Know what matters before you commit.
Test market, customer and partner assumptions in Vietnam and China. Turn comparable evidence into a clearer investment or growth decision.
Turn uncertainty into a focused research brief.
When a decision depends on unfamiliar customers, channels or counterparties, more information is not always better information. The useful question is which evidence can confirm, challenge or refine the commercial thesis.
We help teams define the questions, gather relevant evidence and connect findings with practical decision implications. The assessment makes source quality, contradictory information and unresolved gaps visible, with specialist diligence coordinated separately where needed.
START WITH THE DECISION
Different commitments require different evidence.
A sector overview is not a substitute for a focused assessment. We shape the research around the decision, the assumptions that matter and the information available within the agreed scope.
Where to compete
Assess a product category, customer segment or route to market before deciding where to invest commercial effort.
Typical focus: demand drivers, buying criteria, channel economics, alternatives and the credibility of the proposed positioning.
Who to work with
Compare a distributor, supplier or strategic partner against the capabilities your plan requires.
Typical focus: commercial reach, operating fit, incentives, information quality, dependencies and questions for further specialist review.
What to underwrite
Test the commercial assumptions behind a proposed acquisition, investment or partnership.
Typical focus: customer exposure, competitive position, market opportunity, business-plan assumptions and practical growth constraints.
EXAMINE THE COMMERCIAL LOGIC
Look beyond the market-size headline.
A useful assessment connects market context with how the business wins and serves customers. The following lenses can be combined or narrowed for the assignment.
Addressable demand
Separate the broad category from the customers and uses the business can realistically serve. Examine adoption conditions, purchase frequency and the assumptions behind demand estimates.
Customer behaviour
Understand decision-makers, procurement criteria, switching barriers and service expectations. Distinguish observed evidence from management assumptions and interview opinion.
Competitive position
Map relevant alternatives, including local competitors, imports and substitute solutions. Test differentiation, pricing logic and the basis of any claimed advantage.
Channels and access
Examine distribution coverage, incentives, capability and concentration. Identify where reported reach differs from demonstrable access to the intended customer.
Revenue resilience
Explore concentration, repeat business, contractual visibility and reliance on key relationships. Where data permit, assess the commercial explanation behind historical trends.
Growth execution
Connect the plan with sales capacity, delivery constraints and partner dependencies. Identify what must change for the proposed growth path to be credible.
A TRACEABLE RESEARCH PROCESS
Challenge the thesis. Show the evidence.
Research should make the basis of judgement clear, not disguise gaps behind a polished presentation. Access, source quality and unresolved questions are part of the assessment.
- Frame the hypothesesAgree the decision, scope, key assumptions and the issues most likely to change the conclusion.
- Build an evidence planIdentify relevant documents, public sources, data and potential stakeholder discussions. Agree access, confidentiality and permitted research methods.
- Triangulate the findingsCompare sources and test contradictions. Separate verified information, estimates, stakeholder views and matters not resolved within scope.
- Translate into decision implicationsExplain which assumptions hold, which need further work and how the findings affect the proposed commercial or investment plan.
FROM INFORMATION TO JUDGEMENT
Outputs built for a management discussion.
The deliverables are agreed for the assignment. A focused engagement may select only a few of these outputs; a broader diligence scope may connect them.
Market and customer brief
Target segments, buying requirements, relevant alternatives, demand assumptions and the limits of available evidence.
Competitive or partner assessment
A structured comparison against explicit criteria, supported by source notes, capability observations and unresolved questions.
Commercial thesis review
An assessment of the key revenue and growth assumptions, including sensitivities, dependencies and issues requiring further validation.
Decision and next-step memorandum
A concise synthesis for leadership: the findings that matter, their implications, evidence gaps and a prioritised programme for further work.
Commercial diligence does not replace financial, legal, tax, technical or other specialist diligence. Interfaces with those advisors should be defined so the commercial work informs, rather than duplicates, their assessment.
Explore transactions & partnerships ↗Case Study
Testing the growth thesis of a distribution platform.
Imagine an investor considering a Vietnamese distributor. The business plan assumes expansion into new customer segments through its existing channel relationships.
The questions to resolve
- Do those relationships reach the proposed customers?
- Does the product and service offer match their buying requirements?
- What sales capacity and operating changes would expansion require?
- Which revenue assumptions depend on evidence not yet available?
A possible scope would combine customer and channel research, a competitive assessment and a review of the growth assumptions. Illustrative outputs could include a commercial thesis memorandum and targeted questions for further diligence. No actual client, transaction or result is represented.
SCOPING THE ASSESSMENT
Make the research brief precise.
How is market intelligence different from commercial due diligence?
Market intelligence can inform a broad strategic or commercial question without a specific transaction. Commercial due diligence is framed around the assumptions supporting a particular investment, acquisition or partnership. The methods may overlap, but the decision context determines the scope and the required outputs.
Can the work focus on one unresolved question?
Yes. A narrow assignment may examine a customer segment, channel assumption, partner capability or competitive issue. It should state what is included, what remains outside scope and how the finding will be used.
What if reliable data or management access are limited?
Information limitations are recorded explicitly. We can discuss alternative evidence sources and prioritise the most consequential gaps. A limited-access assessment should not be presented as if it had the same coverage as a full diligence exercise.
Does the assessment include stakeholder interviews?
Stakeholder discussions can be considered where relevant and feasible, with methods and confidentiality agreed in advance. Access is not guaranteed. Findings should distinguish what a participant reported from information independently corroborated.
Does commercial diligence certify a company or guarantee an investment?
No. It is an assessment within an agreed scope and evidence base. It does not certify all aspects of a business, establish legal compliance or guarantee future performance. Investment decisions remain with the client and should incorporate the relevant specialist advice.
What should we share in the first discussion?
A non-confidential outline of the business or opportunity, the decision you face, the timetable and your main assumptions is enough to start. Agree confidentiality and a suitable information-sharing process before providing sensitive documents.
Can research compare opportunities in Vietnam and China?
Yes. Agree a common product definition, customer segment and set of decision criteria, then build a separate evidence register for each market. The comparison should distinguish source dates, geographic coverage, interview access and assumptions. A regional market headline is not a substitute for verified customer, channel and competitor evidence in the country where the business intends to operate.
DEFINE THE EVIDENCE YOU NEED
What would change your decision?
Tell us the commercial question, the information already available and the commitment under consideration. We can discuss a focused assessment that addresses the uncertainty.
Discuss your research brief ↗