Before entering a new market, organisations should have a 360 degree understanding of the same. It helps them navigate the uncertain market with lesser risks. A 360 degree market research also helps identify the need gaps of the product/service in the market and also insights on the competitive landscape. Further organisations needs to have a very detailed picture on the market share and sizes of competition, supply chain and delivery models, pricing structure etc in order to competitively market their product or service.
Client wanted to understand the opportunities in the electrical equipments and power generation products market in Sudan. They wanted detailed insights on
- What are the type of products prospective customers wanted
- Trends & changes in the customer needs & behaviour
- Prospective regions where they could sell
- Factors influencing the decision making process
- Customer expectations
- Pricing model
- Competitive landscape
- Retailer landscape
Quantitative research using a structured questionnaire was employed with both the supply and demand sides. From the retailers/suppliers perspective, the research captured information on various brands in the market, their pricing and sales, distribution model etc. From the customer perspective, the research identified the usage & behaviour, problems faced, factors which made them choose a particular brand etc. From the customers, awareness of various brand and perception towards it were also measured.
The research identified the client to focus on the potential sectors where the market opportunity is huge. It also enabled them insights on the products which had high potential and those which had lowest potential. Client was also able to understand the current market structure and distribution/service channels. The need gaps from a customer point of view and customer expectations were also understood to launch the product successfully. Based on the research, Consulsat gave strong recommendations on the market opportunity and how to capture the market along with a detailed SWOT analysis.