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Assess your product’s chances of success in the market abroad and refine your global marketing strategies with international market research!
If you want to ensure successful international business, make sure you know your market!
You will need to collect and analyse all the information you need to make choices, assess the impact of the macro-economic environment on your business, conduct a competitor analysis in your target market, understand the socio-cultural differences and buying habits of consumers abroad, etc. So make sure you’re fully prepared with international market research.
International market research will allow you to:
Global market research is a little different from a “traditional” target market analysis. You need to collect more types of information. Here are the 3 key steps for successful international market analysis:
In this step, you need to correctly analyse your business / company: What are its strengths and weaknesses?
You should consider:
→ Your products/services
→ Your finances
→ Your management quality
Next, you need to list your potential markets abroad and do a target market analysis of their characteristics.
→ Identifying 5 to 10 major markets where your products/services are experiencing growth
→ Evaluating the economic growth of the potential markets over the next 5 years
→ Finding out if they are part of any regional agreements (customs union, free trade zone), and identifying any potential commercial obstacles
→ Studying their transport infrastructures
→ Ensuring you understand their political regime
→ Doing a competitor analysis: list your local and international competitors
→ Finding out about the distribution chains, communication channels, cultural differences and commercial practices in your target markets.
Your global market research and target market analysis will help you decide which market is best for you.
If you’re new to international trade and export, we recommend that you focus on just 1 or 2 markets at a time (no more)..
When you’re ready, you will need an international business strategy to adapt your products / services to the target market. This strategy should include: