Market Analysis in Australia

In recent years, there has been a strong tendency for international manufacturers to expand their traditional business to Australian and other international markets.

There are many reasons for this, starting with the weak economic climate that still affects the financial performance of European based entities in particular. But there are other reasons including more intense local competition, higher operating costs and increasingly stringent legislation on trade. Against this backdrop of a reduced opportunity in traditional markets, the desire to expand and enter foreign markets is a logical and organic reaction.

Whilst expanding business internationally can create new and unlimited opportunities for growth, particularly in emerging and other fast-growth markets like Australia, it also comes with its own unique set of challenges. These include more complex supply chain logistics, understanding of local and often different competition, regulatory compliance and, of course, customer acquisition.

Accordingly, the success of these market entry ventures are substantially reliant on the elements of speed and cost efficiency and for that to be possible, a strong fact base of market analysis is essential.

The best practice firms who set their sights on emerging and fast-growing markets, where economic conditions are rebounding more quickly than in traditional markets, recognise this requirement and appoint local market analysis agencies to help pinpoint the most profitable business opportunities.

But Market Analysis Australia is not an academic desktop research exercise containing assembled facts and figures. Good market research entails finding out what actually drives the market – and how to get the best out of the opportunities within it.

Gathering this information is not always straightforward and because this is the case, many firms “fail to launch” in Australia, despite the attractive opportunities that exist here.

That is to say, firms intent on Australian market entry are frustrated by the inability of traditional market analysis methodology to deliver crisp, sharp intelligence.

Whilst Australian regulations, import duties, distribution channels, market size and growth, competition, demographics and local production are important fact base requirements, they alone are not enough to underwrite a business case for Australian market entry. 

 

What is ‘market pulse’ and how can I get it?

Acquiring “market pulse’ is about gathering first-hand appreciation of how Australian buyers operate, the dynamics of local business, what your competitors are doing and what are the potential obstacles to market entry.

This softer form of market analysis gathers intelligence from Australian industry participants who are streetwise and can convey market knowledge in a practical and therefore actionable fashion.

Market pulse allows the analysis to be narrowed to a specific product or service and here the process is driven by a “laser focus” on potential buyers and distributors, their needs, their choices and their trigger points.

As a market analysis approach, attaining the “market pulse” creates a platform for speed, cost efficiency and ultimately higher rates of growth for businesses.

Expanding your business into a new market like Australia can be challenging and most businesses fail to reach full international potential because of this. It does not have to be the case, especially when there is an opportunity to partner with a local market entry consultancy which is skilled at not only the assembly of a strong fact base, but can also get out from behind the laptop, shake hands with incumbent industry participants as well as potential prospects on your behalf.