Market monitoring: an essential tool to guarantee success, quality and safety
December 14, 2012 by Marion GUILLOT
Decide to put one step before the other without seeing what is in front of you is quite risky…it is the same in business: if you do not know what will happen on your market, it is risky and dangerous for your business to decide to invest, to expand your offer and develop one branch of your activity.
A market monitoring
The most important thing when you decide to launch a new product is to know your commercial outlets to answer the market’s requests. Why? Because:
- Success means no stocks,
- Success means sales figures growing,
- Success means possible new investments,
- Success means your company evolves in a healthy environment.
A technology monitoring
Knowing the new improvements in the technologies you use every day in your business is a key element for today and tomorrow as:
- You will consider the new environmental issues and plan to save money with a high performance plant,
- You will improve the quality of your products with more modern technology (while often saving on production costs),
- You will follow your competitors and their investments.
A rules and regulations monitoring
If you have been targeting a market for a few months, you need to stay aware of the rules and regulations evolutions. Indeed, new barriers or, on the contrary, new opportunities abroad need to be known.
Mastering the legal environment must be your n°1 concern. Why?
- Respect the rules and regulations means image of your company, its integrity
- Respect the rules and regulations means consumers safety and your company’s safety (legal proceedings, fines, sanitary scandals, etc.)
- Respect the rules and regulations means you save money as you do not produce and send outlawed products for nothing!
How can I make an efficient monitoring?
Monitoring a market takes time as it requires information researches, analysis and confrontation. It can be done with different but complementary means:
- Internet: subscription to key words and alerts, subscription to RSS
- Specialized web sites: in your field of activity, your competitors’ websites, etc.
- Institutional websites: governments, international associations, notation agencies, etc.
- Attend trade shows (as a visitor or as an exhibitor): see the tendencies, see your competitors, learn about markets (conferences), be visible and show your company’s skills.
- Attend colloquiums and symposiums: learn more about your field of activity and create a professional network
- Work with professional agencies with representatives around the world: exchange information and rely on skilled people in the targeted country to inform you about the business environment.
LISA RD, as a global specialist of nutritional products and of infant milk formulas, has its own resources to monitor the market worldwide. In its missions, like the strategic consulting and the selection of the right partner, LISA can provide its customers with market studies and helpful data about the international market and share its awareness of the actors, tendencies and evolutions of the trends to help you on the road of success.