FWS Provided Market Research & Analysis Services to a South African Footcare Major
Mr. Peter* runs a company which is a top contender in the US footcare industry. The client's company is also a leading manufacturer of top-notch footcare products that exclusively serve medical professionals and consumers including the ones suffering from diabetes, foot trauma, arthritis, or others who just need comfort footwear. The footcare products from the client has offered comfort to people from all walks of life by meeting their everyday needs.
After a successfully establishing in the footcare markets in United States and China, the client wanted to reach out and expand his products in South Africa.
* Name changed to protect identity
Challenges Faced by the Client
The client wanted to investigate the market scenario before launching the products in South African market. Flatworld Solutions was tasked to interpret the client's unique requirements by integrating his inputs on the product positioning along with its pricing into the analysis. FWS had to furnish a detailed report within 15 days highlighting the terms of a feasible marketing strategy.
The 23 South African cities chosen for the research included -
Kwazulu Natal North Coast
Formulating a strategy for market penetration was a difficult task which required the client to consider the following factors -
Market entry objective - acquiring a significant market share, quickly
Perceived Risk - Switching products can be seen a risk and many customers may show reluctance to try new products
Product life-cycle - In the initial stages product lifecycle, being the first to establish will have better advantage
Competition - New markets often pose challenges for entrants who are starting up. Sometimes, when the supply is more than the consumption, competition can become cut throat and in such cases, it may not be a practical for fresh investment
Marketing Strategy - Strategies can vary based on the prevailing conditions in the target markets. The initial effort is always the aggressive, broad-front strategy where brute force method is sweepingly used in all market segments
Second wave focused entry strategy where precision outweighs aggressive methods to enter a narrowly defined market.
Third method involves guerrilla approach where focus is more on broad-front market. This approach is non-aggressive and utilizes minimal resources to help marketers take the top stop in the competition.
Flatworld Solutions' team of analysts conducted a thorough research of the South African markets and identified various market penetration strategies such as -
The Cavalry Charge
Flatworld's through research report on the scope of market penetration in South Africa brought immense satisfaction to the client who responded as mentioned below -
"Thank you for the research report. Thank you for all your time and attention. The overall process is going well and I am pleased with the direction, the pace, and the commitment I feel from you and your staff. Keep up the good work"
The detailed insight from the research provided immense value to the client and propelled his ambitions to enter South African market with Flatworld's strategy. Our strategy helped the client with respect to -
Technical innovation strategy - high quality products with perceptible reliability
Product adaptation strategy - refinement of existing products
Availability and security strategy - mitigation of transport risks by responding to perceived risks
Low price strategy - price at the product launch
Total adaptation and conformity strategy - Customized product and channel development stagey for the markets in South Africa
The channels suggested by the FWS' Research and Analysis team was elected by the client to promote their footcare product to stockists, doctors, and C&F agents in South Africa. The client adopted the region-specific pricing strategy suggested by FWS and it yielded successful results.
Partner with Flatworld - The Leader in Market Research Services
With 16 years of experience in market research services, Flatworld Solutions outpaced and outlasted all other competition to become the top name in the industry. Our team comprising of market researchers, and data analysts who possess years of experience helped us carve a niche among our growing client-base. We are qualified providers of customized research & analysis services that include online market service, market feasibility analysis service, and many other affordable services that are proven to be effective in addressing various other challenges faced during market penetration.
Whether you require a quick consultation or an in-depth report on markets for marketing your products, we are here to help. Reach us now and talk to our experts.