market research
Research is essential before you start exporting. Research helps you identify the best overseas opportunities, understand how to sell into new markets abroad and avoid costly mistakes.
Much of the export information you need is already available. You are likely to need to carry out your own custom research as well, including visiting promising markets.
Identifying possible export markets
Define where you may be able to sell your products or services – and why
Establish what defines your potential customers in the same way as for existing markets. For example, consider what sort of consumers or businesses they are, what need your product or service satisfies, and how your market position is defined.
Establish what defines your potential customers in the same way as for existing markets. For example, consider what sort of consumers or businesses they are, what need your product or service satisfies, and how your market position is defined.
Your research checklist
Assess the potential market
- Potential business customers are usually easy to identify and research.
For example, using agriculture statistics and trade directories which help u to find
Agriculture import countries.
Look at customers’ purchasing behaviour
- Find out what distribution channels are used. For example, some business customers might concentrate their purchases with wholesalersrather than dealing directly with manufacturers.
To find local and international competition
- Identify competing products and suppliers. Look at the quality of their products and services, and their strengths and weaknesses.
Using existing data on export markets
Find existing country guides
- VGLoffers a range of free country guides as well as help carrying out your own research.
- We offers a wide range of free advice and information, including guidance on researching export markets and country guides for individual countries.
Visiting target markets
Decide what visits you need to make
- Visiting your target markets can give you some essential insight that paper-based research can’t match.
- You may want to use visits to start building relationships with agent and customers, or to negotiate sales directly.
Refining your export offer
Product or service to the market
- It’s unlikely that your domestic business practices will directly transfer to overseas markets.
- You may need to amend product specifications and packaging to suit local customer requirements and regulations.
Plan how you will market and sell overseas
- Your choice of sales and distribution method will be crucial.
For example, appointing a local distributor may help to develop instant market.
Staying competitive
Keep up to date with market developments
- Your need for research will not end once you start trading in your new market. You will probably need even more local knowledge as the business progresses.
- Keep in regular contact with local representatives, agents and customers, or make regular visits.
