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)Not to be distributed without permission.CONNECT WITH US 2018 Euromonitor International Investing in Global Market Research: A Strategic Guide for Small to Medium-Sized Enterprises (smes)Euromonitor International Euromonitor International 1 Introduction 2 Assessing the Value of Market Research Uses for smes and Start-Ups Entering a new market Launching a new product Developing a strong business plan Developing a competitive strategy Forecasting 12 Conclusion Market research: An upfront, strategic investment for growth 13 How Can Euromonitor International Help? Contents Euromonitor International Many small to midsize enterprises (sme s) assume that market research is a luxury that only Fortune 500 companies can afford to invest in. However, market research can help sme s focus their strategy on the opportunities that will grow their profits and brand equity. Regardless of market or industry, market research can have a significant impact on sme s success. Market research helps you understand your target market, assess the competition and discover what consumers are prepared to pay for your product or service. Whether creating in-depth expansion plans, export strategies or marketing campaigns, market research helps sme s discover unseen white space opportunities and real business growth. sme s can slowly deteriorate due to a poor understanding of their end markets, industry and business environment. According to the Federal Reserve Bank of New York, even slight variations in a business environment may affect smaller businesses more than larger businesses. However, smes can prepare for these variations if they conduct a thorough and accurate market analysis before taking action. Growth markets hold a wealth of opportunity for a business. New regulations and channels of distribution are changing the way companies do business and in an uncertain economic environment, smes cannot afford to operate blind. They must be proactive rather than reactive. Introduction Slight variations in business environment can affect smaller businesses more than large companies Federal Reserve Bank of New York Euromonitor International Assessing the Value of Market Research The misconception that only big corporations need market research has been largely perpetuated due to lack of awareness. When implemented correctly, market research is a strategic investment for companies of any size, helping deliver rich insights and allowing for a competitive advantage. Its important to note that there may not be a “one-size-fits-all” market research solution. sme s may not require the breadth of data larger brands need. Rather, they should focus on ensuring the data is relevant, accurate and internationally cross-comparable. Investing in market research gives sme s access to the right amount of accurate information, directing future strategy. The process of generating insight requires three components: Volume of data: There are a variety of free resources sme s can consult for market research such as the Census Bureau, federal statistics, trade groups and business magazines. All of these resources are limited in the volume of data they provide. Most smes that have never invested in market research are unaware of the depth and breadth market research providers can supply. By relying on public resources alone, sme s only have a top-line view of their market and industry, limiting growth potential and making themselves vulnerable to better informed competitors. Adequate methodology: sme s often gather information from a variety of sources. Most of these resources have different methodologies, category and channel definitions and currency exchange rates, providing an inaccurate view of the market. sme s should ensure the data they use is internationally standardised, cross-comparable and accurate. A capable analyst to make sense of it all: The role of the analyst is key in this process. Data and methodology are nothing without an analyst who can offer context. Assessing the v Alue of mArket reseArch 3 Euromonitor International Market Research Vendors Should Answer the Following Questions: 1 How will market trends affect my company? 2 Who is my target market and how does this market make purchase decisions? 3 How can my company increase its share in the market? 4 What marketing strategies will work best? 5 How is the size of my target market predicted to change? Source: Euromonitor International4 Assessing the v Alue of mArket reseArch Euromonitor International Case study: Attracting a younger domestic customer base for future growth Background A domestic wine manufacturer in the US had a loyal customer base over the age of forty-five but needed to target a younger demographic to ensure future growth. Despite various marketing promotions, the company struggled to attract younger customers. Research process The wine manufacturer wanted to conduct a full market analysis of the wine industry in the US, including consumer drinking habits, trends, regional variations and major competitors. The company consulted resources such as government trade websites and association and industry-trade publications. By using these free resources, the company had a top-line view of the wine industry in the US but lacked the information necessary to attract a younger audience. The manufacturer commissioned Euromonitor International to help with the project. To help the manufacturer, the project took a multi-tiered approach: Consulted syndicated Euromonitor International market data, to understand major players and their share of the market, on-trade vs. off-trade consumption, distribution and pricing Utilised brand share data of other major players successfully targeting a younger market Consulted contacts within the industry including distributors, retailers and other manufacturers for strategic guidance Issued store checks to compare pricing, packaging, promotions and placement within retail and foodservice establishments Used US-State level data to understand regional preferences in the US, including which region consumes the most wine and the future outlook for wine consumption in the US Explored consumption habits for consumers in the US as well as habits among consumers aged 21-30 Result The project helped the wine manufacturer gain an in-depth understanding of its market. State-level data identified which regions in the US consume the most wine per capita. These types of insights helped identify their target market and regions of focus. By commissioning additional research on its competitors strategies, the manufacturer was better equipped to create a unique and successful campaign. The wine company gained valuable market insights, helping the organisation develop a strategic plan for targeting younger consumers. Assessing the v Alue of mArket reseArch 5 Euromonitor International Uses for smes and Start-Ups Exporting More than ever before, companies of all sizes are exporting. In fact, the biggest business in the world is international trading. More firms of all sizes are exporting. The Commerce Departments Exporter Data Base (edb) reveals that in 2016 the total number of US firms exporting goods stood at 287,314. sme s account for 98% of total exporters, at 280,229 sme companies also account for 97% of importers in the US (205,610), while only 5,725 importers were large companies in 2016 Export revenue among sme s is growing. The known export revenue of sme s rose to $429.3 billion in 2016, up 11.9% since 2010 sme s could sharply boost exports by entering new markets. In 2016, 84% of all sme exporters exported to fewer than 5 markets. On the other hand, 44% of large firms that exported recorded sales to 10 or more foreign markets in 2016 Case study: A small ice cream manufacturer wanted to expand internationally Background The ice cream manufacturer was unsure which international market to target or what factors to consider for expansion. Research process The manufacturer used Euromonitor International Passport data to discover markets showing the highest forecast growth for ice cream. It found Indias ice cream market has grown rapidly since 2013, making it a viable target market. Historic and Forecasted Growth for Market Sizes of Ice Cream in India, 2013-2020 Source: Euromonitor International6 Assessing the v Alue of mArket reseArch Euromonitor International The manufacturer reviewed the competition by analysing company and brand share data and consulted consumption habits amongst consumers in India to assess risk and identify the impact of government regulations as well as economic and industry change. In addition, the manufacturer examined analysis on best practices for entering emerging markets. Brand Shares of Ice Cream in India % Share Local Brand Name (lbn ) Retail Value rsp 2018 Result Using research on market sizes, company and brand shares and industry analysis reports, the manufacturer identified opportunities, risks and vulnerabilities of exporting its goods to India. Using this research, the small business entered India and increased annual sales by 5%. Source: Euromonitor InternationalAssessing the v Alue of mArket reseArch 7 Euromonitor International Clients using market research should answer the following questions prior to moving forward: What are the best routes to market for my products or services? What is the size of my target market? What products or services currently exist in this market like my own? How can I price my products or services in this market? Based on the consumers in my target market, will I need to alter my current product offerings to appeal to the new market? Issues to consider before entering new markets: Geographical expansion Diversifying product offering Market saturation Long term growth Market share vs. price cuts Appealing to different consumer segments Spare production capacity Technology or products that can be adapted to other markets Entering a new market Entering new markets is a cornerstone for business growth. Establishing a presence in new territories requires a substantial investment alongside political, economic, cultural, legislative and technological barriers acting as major disincentives to enter new markets.8 Assessing the v Alue of mArket reseArch Euromonitor International Launching a new product sme s, like their larger counterparts, often strive to maintain a portfolio of products and services that speak to changing industry and consumer trends. Many sme s embark on developing new products after doing little to no market research. According to the Harvard Business Review, brand managers claim that while they havent “done the research” they know “anecdotally” that their claims for creating revolutionary and desirable products are true. A pre-launch research project determines whether the product or service is of interest to the target market. This process is vital for ensuring a successful and profitable launch, especially for an sme lacking a reputable brand name. Developing a strong business plan Effective research provides entrepreneurs with information that determines start-up costs and the range of products and services the company will need to be successful. This helps entrepreneurs define success and answer essential questions such as: Size of the market Main consumer segments Consumer expenditure Channels of distribution Available alternatives Price movements Competitive environmentAssessing the v Alue of mArket reseArch 9 Euromonitor International Case study: A midsized hair care company wanted to develop a new product aimed at African-American women with natural hair Background An international company specialising in professional salon services and products for curly haired women wanted to expand its product line to textured hair care products and needed to determine if focusing on the African American hair care market was the next best step for expansion. Research Area The company used market research to discover the market sizes for several subcategories in the curly haired, beauty and personal care portfolio such as shampoos, conditioners, styling products, finishing products, treatments and chemical treatments. According to the data, the market for specialty hair products for texturised hair was growing. Research was also provided on the shares of the major players as well as the dominant channels. In store analysis was also conducted to report on innovations, packaging concepts, marketing messaging and price ranges. Research indicated opportunities in hair care and the company decided to launch its next line of products. Historic and Forecasted Growth for Hair Care in USA 2012-2020 Result The hair care company successfully launched a new product for texturised hair and saw an increase in revenue of more than 10%. Source: Euromonitor International10 Assessing the v Alue of mArket reseArch Euromonitor International Developing a competitive strategy Companies of all sizes benefit greatly from knowing their market and the competition. Developing a competitive strategy enables businesses to leverage their products and services, while at the same time determining how competitors are likely to leverage their information. The benefits of compiling competitor data include: Maintaining competitive advantage by identifying opportunities and potential threats Tracking competitor activities and anticipating their strategies Identifying strategic weaknesses in competitor positions Evaluating competitor marketing claims, promotions and advertising Finding suitable partners for distribution or supply Compiling competitor information can be difficult. Market research firms have longstanding relationships that provide access to competitor data. Most companies refuse to share product development and pricing, ingredients, distribution channels and areas of innovation with their competition. The naturally secretive nature of companies makes it almost impossible for businesses to develop a thorough competitive strategy without the help of a reputable and experienced market research company. Forecasting Forecasting is a vital aspect of developing a long-term business strategy, making it possible to respond to anticipated changes ahead of time. Businesses greatly benefit from being ahead of the curve. Industry and macroeconomic forecasting provides an opportunity for businesses to develop a strategy based on where the market is headed. Developing a strategy for business growth requires companies to have a full understanding of the way their business works and its position relative to others in their market.
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