Market entry consulting is a common consulting service that can help customers find and seize opportunities in new or existing markets, increase revenue and profits, and improve competitiveness and brand awareness. The process of market entry consultation usually includes the following steps:

Identify target markets and customer groups

Analyze the size, growth, structure, trends and forecast of the target market

Analyze the needs, preferences, satisfaction and loyalty of the target market

Analyze the competitive environment, competitors, competitive advantages and disadvantages of the target market

Analyze the opportunities and risks of the target market, including policy, legal, social, economic, technical and other factors

Develop market entry strategies and programs, including target positioning, value proposition, product or service design, channel selection, marketing strategy, organizational structure, etc.

To accomplish these steps, market entry consulting requires a range of techniques and tools to collect, analyze and present data to support client decisions. Here are six tips and tools for market entry consulting:

Data collection

Data collection is the first and most important step in market entry consulting. Without sufficient data, effective analysis and recommendations cannot be made. There are many methods of data collection, which can be divided into two categories: first-hand data and second-hand data.

First-hand data refers to raw data obtained directly from the target market or customer group, such as through questionnaires, interviews, observations, experiments, etc. The advantages of first-hand data are accurate, timely, relevant and unique, but there are also disadvantages, such as high cost, long time, limited scope and difficult to obtain.

Secondary data refers to data obtained from existing data sources, such as through reports, databases, literature, etc. The advantages of secondary data are low cost, short time, wide range and easy access, but there are also disadvantages, such as inaccuracy, obsolescence, irrelevance and duplication.

Market entry consultation needs to choose appropriate data collection methods according to different purposes and situations, or use a combination of first-hand data and second-hand data to obtain the most comprehensive and effective data.

Data cleaning

Data cleaning refers to the inspection, correction and collation of the collected data to improve the quality and availability of the data. The main steps of data cleansing include:

Delete or modify incorrect, missing, duplicate, or abnormal data

Standardize or convert inconsistent or incompatible data formats

Classify or group similar or related data

Extract or generate useful or critical data features

Data cleaning is a necessary step in market entry consultation, because only clean and valid data can make accurate and reliable analysis and recommendations.

Data analysis

Data analysis refers to the processing, calculation and interpretation of cleaned data to discover the laws, patterns and meanings behind the data. There are many methods of data analysis, which can be divided into two main categories: descriptive analysis and inferential analysis.

Descriptive analysis refers to the aggregation, presentation, and comparison of data to describe the basic characteristics and distribution of the data, for example, by means of averages, medians, standard deviations, frequency tables, histograms, and so on. The purpose of descriptive analysis is to understand the profile and changes in the data.

Inferential analysis refers to testing, estimating, and predicting data to infer relationships and effects between data, for example, through correlation analysis, regression analysis, causal analysis, cluster analysis, etc. The purpose of infersive analysis is to explore the causes and effects of data.

Market entry consulting needs to select the appropriate data analysis method according to different problems and objectives, or use a combination of descriptive analysis and inferential analysis to obtain the most profound and valuable insights.

Data Visualization

Data visualization refers to the transformation of data into graphs or images for easy observation and understanding. There are many tools for data visualization, suchExcel, Painting, Power BIWait. There are many techniques for data visualization, such as choosing the right chart type (e. g., bar chart, line chart, pie chart, etc.), using the right color, size, and shape (e. g., red for danger or descent, green for safety or ascent, etc.), adding clear titles, labels, and comments.

Market entry consulting requires the use of effective data visualization techniques and tools to present analysis results to improve information transmission and communication.

Data Storytelling

Data storytelling refers to the combination of data visualization and narrative to form a complete and persuasive story. A good story should have the following elements:

Objective: To clarify what message the story is intended to convey, to whom to listen, and for what purpose.

Structure: Organize the story content in a logical order, including the beginning (to attract attention), the middle (to show evidence) and the end (to summarize ideas)

Content: Select the most critical and powerful data and charts, avoid too much or too little detail, highlight the key points and highlights

Language: use concise, clear, strong language, avoid technical terms or complex sentences, increase emotion and interest

Action: Give clear conclusions and recommendations to guide the audience to take action or change their attitude.

Market entry consulting requires the use of effective data storytelling techniques to tell analytical stories to enhance persuasiveness and impact.

Data driven

Data-driven refers to a way of thinking and behavior based on data, analysis as a tool, decision-making as the goal, and action as the result. There are many data-driven benefits, such:

Improve the accuracy and credibility of decision-making

Reduce the risk and cost of decision making

Enhance the efficiency and effectiveness of decision-making

Process and method of optimizing decision-making

Market entry consulting needs to cultivate and promote a data-driven culture and ability, so that customers can use data to guide and support their decisions and actions at every stage of market entry.

The Case of Champ Consulting

Champ Consulting is a professional market entry consulting company with extensive industry experience and data resources. The following are specific examples of how Champ Consulting has applied the above techniques and tools when providing market entry advice to clients in different industries:

Providing Chinese market entry consultation for a European automobile manufacturer, Shangpu Consulting collected Chinese consumers' needs and preferences for automobile brands, models, prices, functions and services through first-hand data, and collected information on the scale, growth, structure and competition of China's automobile market through second-hand data. Champ Consulting removed invalid and duplicate data through data cleansing and extracted key data features. Through data analysis, Shangpu Consulting found the opportunities and risks of China's automobile market, and evaluated the competitiveness and potential of customers in the Chinese market. Champ Consulting displays the analysis results to customers in the form of charts through data visualization, and tells the analysis results to customers in the form of stories through data storytelling. In the end, Shangpu Consulting gave the customer's entry strategy and plan in the Chinese market, including target positioning, value proposition, product design, channel selection, marketing strategy, etc., and suggested that the customer adopt a data-driven approach to implement and evaluate the market entry effect.

Providing Indian market entry consultation for an American e-commerce platform, Shangpu Consulting collected information on the scale, growth, structure, and trends of the Indian e-commerce market through second-hand data, and collected Indian consumers' e-commerce platform through first-hand data. Usage habits, satisfaction, loyalty and other information. Champ Consulting standardizes data from different sources and formats through data cleansing, and classifies different types and levels of consumers. Through data analysis, Champu identified the demand and competition in the Indian e-commerce market, and predicted the revenue and profit of customers in the Indian market. Champu Consulting presents the analysis results to customers in the form of images through data visualization, and tells the analysis results to customers in the form of stories through data storytelling. In the end, Shangpu Consulting gave the customer's entry strategy and plan in the Indian market, including target positioning, value proposition, platform design, partners, operation strategy, etc., and suggested that the customer adopt a data-driven approach to monitor and optimize the market entry effect.

Providing Southeast Asian market entry consultation for a Japanese cosmetics brand, Shangpu Consulting collected Southeast Asian consumers' needs and preferences for cosmetics brands, products, prices, functions, services, etc. through first-hand data, and collected Southeast Asian cosmetics market through second-hand data Information on the scale, growth, structure, and competition. Champ Consulting removes erroneous and anomalous data through data cleansing and generates useful data features. Champ Consulting analyzed the opportunities and risks of the Southeast Asian cosmetics market through data analysis, and estimated the market share and brand awareness of customers in the Southeast Asian market. Champ Consulting graphically displays the analysis results to customers through data visualization, and tells the analysis results to customers in the form of stories through data storytelling. In the end, Shangpu Consulting gave the customer's entry strategy and plan in the Southeast Asian market, including target positioning, value proposition, product design, channel selection, marketing strategy, etc., and suggested that the customer adopt a data-driven approach to adjust and improve the market entry effect.

Conclusion

Market entry consulting is a highly data-dependent consulting service that uses a range of techniques and tools to collect, analyze and present data to support clients' decisions. This article introduces six techniques and tools for market entry consulting, namely data collection, data cleaning, data analysis, data visualization, data storytelling and data-driven. The article also gives specific examples of how Champ Consulting uses these techniques and tools when providing market entry advice to clients in different industries.