or be environmentally friendly and using this as a market positioning strategy within certain markets can be very beneficial.

One of the most important things to think of when it comes to a market positioning strategy is to think about your products and services and consider what makes them unique. A large part of marketing and starting up a successful company is finding ways to set yourself apart from your competitors in ways that attract your target audience and give you a good position within a certain market. Whether you have a product or service that has been designed to offer the best offer with the highest quality guaranteed or whether you have created one of the best price points in the market, finding what sets you apart is one of the best ways to create an effective market positioning strategy!

Finding your place in the market and being able to specifically target your audience within this group is vital to success. Market positioning is all about finding ways to meet the needs of your target audience and market your product or service to them in the most effective way possible. Having an effective market positioning strategy will set you apart from your competitors and help them to make a decision based on the strategy that you use. You could have the best price, have unique attributes or create your offer in a certain way that will set you apart from others who may be selling something similar to you.

Global Me has a team of experts who are able to assess the products or services that you offer against the target audience you are hoping to attract. From helping you to rebrand your product using uniquely to attract your target audience within the market to determine the USPs (unique selling propositions) of your product or service, we have a ton of valuable and insightful services to ensure that your market positioning benefits your entry into a new market.