What are the best practices for conducting market research and analysis before entering a new territory?

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Market research and analysis are essential steps for any business that wants to expand into a new territory. They help you understand the needs, preferences, and behaviors of your potential customers, as well as the competitive landscape, the regulatory environment, and the cultural nuances of the target market. In this article, we will share some of the best practices for conducting market research and analysis before entering a new territory, based on the skill of territory development.

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1 Define your objectives and scope

Before you start collecting and analyzing data, you need to have a clear idea of what you want to achieve and how you will measure your success. What are the specific goals and challenges of your territory expansion? Who are your ideal customers and segments? What are the key performance indicators (KPIs) and metrics that will guide your decisions? How will you allocate your resources and budget? Defining your objectives and scope will help you focus your research and analysis on the most relevant and actionable information.

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Mike Fournier

Key Account Executive, Facilities Solutions. Northern California, Northern Nevada, Alaska and Oregon
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Don't over analyze. Dive in. Build a story for sure beforehand but don't paralyze yourself over the unknown Have some ammo but you do NOT need to know it all. Have some available background knowledge. The key at this point is asking questions and soaking the information in. No solutions should be presented. This is purely a learning opportunity and a moment when the customer didn't get pitched and realizes you care about their goals. Being pitched on the first meeting does not build relationships. It would make you become the expectation and not the resource. First impressions matter the most. Every meeting early on and always should include purpose, time and intent info so the customer knows you are not average

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2 Conduct secondary research

Secondary research involves gathering and reviewing existing data from various sources, such as industry reports, market studies, trade publications, government statistics, and online databases. Secondary research can help you gain a broad overview of the market size, trends, opportunities, threats, and best practices in your target territory. It can also help you identify gaps and limitations in the available data, which you can address with primary research.

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Aravind Singh

Senior Technical Account Manager @ MathWorks | LinkedIn top automotive engineering voice | Automotive Solutions Expert | Mentor and Technical leader
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In my experience, a key resource for conducting market research and analysis before entering a new territory is the company's annual report. This document serves as a comprehensive source of information, detailing the long-term objectives of the company, the strategies in place to achieve those objectives, and the executives responsible for various initiatives. By thoroughly reviewing the annual report, you can gain valuable insights into the company's plans, understand the dynamics of the new territory, and identify key decision-makers. This foundational knowledge is crucial for developing an informed market entry strategy and understanding the potential opportunities and challenges within the new market.

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3 Conduct primary research

Primary research involves collecting and analyzing new data directly from your target audience, such as through surveys, interviews, focus groups, observations, or experiments. Primary research can help you gain a deeper and more specific insight into the needs, preferences, and behaviors of your potential customers, as well as their feedback on your product or service. It can also help you validate or challenge your assumptions and hypotheses based on secondary research.

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4 Analyze and interpret the data

Once you have collected enough data from both secondary and primary sources, you need to analyze and interpret it to draw meaningful conclusions and recommendations. You can use various tools and techniques, such as SWOT analysis, PEST analysis, Porter's five forces analysis, customer journey mapping, or segmentation analysis, to organize and visualize your data. You should also look for patterns, trends, gaps, and anomalies in the data, and compare and contrast it with your objectives and scope.

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5 Communicate and apply the findings

The final step of market research and analysis is to communicate and apply the findings to your territory development strategy. You should present your findings in a clear, concise, and compelling way, using charts, graphs, tables, or infographics, to highlight the key insights and recommendations. You should also explain the methodology, sources, limitations, and assumptions behind your research and analysis, and how they affect the reliability and validity of your findings. Finally, you should use your findings to inform and improve your product or service, marketing, sales, distribution, pricing, and customer service in your target territory.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best practices for conducting market research and analysis before entering a new territory?

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1 Define your objectives and scope

2 Conduct secondary research

3 Conduct primary research

4 Analyze and interpret the data

5 Communicate and apply the findings

6 Here’s what else to consider

Territory Development

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