Through the benefits of technology, it’s easier than ever to take your business to the international level. What once was reserved for big-name brands is now possible for all types of companies — as long as they stay informed about current market conditions. When considering global markets, it’s important to use market research to be prepared for all potential opportunities and challenges.
Three specific areas you should consider when researching international markets are:
1. How to collect data
If the information isn’t easily accessible through syndicated research reports, then you need to reach out to local consumers in your targeted region. You will need to be prepared to adapt your methods of collecting data to fit both their languages and cultures.
2. How to compare data
You cannot expect to compare all behaviors from different regions the same way. If you aren't familiar with the cultures and behaviors of a new region, you will never truly be able to understand your findings.
3. How to communicate and act on your findings
Finding information can be easy, but determining how to act on it is a whole separate process. To effectively evaluate a market, you must also determine how to promote your product or business in this new space and decide whether the benefits outweight the costs.
Most of the information you will need to gather on an international market is no different than the information you need to gather on the local level:
- Industry, characteristics, and trends — You need to find analysis and information on the regulations for acquisitions and exports. You will also need an overall market analysis to identify key industry leaders of any region.
- International buyer behavior — Not everyone will behave like your current customers. You need to know the global needs of the consumer: brand preferences, attitudes, awareness, and purchasing behavior.
- Distribution research — How are you going to get your product to this new region? You will need to know all import and export regulations, channel performance, and plant or warehouse locations.
- Advertising — Part of understanding your new consumers will include knowing how to best reach them. This means you will need to determine what advertising strategies are most effective in the new region.
- Pricing — The last area to research is pricing. Your pricing strategy needs to include a number that will generate enough revenue to cover all costs, but also stays realistic to that market. Meaning, it won’t be profitable to set a price that consumers can’t afford in a certain location to cover your own expenses.
Once you have gathered all the information you need on the global location your business is interested in, then you can determine if moving into the region is the right option for your business.
To learn more about how market research can help you and your business be successful, check out our free white paper.
Thanks for reading!