Question 1

How big is the market we are considering entering?

Accepted Answer

Knowing the size of a market is critical when forecasting revenue or planning market entry. Market sizing results take a variety of forms, such as total sales revenue, the potential number of customers, or sales volume.

There are numerous methods for calculating market size, including top-down, demand side or supply side analyses. The most important factor for Market Intelligence is ensuring that results are established through rigorous research, regardless of methodology.

Question 2

We need to know what the outlook is for the market and whether its technology is expected to change?

Accepted Answer

A crucial element in this type of Market Intelligence research is distinguishing what information is meaningful versus what is simply noise. There may be many projections about “what’s going to happen” in a market, but without separating credible information from speculation, you risk making strategic decisions based on flawed data.

The objective of a trends analysis is to provide a platform for making market projections. A market trend analysis includes analyzing factors such as economic environment, changing demographics, pricing, technology, and social behavior.

Question 3

How can we get a better sense for what our competitors are doing in the market?

Accepted Answer

Competitive landscape analysis takes a variety of forms. Market Intelligence research examines the universe of companies in a market and can include deeper investigation of key players.

Insights include competitors’ corporate activity, products, sales channels, positioning and customers. In addition to providing a spot-in-time analysis, research may incorporate market monitoring in order to stay updated on competitor developments.

Question 4

Should we make an acquisition?

Accepted Answer

Before approaching a company regarding a possible partnership or acquisition, an enterprise should take several steps to ensure the target partner is truly the best fit. Wakefield’s Market Intelligence offering can play an important role in that pre-acquisition stage.

Before moving forward with a partnership, Wakefield researches a variety of markets to determine which ones provide the best opportunity for a target search. Subsequently, there are several ways research can optimize the pre-acquisition process, from mapping the landscape of potential partners to identifying red flags in a target’s business.

Question 5

How can we get more insight into what's being offered in the market?

Accepted Answer

Whether it's prior to product launch or when you need additional information on your market, market profiling allows for more accurate business planning. Market Intelligence uses existing information to examine the lay of the land, meaning the players, products, specifications and segments that comprise a market. Profiling can be a quick snapshot or a more extensive analysis incorporating themes such as key driver analysis and barriers to entry.

Question 6

If we were to enter this market, where would we fit in? Would we sell directly to the original equipment manufacturer (OEM) or is there another tier between us?

Accepted Answer

Understanding the structure of a market is a fundamental requirement when planning an entry strategy or building efficiency in an existing supply chain. Research typically begins with identifying all companies, activities and resources involved in the supply chain.

This research is often illustrated using a flowchart that provides an overview of the structure. The second stage consists of a deeper dive into the companies that comprise each stage of the supply chain. This includes assessing each player’s capabilities, relationships and strategic initiatives.

Question 7

Sales have been slow lately. How can we expand our customer base?

Accepted Answer

Knowing where to sell your products or services may seem straightforward, but that’s not always the case in niche markets. Market Intelligence can identify buyers in a new market or scour the customer landscape for an existing product, particularly in B2B markets.

By identifying and profiling companies that currently need or expect to demand certain products and services, a list of potential customers can be unearthed. In addition, a thorough examination of each company’s market activity will provide the necessary knowledge to approach these customers in a strategic and effective manner.

For help with your market intelligence, quantitative and qualitative research needs, contact Wakefield Research today.

Question 8

Do you provide sample market research reports?

Accepted Answer

Yes. See examples of our market research reports ranging across a wide variety of consumer and B2B industries. Our sample reports are available for download.

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Frequently Asked Questions

How big is the market we are considering entering?

We need to know what the outlook is for the market and whether its technology is expected to change?

How can we get a better sense for what our competitors are doing in the market?

Should we make an acquisition?

How can we get more insight into what’s being offered in the market?

If we were to enter this market, where would we fit in? Would we sell directly to the original equipment manufacturer (OEM) or is there another tier between us?

Sales have been slow lately. How can we expand our customer base?

Do you provide sample market research reports?

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