Market research

If we had to pinpoint the single most common mistake that companies make when trying to build international business, it would be failure to carry out sufficient market research. Getting good information on your target market is one of the most important steps in export preparation and indeed export success.

Market research is essential to make sure that you spend your time and resources wisely. Trying to enter a market without having done research is:

• Very expensive
• Very time consuming
• Will probably result in slow Return on Investment
• A directionless approach
• Leads to rapid disillusionment

If you want to build long-term repeat business in an export market, there are lots of things you need to find out first about your target market. Export market research can:

• Confirm if an opportunity exists
• Help you to prioritise target markets
• Build and improve your understanding of a market’s characteristics
• Helps you understand the market drivers
• Give insight into how to develop a market
• Determine what is important to potential customers
• Help to define a suitable market entry strategy
• Help to define a sales and marketing strategy suitable for a particular market
• Provide insight into who your competitors are and how your product / service compares

This information is important because:

• It helps you to avoid costly mistakes
• It ensures that you do not waste valuable time and resources pursuing the wrong strategy
• It will speed up market entry
• It will speed up any return on investment
• Gives you clear objectives

For more information on this service, contact us on info @ handelexport.com or call us on +44 (0)28 9092 3378.