Entering a new market should bringyour company growth and profit. However, despite all the possibilities and opportunities, a new market also harbors risks. Market entry can be a costly endeavor if not well researched and planned. Market size, demand, regulatory environment, competition, culture and preferences of your potential customers need to be known before the product or service can be launched.
Market research is the instrument for making well-founded decisions for market entry on the following key issues:
- What market position are you aiming for? Market leader? Follower? Niche?
- Entry with your own team, with a sales partner or in combination?
- Which marketing measures? Digital, analog, which trade fairs, conferences?
- What is the best time, the optimal timing of marketing measures?
- How are logistics, production and warehousing ensured in the target market?
- For products requiring explanation: Ensuring that customers receive technical application advice
Gathering the information required for market research can be a challenge and the task can seem overwhelming. This is true for companies in general, but especially for start-ups, which by their nature have not been in business that long and therefore do not have a strong network.
Corvay Consult has an extensive network of partners, freelancers and experts in most areas of the biotech, chemical and pharmaceutical industries and can help your company to gather reliable information within a short period of time. We analyze and interpret the collected data and prepare a report or presentation for our clients to provide a basis for decision making.