Methodology Approach
The following is an example of how the market can be approached.
Step 1: The first look: The market at a glance
Is there a market potential for your product or service?
Are there similar products on the market?
Would the market be potentially interested in your product?
Overview of the competition
Other specific information which could impact the entrance of your product such as legislation, duties, compatibility issues, cultural aspects, etc
If it looks positive, then we proceed to
Step 2: Industry analysis: extensive research
General market trends
Competition analysis
Benchmarking
Identify the market segment your product could enter
Average budgets spent on the products similar to yours (value)
Market potential in terms of value
If it looks positive, then we proceed to
Step 3: Placing your product into the market
Estimating the number of potential clients, industries, sectors
Develop a list of potential business partners/distributors/buyers
Develop a strategy of how to promote and sell your product
Creating and finding business opportunities
Look at the best way for your company to enter the market (direct exports,
distribution, merger and acquisition, etc)
If it looks positive, then we proceed to
Step 4: The approach
Contact potential partners, customers, distributors etc.
Help in the negotiations to close the deal
Then, the final step
Step 5: Evaluation
What were the obstacles of the approach?
What were perceived as potential problems the product faced in the market?
Proposed solutions to solve these problems
Estimating the cost of the planned intervention
