Successfully expanding into an established market such as the Americas requires in-depth understanding of the marketplace, competitive landscape, and consumer behaviors. Our client, a micro-irrigation equipment manufacturer was looking to grow their market in the Americas. Specifically, they needed to understand which countries and segments they should target for growth and what levels of growth they can expect from each.
The market insight our client needed required us to first identify their competitors’ resources strengths, weaknesses, operation processes, and future plans. Additionally, we need to uncover and understand the size and segment of each market and the current and projected growth throughout the Americas. We recommended primary research as the primary project methodology because of the limited published information available. We supplemented secondary research from the target competitors’ websites, press releases, and annual reports with findings from interviews conducted across 15 North and South American countries. During the course of research, we conducted:
- 13 in-depth interviews with industry experts, who provided overall perspective on the market and the competitive landscape
- 42 in-depth interviews with competitors, who provided information on market size, shares, growth, segmentation, and trends
- 74 focused interviews with dealers, who provided information on market segmentation, growth, and trends
Through our research, our teams uncovered:
- Growth rates for each country, leading to a list of recommended countries to target for expansion.
- Underlying growth factors (improved crop yields, weather patterns, water conservation efforts, and rising crop process) leading to strategic market entry and planning through increased market awareness.
- Improved strategic growth initiatives and updated regional growth targets by identifying key market hurdles (increased competition, rising raw materials costs, and demand for lower prices.)
Our client successfully used the insight to adjust their market entry strategy to focus on the seven key countries and demographics, instead of their projected five that could yield the most potential.