Market Research in Bangladesh

Photo by Masba Molla on Unsplash

The Client Background

Our client, a well-established trading company from China, has been a prominent supplier of industrial machinery to the Bangladesh market for over a decade. They have forged strong relationships with some of the largest local conglomerates. Despite their strong market presence and long-standing partnerships, they have faced difficulties in adjusting to changing market conditions.

The Challenges

The client faced several significant challenges:

First, Changing Market Competition Post-Pandemic

The client struggled to expand their business amidst rising competition and had no significant digital presence. Their reliance on traditional, face-to-face interactions restricted their ability to pursue new growth opportunities.

Second, Financial Constraints Due to the Bangladesh Dollar Crisis

The ongoing financial crisis in Bangladesh severely impacted the client’s operations. The inability of local importers to secure letters of credit for imports from China and other countries disrupted cash flow and payment cycles.

Third, Lack of CRM Systems

The absence of a structured Customer Relationship Management (CRM) system impaired the client’s ability to manage client relationships and track workflows effectively.

Our Strategic Approach

To address these challenges, we engaged in a comprehensive analysis and strategic overhaul. Our approach included:

First, Local Market Immersion

Our team spent a week in Bangladesh, meeting with local partners and employees to understand the ground realities and integrate local insights into our strategy.

For example, we actively participated in client meetings, including, for example, negotiations with a conglomerate planning to establish a bike factory. Our observations led to specific recommendations for improving negotiation tactics and follow-up strategies to secure contracts.

Second, In-Depth Market Analysis

We conducted thorough market research to identify key trends, competitive pressures, and growth opportunities. This analysis helped tailor our solutions to meet the specific needs of the market.

For example, we developed strategies to leverage untapped opportunities in the machinery sector. For instance, we recommended expanding their offerings to include spare parts and consumables. This strategy creates additional value and ensures sustained revenue growth from existing client relationships.

Third, Digital Communication Guidance

We advised on establishing a digital presence, which included creating a modern website and adopting digital marketing initiatives to enhance visibility and engagement. 

The Results and Impact

Our strategic guidance facilitated a transformative shift in our client’s operations and market approach:

First, The client adopted a CRM system, which has been instrumental in documenting interactions and streamlining client management processes. This has improved efficiency and effectiveness in handling client relationships.

Second, Through in-depth interviews with existing clients, we refined the client’s value proposition and better aligned their strategy with their unique strengths. This enhanced their competitive position and clarified their market messaging.

We provided comprehensive reports and actionable insights. However, the successful implementation of these strategies was primarily driven by the client’s commitment to integrating our recommendations into their operational framework.