Entering a new market is an exciting time for any company. However, brands are often left struggling to truly understand the local consumer and successfully market their product. Market research can help make sense of new markets, so you can ensure your message is reaching the right people in the right way. Below are three ways market research can help you build an effective localized marketing strategy.
1. Know Your Consumer
Consumers differ across markets and understanding your consumers’ attitudes and behaviours can help develop a powerful marketing strategy tailored to the local consumer. Consumers in one market may care about recyclable packaging, while consumers in another market may want all-natural ingredients. No matter the preference, you need to build messaging that resonates with their values. Additionally, knowing the state of the local economy can inform your strategy, such as developing pricing to meet consumers’ disposable income. Market research gives you an objective view of the consumers’ attitudes, behaviors and values so your marketing resonates with them.
2. Know Where to Meet Your Consumer
To effectively market your products, you need to know where to meet the consumer, both through advertisements and distribution. Your advertising needs to reach consumers where they spend their time. Knowing whether your consumers live in urban or rural spaces or what social media sites they use, can ensure your advertisements are getting in front of the target audience. Once your message reaches consumers, you need to ensure your product reaches them as well. Distribution data informs you where consumers are shopping to help get your products in the appropriate channels, whether that be a certain type of store, online or even direct selling. Having distribution data allows you to make an informed strategy and ensures your time, budget and efforts are used in the most effective way.
3. Know the Competitive Landscape
With a new market comes new competition. Knowing who the local players and top performers are can inform your unique selling points and help you differentiate your product in the market. Furthermore, you can learn from other international brands who have entered the market, either successfully or not. Understanding your competitive landscape helps you prepare for challenges, such as competing with a market leader, or perhaps emerging as a leader in a fragmented category. Research can help you map out your competition and develop a strategic plan for success.
Knowing more about your consumer and the market landscape ensures you are developing a winning localised marketing strategy. Market research should be an integral part of the process, providing you with an objective understanding of the market to inform decision making.