Market research and strategy development
- Define opportunities within a region/country based on e.g. demographics, buying power, legislation
- Select the market(s) and channel(s) based on e.g. market size and growth, accessibility, competition
- Develop the go-to-market strategy looking both externally (competition, consumer) and internally (company)
- Set realistic and measurable targets
Case: when entering new markets in Africa, we first have made a selection on the current and future potential. Political and economic environment and per capita purchasing power are important elements. We have also examined disease prevalence and the need for certain products. For example, in Nigeria the number of asthmatic patients is quite high, which means there is a potential market to sell nebulizers. The market has not yet been developed and little competition is existing. As a consequence, Omron had the opportunity to enter both the hospitals and pharmacies and as such take well over 50% of the Nigerian nebulizer market.
Our strategic plan starts with the market analysis (what does the competition look like, where do consumers buy and what are the assets of our company). Main elements were: reaching distribution coverage, building brand equity and making sure the products were endorsed by healthcare professionals. Concrete targets have been set to define and measure success.
In another case we have created a distribution strategy for Iberian region. Together with our principal distributor in Spain we have re-organized the distribution for the whole region.