You have an idea, a product or a new business, and you’re wondering whether, how and where it will “catch on.” Who are the competitors? What’s the demand? Do I have an edge over the others? Market research answers exactly these kinds of questions – and many more that directly affect you and your business. Most of the market you know, across the commercial and economic world around us, works this way. So why shouldn’t you join the club?
So what is market research?
Market research is a powerful, meaningful tool for companies looking to grow their business. Market research enables decisions that can make the difference between risk and success – in Israel and abroad.
What does market research examine?
Market research: politics – Politics can strongly influence our decision on whether to enter a particular market.
Market research examines whether and how the government and bureaucracy in the target market relate to the product in question.
Economics – Issues such as exchange rates and taxation in the target market are examined and analyzed through the lens of the product.
Market research: culture and society – The social and cultural values of the market, in relation to consumers and to local competitors.
Technology and infrastructure – Communications infrastructure, transportation, the internet and technical support are all critical to the product.
What else research covers
Competition – The element of surprise is essential for gaining an edge over local or global competitors in the market we’re researching.
Market research can help us achieve exactly that edge. In the research we examine business connections, try to estimate competitors’ sales levels across their various products, and gather business intelligence – legally.
Law – Knowing the local law can make the difference between success and failure. When entering new markets, you need an in-depth understanding of the regulations that may conflict with your line of business in the markets you’re researching. How do the courts treat consumers? Companies? Are there restrictions on our business activity in that country? Are we required to produce important information before selling our product in that market? Who needs to approve the product?
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Market research – in summary
Market research is a tool that can make our entry into domestic or international markets a success while minimizing unnecessary risk. It covers the political, economic, social, technological, competitive and local legal landscape. If we gain an in-depth understanding of how to enter and succeed in the market we’re targeting, we can successfully expand our company’s business. What’s more, knowing all the key components of market research helps us avoid entering arenas or markets where entry is risky, has no real chance of success, or simply doesn’t make business sense.
