London, United Kingdom, June 29, 2013 --(PR.com
)-- While businesses choosing to branch out may already have an understanding of the area they are entering, there may be nuances needing thorough investigation. Awareness should always be supported by sufficient research, advises global provider of market insight
As industries evolve it is often necessary for a business to diversify in order to remain competitive, so moving into new markets may not be always be recession-led. However, complacency in thinking, in new product areas or geographies are fully understood, it can be the downfall of a brand.
If the new market area involves new target customers or clients, the requirements and decision-making habits of these groups should be thoroughly explored. For example, cultural differences from country-to-country can sometimes only be uncovered by asking the opinion of a sample of people in the target audience. Or if a move into a new territory is not part of the expansion, and instead it is led by a new product or service, identifying the marketplace needs, appropriate pricing structures and marketing tactics though research is key to success.
Bo Mattsson, CEO of Cint, said: “With the plethora of market intelligence solutions
now available to businesses and organizations, there really should be no need to dismiss gathering intelligence in order to make informed decisions at every step. Whether understanding cultural difference in new counties or how best to market and price a new product, one of the best ways to be sure of the right answers is to ask your target audience. It can mean the difference between a brand’s success and failure in some cases.
"There may be a misconception of a high cost attached to this area, but with the rise of DIY market research, new options are now available; from developing your own panel for ongoing use to utilizing a survey sampling
source owned by another trusted organization with a similar audience demographic. Market research prior to a commitment to expansion is a cost-effective option, especially considering the consequences of making the wrong business decision."
Cint offers a wide range of market research tools and provides access to the opinions of over ten million people across 50 countries in the Cint OpinionHUB. For more information please visit www.cint.com
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