Go To Brand advisory service: how to obtain funding for market analysis
At the beginning of January, the Polish Agency for Enterprise Development (PARP) announced another edition of the Go to Brand competition. The competition offers funding for the international promotion of projects, brands and products. The funding can be used, among other things, for an advisory service that shows how to effectively promote your company abroad. Which advisory service are we talking about? Market and competitor analysis.
What does market analysis cover in the Go To Brand advisory service?
Market analysis covers the new market's development potential over the next few years, the business environment, legal requirements, required certificates and approvals, potential threats and future competitors.
Market analysis is an in-depth study of the potential of a new market, one where you plan to sell your products or services. The analysis covers the market's development potential over the next few years, as well as the business environment in which the company will operate.
It takes into account, for example, the legal requirements for setting up a local company. You also need to look at the certificates and approvals required for technical equipment or products.
It also analyses potential threats that could block entry into a new market or reduce the expected results. These may be cultural differences in doing business abroad, or how to frame messages and choose channels to reach future customers. An analysis of future competitors is also essential.
What does competitor analysis cover before entering a new market?
Competitor analysis identifies the main players in the market, their sales, pricing and marketing strategies, why their methods worked or failed, and their plans to expand their range or move abroad.
Competitors are another area to analyse. You need to identify the main players in the market and their sales, pricing and marketing strategies. It is important to find out how the largest companies succeeded, and why certain sales methods or strategies worked or failed.
Future competitors' plans also deserve attention: expanding their product range, working on innovative technology or expanding abroad. A full market and competitor analysis may cover even more aspects. The information gathered, and the analysis that explains the market, should be the basis for the next stage: developing an effective strategy for entering the new market.
How do you choose a firm to analyse a market before expanding abroad?
Choose an organisation that has already carried out similar projects, knows which issues to analyse and where to look for information, and has contacts among people operating in the new market.
Simply knowing that the market is large, receptive and has potential is not enough. You need to work out how to turn this knowledge into real actions that deliver the results you want. For support with market and competitor analysis, you should turn to an organisation that has already carried out similar projects. It will know which issues to analyse and where to look for information, so that gathering and analysing it does not drag on forever.
You need a firm with contacts among people who operate in the new market and know what to look out for. If you want to allocate part of your Go To Brand funding to an advisory service, contact us. Take advantage of our experience in market and competitor analysis.
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