Market opportunity and entry plans for newly developed product
The client, a leader in the chemicals industry, wanted to know the overall opportunity size of the facade market in China. For each of the materials used in the facade market, they needed information on market shares, company profiles, product offerings, shareholding structures, major players in the market, as well as the decision-making processes and criteria involved during the development of commercial buildings.
Synovate Business Consulting was engaged to advice the client on their market entry strategy. We provided them with detailed and actionable recommendations on how to enter the market in China, including the governmental agencies to deal with, channels to go through, potential projects to win and guidelines on dealing with local cultures and working styles. We provided the client with accurate sizing of the overall façade market for China for the past 3 years as well as projections for the next 5 years. For each of the materials we identified as a major cladding material for commercial buildings in China, we estimated shares by value and volume historically as well as future projections. We also identified and profiled all the major players in the market, as well as mapped the decision-making and influencing processes by each of the different players.
The client, through the project, gained a very clear idea of what materials were being used in China's market on commercial buildings and how things either differed or resembled markets in the West. The client clearly saw where their product would stand in terms of quality, price, brand and perception. They also gained a comprehensive view on the market trends and future landscape in China. From the recommendations provided by Synovate, the client was able to clearly identify the steps they needed to take or avoid for their market entry plans into China with their product.