To initiate a new line of business or to start existing business in a new geography it is important to carry out an in-depth market research. Many factors need to be considered while positioning company in the market such as competitive landscape, opportunity analysis, innovation, entry strategies etc.
We at Pristdel consider all the essential factors to provide our client a comprehensive “Go-to-Market” (GTM) strategy.
To implement go-to-market strategy successfully it is important for any company to know its market share and this is possible through in-depth research on competitive analysis. This study provides an overall understanding of existing and potential competitors for an organization. We at Pristdel carry out competitive analysis and monitoring by collecting, collecting, analyzing and interpreting information about your competitor’s service and/or product. This includes competitor’s target customers, approach of work – such as in-house, outsourcing etc, pricing strategies, technology used, M&A and R&D, past trend of work etc. In broader perspective, key elements of competitive analysis are,
We offer a thorough evaluation of the projections for a product within a potential market. A comprehensive opportunity analysis is done for a particular product to facilitate our client information on market demand of the product they plan to launch. We also give detail report on preferable geography for launching a new product. While doing opportunity assessment we consider various additional aspects which are not limited to changes in demand with new technology evolution, geography wise trends of market, as per the demand trend possible updation/modification/value addition of the product may require in the future. Our opportunity analysis report facilitates our client to form a firm business plan considering their financial and technical capabilities.
We assist our client in technology innovation and startups which requires special research. Our service is extended to companies who are established and also to the companies who are new in the market. The service offering varies for both scenarios. It also varies depending on company size, their business size, market coverage etc. The offering is also streamlined based on requirement of the company such as market-driven and technology-driven. In case of market-driven strategy continuous study of market is mandatory. However, techno-driven strategy needs to have different approach such as testing specific product or concept, prototype development/beta testing etc.
We provide to our client detail report on entry strategy, it covers various important aspects such as market demand studies, industry overview, customer requirement and opinion, concept testing etc.
It is essential to understand demand of the product or solution of the customer within the market. This facilitates to design ad plan effective business strategies to promote the product/solution and to sell it considerably in the market.
We also assist in concept testing or user acceptance testing, wherein functionalities of product and solution are demonstrated to an identified customer base and depending on their opinion or feedback the concept is product/solution upgradation is done before launching it to the market. This service is recommended since its highly time and cost effective.
Industry overview studies are significant in formulating entry strategy. This aids in knowing the target industry in depth. Our study encompasses industry functions, trends (international), challenges with respect to region, finance and policies, competitor’s evaluation, human resources etc. We empower our customers with high level insights to beat the challenges and to strategies their market entry effectively.