A Conceptual Framework for Integrating Customer Intelligence into Regional Market Expansion Strategies

• Author(s): Abiodun Yusuf Onifade; Jeffrey Chidera Ogeawuchi; Abraham Ayodeji Abayomi; Oluwademilade Aderemi Agboola; Remilekun Enitan Dosumu; Oyeronke Oluwatosin George
• Paper ID: 1708471
• Page: 189-205
• Published Date: 31-08-2021
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 5 Issue 2 August-2021

Abstract

In the modern global business environment, regional market expansion has become a critical strategy for companies seeking sustainable growth and competitive advantage. However, expanding into new regions involves complex challenges, including understanding local market dynamics, consumer preferences, and competitive landscapes. Customer intelligence encompassing data collection, analysis, and application of consumer insights plays a pivotal role in addressing these challenges. This review presents a conceptual framework for integrating customer intelligence into regional market expansion strategies, aiming to improve decision-making, reduce market entry risks, and enhance customer engagement. The proposed framework is structured around four key steps: data collection and integration, market segmentation and targeting, strategic decision-making and adaptation, and performance monitoring with continuous feedback. It emphasizes the importance of gathering diverse consumer data from various touchpoints, such as social media, surveys, and transactional data, and using these insights to segment markets, define target customer profiles, and adapt marketing and product strategies. Furthermore, the framework highlights the need for agile decision-making, where businesses can continuously refine their strategies based on real-time customer feedback. Despite its potential, integrating customer intelligence presents challenges, including data availability, cultural differences, and privacy concerns. The framework addresses these obstacles by suggesting solutions such as leveraging local partnerships, investing in technology platforms, and ensuring compliance with regional data privacy regulations. By incorporating customer intelligence into regional market expansion, businesses can more effectively tailor their approaches to local consumer behaviors and preferences, ultimately increasing their chances of success in diverse markets. This conceptual framework provides a valuable roadmap for companies seeking to expand globally while remaining responsive to the evolving needs of regional markets.

Keywords

Conceptual framework, Integrating customer, Intelligence, Regional market, Expansion strategies

Citations

IRE Journals:
Abiodun Yusuf Onifade, Jeffrey Chidera Ogeawuchi, Abraham Ayodeji Abayomi, Oluwademilade Aderemi Agboola, Remilekun Enitan Dosumu; Oyeronke Oluwatosin George "A Conceptual Framework for Integrating Customer Intelligence into Regional Market Expansion Strategies" Iconic Research And Engineering Journals Volume 5 Issue 2 2021 Page 189-205

IEEE:
Abiodun Yusuf Onifade, Jeffrey Chidera Ogeawuchi, Abraham Ayodeji Abayomi, Oluwademilade Aderemi Agboola, Remilekun Enitan Dosumu; Oyeronke Oluwatosin George "A Conceptual Framework for Integrating Customer Intelligence into Regional Market Expansion Strategies" Iconic Research And Engineering Journals, 5(2)