Why is it important to do your export market research?
One key aspect of doing business abroad successfully, is to do your homework thoroughly, when identifying and evaluating your target markets. By researching the country, industry structure and the existing competition you can assess whether there is a need for your product or service. This can also help you to identify whether modifications will be needed and which markets to focus on.
Establishing the opportunity
When contemplating the idea of entering the overseas marketplace there are many aspects to consider, but the first step has to be establishing what the opportunities might be. It is important not to focus just on your products or services, but consider what your potential international customer might want by answering these questions:
- Is our product or service going to satisfy a market need?
- Who are my potential customers and where can they be found?
- What international competition is out there and how do we compare?
- How unique is our product and how competitive might it be internationally?
Researching your potential markets?
By defining your target market, the geographic boundaries, the competition and market size you are well on your way to establishing a clearer understanding of the market potential. You can use business information to help you do this by focusing on these key elements:
- Analyse & evaluate the international marketplace to establish the best countries or regions on which to focus.
- Review your existing customer base to help establish the types of companies you might want to target - See our article on Targeting, segmenting & profiling.
- Understanding your potential competition will help to establish your possible position in an international market as well as your unique selling points.
- Find out what the likely overseas demand might be and identify any necessary modifications your products or services might require.
Get help with your research with data from Kompass
As business information specialists, we at Kompass, know that your results hinge on effectively targeting the right audience. Whether you set out to focus on Europe, America, Africa, Asia or Australia, a key aspect of exporting will be to research and find the best potential markets.
Our worldwide business information database gives you access to 33 million companies across 70 countries globally and can be refined geographically, by size, company type and many more! With access to business data from Kompass, we can help you to focus on the best target markets that offer your company the greatest opportunities. Contact us to find out more about how we can help you as you plan your export strategy.
Our Kompass Export Zone builds on our business information expertise, by giving access to straightforward guidance on some of the key factors to consider when exporting, research advice and country specific market information. For more advice on getting started on your export journey, see our guide to planning your export strategy.
Disclaimer: Please note that this blog only contains general information and insights about legal matters. The information is not advice, and should not be treated as such. Kompass.com