What is the potential the Indian market offers for my products? Or is it even suitable as location for my global production strategy?
These questions seem to be easy. But they are difficult to answer from outside as reliable informations are missing. There may be a lot of information from trade associations and other institutions or else you have to rely on propositions made by sales agents etc. However these informations often are of no value since they are based on random or politically motivated estimates or insufficient data. Hence there remains uncertainty or, led by wrong informations, companies make the wrong decisions at the wrong time.
- Identify and use reliable data.
- Use valid research methods.
- Question data sources and indicators.
- Use analogical conclusions, learn from others‘ experiences.
- Get qualitative data by doing expert interviews and confirm earlier results.
Assessment of market size and potential for your company by using reliable and valid data sources. Use of free but also fee-based regional and international databases. Analysing business data, association statistics and sector information. Needs assessment, trends and future prospects.
Identification and approach of market players, industry experts, competitors, associations, sales agents and other knowledge carriers. Formal and informal conversations also with staff, potential customers, suppliers etc.
Collecting and analysing data and information regarding respective product segments and market players including informal talks with customers, cooperation partners, staff and competitors.
Organising contact to important customers / sales agents, holding talks on the spot to get relevant firsthand market informations and to present one‘s brand. Observing application of own products in local environment.