Market analysis: Know your customer and make sure brands do the math(s)

Dominic Lancaster, Pixie Agency

Know your customer, know their tribe, know the language. Know your competition, know their strategy, know their tactics.

Two nations separated by a common language - to paraphrase George Bernard Shaw - is never truer than when undertaking market analysis. USA and UK share so much, yet are culturally and commercially so different. Marketing Strategies that work well back at home might work brilliantly or may fall completely flat on the other side of the pond. Either way, understanding your customer, their buying habits, the competition and their strategies are essential when planning a successful launch in a new market.

Language plays a pivotal role in planning successful campaigns. Understanding the nuances of when to use formal, casual or technical language, for example, can be critical in the outcome of any new enterprise.

Navigating the obscure and hard-to-fathom regional lexicon can be a challenging endeavour without local expertise. There are many examples of corporations that got it just right, and many more that tripped over the sidewalk when they intended to nonchalantly saunter down the pavement.

Beyond the intricacies of British consumer behaviour, a lot can be gained from studying the playbook of both domestic and international players in what is one of the world’s largest e-commerce markets. To understand these tactics, pricing matrices and promotional strategies, is to understand why the UK punches well above its e-commerce weight. Identifying the gaps in the market and your own competitive edge will enable you to understand how to be truly successful in the UK.

In short, partner with a local expert, heed their advice and do the math(s)!