Identify potential markets with some desk research. Before undertaking or commissioning research you should:
- identify clear objectives: detail what you want the research to do
- establish what information is essential to you: define what you need to know, rather than what's nice to know
- know your short and longer term marketing objectives, and make sure they are in line with your market research
Research helps exporters determine:
- which markets to enter and when
- the best routes into a market
- how to position your product or service in your chosen markets
- suitable customers, and any competitors
- barriers to market entry
There may be government funding available to support your research and to identify opportunities in overseas markets.
Methods of research
Online market research
Also known as desk research, this is usually carried out before any other type of research activity. Online sources are readily available and generally free or inexpensive.
The Department for International Trade have published guidance on how to use research to assess market potential. It covers trends, consumer behaviours, competition analysis and barriers to entry.
View the online market research guide from the Department for International Trade.
In-market research
If you’ve gathered enough data through online research to help select appropriate markets for your product or service, the next step should be in-market research, also known as field research.
A country visit will allow you to gather specific information on the market for your product or service. This could be combined with a visit to a trade show or conference, or participation in a trade mission. The data you’ll gather in-market should be accurate and up-to-date. There may also be in-market research agencies who can do country research for you for a fee.
Whilst travelling to other countries is temporarily on pause due to coronavirus, listing your products on global e-commerce sites can be a good way to gain early feedback on whether there will be demand for your products in any particular region. If you take this approach, it’s worth spending some time studying the best practices for listing your products so that you can take full advantage.
View the in-market research guide from the Department of International Trade.
The Department of International Trade has produced this checklist to work through, ahead of your first visit to a new market.
Understand the local business culture
Taking an interest in the culture of your customer helps build trust and shows you are serious about a long-term relationship. Not being prepared could lead to a misunderstanding that affects your business relationship.
This government market guide could help you to prepare to do business in new markets. Specialist companies can assist with business etiquette, customs and culture. The government has also produced a page of tips to help understand local culture.