New Market Entry
Evaluate your new market before you enter it…
Entering new markets is a chore - there are many uncertainties and only with a thorough understanding and an organizing framework do organizations succeed. Whether it’s industry expansion or launching new products, Endeavor can help.
Through our Growth PlayBook, we offer a disciplined approach that will ensure your success. By properly identifying the best market opportunities and designing an effective strategy given your current resources, our team can work with yours to establish a strong business case for growth and implementation.
We have identified best practices among innovative Fortune 500 companies in our work with the American Productivity & Quality Center. We understand how to use market information to validate customer needs, developed valued products and services and nurture innovation.
Endeavor works with clients to bring new products and services to market, with strategic planning based on customer needs and market dynamics. We help our clients define their new offer in customer-centric terms and focus on benefits. We can then test these concepts among decision-makers and industry experts to suggest refinements.
By identifying critical success factors for adoption, your chances of market entry are much greater.
A research-based approach designed to understand customer segments, buying behaviors and personae. Matching segments against business capabilities and attractiveness, a prioritization can be placed on which markets to enter and how.
SMART was developed using best practices observed and documented across multiple industries. This assessment allows client organizations to recognize the potential gaps between current processes against those viewed as best practices. This tool is insightful as it highlights the requirements for new market entry and the potential difficulties in achieving such.
Co-creation of new or repositioning existing solutions is a best practice in new market entry. For most organizations, this exercise represents an opportunity to introduce your products or services to a new target audience while developing a thorough understanding of their needs and buying process – which likely varies greatly from the current markets you serve.
Conjoint Analysis for Pricing and Positioning
As a new market entrant, it may be necessary to assess pricing, product/service bundling and branding. Using conjoint analysis for this purpose supports our clients to understand the trade-offs buyers and influencers make as they participate in simulated purchase decisions. The output of conjoint analysis is a simulator that can predict share of preference for various levels of price, brand, benefits, features and service attributes.