Question: Whether to start a service in Pakistan or not? And how to do it?
Stage 1: Market Research
The first step would be finding the market. For that we need to find answers to several questions. For example;
· Are there ‘x’ number of people in US who are Pakistani’s and are transferring money to their country or not?
· If there are ‘X’ number of Pakistanis in US then what are they doing here, for example are they students, if they are students then what exactly are they studying; are they working professionals, if they are working professionals then are they working white collar jobs or blue-collar jobs?
· How frequently are people in Pakistan travelling to the US and in what numbers and what is their purpose to travel to US?
· If ‘X’ number of Pakistanis are in the US, then where were they from in Pakistan?
Stage 1A: How and where to get this data
There are agencies to which we can contact and buy the specific data. Apart from that we can target US banks and get a database from them as well to know how many of their account holders are Pakistani and what do they do. We can also try to get information out of college and universities in the US and get the student information as well. Last would be Embassy (but I don’t think they would sell or give out data)
Stage 1B: What are the key takeaways from Stage 1 and 1A
Considering hypothesis and say we get the required data, then how do we filter it and what would be the key points or the takeaways we would be looking to strengthen our idea of starting a service in Pakistan.
Since, we cannot just target whole of Pakistan and study the data, we shall concentrate more on the metro cities of Pakistan; Islamabad, Faisalabad, etc. which has the maximum number of people going to the US. Just like India, the maximum number of people going to the US are from metro cities like Mumbai, Delhi, Bangalore, etc. So, we shall target those cities in Pakistan and filter out the data in a way that we can attain that particular number.
Once, we have decided our demographics and we have ‘X’ number of people from the metro cities who travel to the US, we start filtering more of it to find their travel purpose and divide them into groups; students, working professionals, white collar jobs, blue color jobs, tourists, etc. Again, here we can filter it out as we don’t need to target tourists and we could avoid targeting blue collar job people as they might earn in cash and use different mode of money transfer (again a hypothesis here, as we might need more data to see and rate blue-collar job people).
Stage 2: Consumer insight and consumer behavior
Once the data is filter according to our needs, we start dividing it into groups and start to research more about their behavior and get insights from it. By consumer behavior I mean getting to know more about them and their specifics.
Example 1: Students
We can further analyze the student’s data and see what they are studying and what are the job prospects for that so that...