What are the most important considerations for market research in emerging markets?

It shouldn’t matter if planning for emerging markets or developed markets, it always starts from the consumer need and the Job ToBe Done by the brand. We just must be cognizant of the fact that what worked in one place where may not work in another as the context and situations may be different.

Economias em crescimento, Popula??es jovens e em crescimento e Infraestruturas em desenvolvimento. Essas diferen?as exigem que as empresas que buscam entrar em mercados emergentes considerem uma série de fatores ao realizar pesquisas de mercado

Embarking on market research is essential for informed decision-making. ?? ?? Clear objectives ensure focused outcomes. ?? SMART objectives are specific, measurable, achievable, relevant, and time-bound. ?? They help measure success and guide future strategies. ?? Objectives also aid in understanding your audience and maximizing ROI.

Market demand and market share are the most important considerations for market research. The overall market share of our product/service Vs our brand's share gives us clarity on the potential of the market and how much more we can do in future.

In emerging markets, prioritize understanding local cultural nuances and consumer behaviors. Tailor your market research to capture insights into the unique preferences, values, and challenges of the target audience. Engage with local communities, leverage local expertise, and adapt methodologies to align with the specific context. By recognizing the intricacies of emerging markets, your market research becomes more accurate and actionable, enhancing your ability to make informed decisions and successfully introduce your brand.

Start with Quals. Period. And not the virtual ones. Not where an agency has done it in your half. While I am paraphrasing, but I completely agree on Prof Mark Ritson’s POV on this, of getting out and meeting the consumer, in their natural habitat. Understand in deep the what, how and why. Only then you would be able to try design/plan for the consumer.

When venturing into emerging markets, selecting the right research methods is critical. ?? ?? Secondary research offers broad market insights. ?? It can uncover trends, but may be outdated or biased. ?? Primary research provides specific, in-depth data. ?? It can be time-consuming and costly. ?? Mixing methods combines strengths but demands careful planning.

In my experience what also helps is to see how local brands operate. Which brands have been able to crack distribution, communication and how have they done it. Take the learnings and marry it to sone of the fundamentals of what has brought the brand success earlier.

Understanding the intricacies of emerging markets is vital for effective market research. These markets possess unique nuances that require specialized approaches for insightful data collection and analysis. Emerging markets present diverse consumer behavior. - Consumer behavior varies widely. - Decision-making influenced by cultural factors. Local infrastructure impacts research methodologies. - Infrastructure limitations necessitate flexible strategies. - Utilize adaptable tools and research techniques. Adherence to legal and ethical standards is crucial. - Compliance with data protection regulations imperative. - Ethical considerations vital for trustworthy insights. Adapting to the local context is pivotal for success.

Once implemented, always keep checking for feedback. Meet some of the early adopters if you can, speak to the channel partners, see the product in action on the shelves in store. Take corrective actions, if needed, in the next round of production or in the next cycle of media deployment.

Al realizar una investigación de mercado en los mercados emergentes, es crucial tener en cuenta la diversificación de economías, la volatilidad, los riesgos de inversión, la gestión del riesgo, la investigación de mercado y la política monetaria. Los mercados emergentes pueden ser un riesgo, pero también una gran oportunidad, aplicando estrategias como la "Estrategia del océano azul" de W. Chan Kim y Renée Mauborgne.

Gauge the authenticity of the data you have found. Be ruthless in deciding what is and isn't up to par in terms of information. On the flip side, don't dismiss outliars or odd information. New markets might look, feel, and smell like older ones, but they aren't the same.

This is definitely a very important subject. Thanks for posting. Doing your market research per state is definitely one of the first steps before deciding to go into a market . I would start with looking at the sales history. Is it on the decline? For the last 3 years? This industry is all about timing when to get in when they get out .