You can increase the success of your B2B market entry strategy by gathering data and insights across six critical areas. Here are how leading companies used B2B sample providers and research to increase the potential success of—and de-risk—their B2B market entry strategies.
1. Research the market before making an investment
Before a prominent financial services company considered expanding their presence into the United States fleet market, they wanted to know what people working in the industry needed to gain a nuanced understanding of their pain points to drive their market entry method. They also needed insights on their competitive advantage, what unmet needs existed, and what trends would drive innovation and growth in the future. They conducted market research to uncover insights that would drive their product and service offerings and inform their business strategy in entering the new market.
2. Determine the optimal positioning for a product or service
Cybersecurity is a fast-evolving international market. Not only are attacks increasing in frequency, malicious actors are expanding their attacks to new frontiers. The needs of the international market are changing just as fast. To remain competitive, companies that offer cybersecurity solutions must offer exactly what cybersecurity officers and decision-makers need and precisely position their products and services to earn potential market share. A Top 3 foreign company wanted to uncover knowledge about both solutions and purchasing preferences to position themselves to be truly helpful to end users in a rapidly changing security environment.
3. Effectively message your value proposition
Having features and benefits that customers want and positioning them to win the marketplace is only the start. A leader in cloud collaboration software knew they needed to communicate them in a way that resonated with potential customers in their target audience. They conducted research to better understand the needs of one of their key user segments: Product and UX designers. They also wanted to understand their mindsets and the language of this customer group. In this crowded and competitive existing market, the nuances of what designers need, want, and value matter. This research informed their go-to-market planning to build buyer personas and create effective messaging of the value proposition.
4. Create high-impact marketing and sales plans
In 2021, a quarter of retailers received more than $100M in ad revenue from retail media networks. This business is projected to be worth more than $50B, accounting for nearly 20% of all digital ad spending. Faced with this incredible revenue opportunity, a leading media and internet company wanted to attract new clients and deepen existing relationships with a new retail media network advertising solution. They conducted detailed research to uncover niche insights to understand how advertisers use retail media networks, discover advertisers top KPI and intended ad budgets, and to create the most promising partnership options for marketing and sales.
5. Selecting the right distribution channels
How you bring your product to market is a critical decision. You might go with direct sales or use a network of distributors, or resellers or a local partner. One area where questions of distribution are changing rapidly is in the field of higher education. Online MBA programs grew 85% between 2017 and 2021, partly driven by the pandemic, but also by changing target market fundamentals. No longer are institutions limited to a domestic market within a region or a country, but rather looking towards international expansion. One institution conducted research on how they could cash in on global market demand with curricula that best suited the online MBA sector and a correlated academic publishing opportunity.
6. Creating loyal customers with service and support
Service and support play an ever-changing role in creating a loyal customer base and reducing barriers of market entry. Old business model patterns that drive loyalty are changing fast due to the pandemic, recession, supply chain issues, and inflation. In light of this, a digital marketing agency sought insights into how C-suite decision–makers chose creative agencies for brand awareness and design, customer experience, digital transformation, and new product life cycle development. Just as important, they sought to understand how to build customer loyalty in B2B relationships.
They conducted research into the factors that matter most in agency products and services, the most valued features and benefits, degree of satisfaction with current choices, and to uncover what is missing and what clients wish they had. The agency used the results to fine-tune their offer and the way they provide client services in order to increase their customer base and target potential customers.
The more niche your target market is and the more specialized your offer, the harder it is to get customized information across these key elements of your market penetration strategy. The NewtonX Knowledge Graph can unlock access to the precise people you need to reach for the insights you need for your strategic decisions for new market entry.
If you would like market entry strategy examples, or to learn more about market entry strategy research and other B2B market research services, we can provide you with case details and tools to support your success.