Before committing to a business or trade overseas, it is essential to undertake high quality market research. In depth market data can offer insights about the kind of business or products that hold the potential to be successful in a targeted market.
Entering a new market with new prospect consumers can be a challenge. There are many aspects that could go wrong, ending up in a waste of time, money and energy while being highly demotivating. Many may believe market research to be a difficult and laborious task but the truth is that most of the data that you need is already available; you just have to know where to find it.
Market research involves a process
Market research involves a logical procedure. First, you need to know which markets suit your product or service. This involves knowing your potential clients, where they are located and how they behave. Once you are aware of these details, you can decipher where your product or service can fit.
Draft your specific questions to compare countries
Gathering information about your possible market starts with formulating the right questions to ask. Frame questions that will give you the data you need right away instead of hinting towards in a vague direction.
By uncovering the answers to specific questions, business owners can know if they have to alter any aspect about their company, product or positioning to suit the tastes of the potential consumer.
Local customs, practices and cultures
Next, you have to know more about the country and the market that you are about to get into. If you are about to enter a foreign location that you are unfamiliar with, taking time to study about the new customs, business practices and even a bit of culture can help you. Also understand the size of the potential market you wish to work with and how to effectively reach and engage it.
Primary knowledge sources
The single best method to know how a place works and how you can successfully enter it is by asking the people who play pivotal roles in that region. You may network and interact with key players, regulators and users of the market that you are targeting in an informal environment for the best results.
Sometimes, seeking the help of a local source may not be enough. If you think the data you have gathered is still lacking, the internet is always there to address your queries and fill in the gap. But initiate the primary knowledge exercise with personal meetings, emails or phonecalls for unique but accurate perspectives.
Understanding the risks
Knowing the possible risks that you may face is a vital aspect of research. Prior knowledge about pros and cons can help you to make the right decisions early on in the game. Apart from specific product or service risks, knowing market related risks can also place you in an advantageous position before entering it.
Market research is gaining immense popularity due to its proven advantages. You can undertake your own but but in most cases you will get better results with working with a locally based specialist, who can better interpret the info and has access to local data sources.