Conduct market research to understand barriers to entry and address them
Content
Dig into the market landscape to pinpoint what’s keeping you out. While this will take some effort and resources, you’ll gain eye-opening insights to improve strategy and smash through entry barriers.
Tools
| Name | Description | Pricing | Ease of Use |
|---|---|---|---|
| 6sense | 6sense is an advanced marketing tool designed to empower marketing pr… |
Paid Only
|
Moderate
|
| Ahrefs | Ahrefs is a leading SEO toolset designed to empower marketing profess… |
Paid Only
from $99.00/mo
|
Moderate
|
| Euromonitor | Euromonitor is a leading market research tool that empowers marketing… |
Paid Only
|
Moderate
|
| GfK | GfK is a pivotal marketing tool that empowers professionals with data… |
Paid Only
|
Moderate
|
| GlobalWebIndex | GlobalWebIndex is a robust market research tool offering unparalleled… |
Paid Only
|
Moderate
|
Objectives
| Name | Description |
|---|---|
| Customer Acquisition | Customer Acquisition is the process of attracting and converting new … |
| Enhance Brand Reputation | Enhancing brand reputation involves cultivating a favorable perceptio… |
| Lead Generation | Lead generation is a vital marketing objective that focuses on identi… |
| Product Launch | A product launch is a strategic marketing objective designed to intro… |
| Sales | The marketing objective 'Sales' focuses on increasing revenue through… |
Demographics
| Name | Description |
|---|---|
| Entrepreneurs | Entrepreneurs are typically characterized by their innovation, risk-t… |
| High-Income Earners | High-Income Earners are characterized by their significant financial … |
| Middle-Income Earners | Middle-Income Earners represent a crucial segment of the consumer mar… |
| Professionals | Professionals are a diverse group typically aged 25 to 55, marked by … |
| Small Business Owners | Small Business Owners are a vital demographic characterized by their … |
Promotes
| Name | Description |
|---|---|
| Brand | Brand represents the unique identity of a business, encompassing its … |
| Content | Content is a fundamental element of contemporary marketing, encompass… |
| Digital Product | A Digital Product refers to an intangible asset distributed in digita… |
| Event | The 'Event' is a strategic platform that enables marketers to connect… |
| Physical Product | The Physical Product represents a tangible good that marketers have t… |
Sectors
| Name | Description |
|---|---|
| Aerospace and Defense | The Aerospace and Defense sector encompasses the development and manu… |
| Communication | The Communication sector encompasses a broad array of services and te… |
| Construction | The Construction sector is a cornerstone of global economic developme… |
| Education | The Education sector encompasses institutions such as schools, colleg… |
| Financial Services | The Financial Services sector is a vital part of the global economy, … |
Strategy
| Name | Description |
|---|---|
| Data-Driven Marketing Strategies | Using data to guide marketing decisions helps target the right audien… |
| Market Expansion Strategies | Growing your business by entering new markets involves research, adap… |
| Product Marketing Strategies | Promoting a product involves highlighting its benefits, targeting the… |
Sub-strategy
| Name | Description |
|---|---|
| Customer Insights Strategy | Understanding customer behavior and preferences to tailor your market… |
| Data Analytics Strategy | Leveraging data to make informed business decisions, improve performa… |
| Market Development Strategy | Expanding into new markets with existing products to reach new custom… |
| Market Penetration Strategy | Increasing market share for existing products through tactics like co… |
| Niche Marketing Strategy | Focusing on a specific audience, this strategy helps businesses conne… |
Technologies
| Name | Description |
|---|---|
| Analytics & Data Tracking |
Channel
| Name | Description |
|---|---|
| Content | Content marketing is all about creating and sharing valuable content … |
Sub-channel
| Name | Description |
|---|---|
| Blogs | Blogs are a versatile way to connect with your audience by sharing va… |
| Podcasts | Podcasts have become a popular way to reach niche audiences with enga… |
| Webinars | Webinars are online seminars that offer a cost-effective way to reach… |
| YouTube | YouTube is an online platform where you can upload and view videos on… |
| Newsletters | Newsletters are an effective way to keep your audience informed and e… |
Quick Facts
Channel
Content
Advertising Type
Direct Mail
Difficulty Level
Intermediate
Estimated Cost
Medium
Time to Impact
Short (Weeks)
Tags
B2B
B2C
Pros
- Insightful: Provides insights into market dynamics and barriers that aren’t easily visible without deep research.
- Strategic: Helps create a more informed and effective strategy for market entry.
- Customizable: Research can be tailored to fit specific market needs and objectives.
- Risk Mitigation: Identifies potential challenges and allows for risk management planning.
- Competitive Advantage: Offers insights that can provide a competitive edge over unprepared competitors.
- Customer-Centric: Helps understand customer needs and pain points, allowing for better product/service alignment.
- Resource Allocation: Assists in better allocation of resources by avoiding pitfalls and unfruitful areas.
Cons
- Time-consuming: Requires a significant amount of time to collect and analyze data.
- Costly: Can be expensive, especially if third-party research firms are involved.
- Complex: May involve complex data that requires expertise to correctly interpret.
- Dynamic Markets: In rapidly changing markets, the data collected may quickly become outdated.
- Limited Scope: May miss unforeseen entry barriers not covered by the research.
- Bias: The research can be influenced by biases, affecting the accuracy of the findings.
- Overwhelming: The amount of data collected can be overwhelming and hard to synthesize for actionable insights.