In today’s world, it takes more than just a hunch to get businesses to venture into foreign markets – they need accurate and valuable INFORMATION. On this page, we describe three reasons why you should rely on professional market research to get your business to stand out among your global competitors.
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During their daily operations, most businesses already gather information on customer preferences, buying habits and interests — information which is all definitely important for the development of a strategic marketing plan. Data collection becomes a challenge for businesses planning on entering international markets for the simple reason that it’s not easy to obtain information from abroad without a team dedicated to researching foreign customers. So, before expanding internationally or even considering which is the best country to focus on, a business should know who its target market is and if its services/products are needed there.
Who will buy your product/service?
How often do customers buy?
How much are they willing to pay?
These are just sample questions that our market research will answer. The bottom line is that business have to gather information about the RELEVANCE of their product or service within a specific foreign market.
Now, what about the size of the market you are venturing into? It is essential that markets continuously observe the changes in the size of the industry of interest — as these factors can constantly change and have new impacts on businesses. And while there are many different ways of estimating the size of a market, our team has developed a “top-down” approach. By collecting accurate data on demographics, growth trends, timelines, historical data and statistics, we can provide you with an overview about the potential foreign markets you should access.
What are the relevant data and statistics about your industry?
Are there product/service-related specifications?
How do trends behave?
Which are the best distribution channels?
After carefully examining your business model and goals, we can construct a tailored plan based on your market research to give you the correct tools to explore the SIZE of your potential market.
The third pillar – not necessarily the last one – takes a look at the market competition. Just as a business should never enter a market without knowing who the other players are and who it’ll be going up against and competing with, it’s also vital for a business to know everything it can about its competition. This will allow you to understand if customers are loyal to other brands, or how stable and relevant your competitors are in that market.
Is there direct competition for your product/service?
Who are your main competitors?
What are their strengths and weaknesses*? (S/W)
Are there opportunities or threats*? (O/T)
In such a dynamic and digitally connected world, there are currently very few segments without any COMPETITION, or with minimal influence from external players. We can assist you in carrying out this analysis so your business can make informed decisions without risking losses to other players.
Information is one of the most valuable tools that a business can use for strategic planning. This is especially important for companies with global reach. At the current pace of globalization, companies must keep one step ahead of their competitors, both locally and abroad. Access to foreign markets is only possible through extensive market and competition research from an international perspective.
unlocked International offers you full support in achieving your global goals, with our international network of data collectors and reporters generating the most locally accurate data sets to make your business thrive. Let us amaze you!