Breaking into international markets is a difficult challenge if you don’t know your market. To combat that, you should always engage in comprehensive, in-depth marketing research to get into the mind and behavior of your future market. This may include qualitative market research such as focus groups, individual interviews and observations and it can also include quantitative market research involving online surveys, face-to-face interviews, telephone interviews, longitudinal studies and systemic behavioral observations.
Market Research Strategies for International Markets
International market research enables you to quantify the demand for your current and future products and services in the international market. You want to launch a product or service that people actually want and need. As a result, you must research your market in advance to see whether there is interest, and to define that interest completely. Once you truly understand the consumer, you can develop strategies that directly match your products and services to your international customer’s desires.
Your high-level market research project will answer the following questions:
- Who makes up my target market?
- What does my target market want?
- When do they need it?
- How do they usually go about fulfilling that need?
- What does my target market think of my competitors?
Your international market research will help you to identify opportunities in the marketplace that you can capitalize upon and threats that you will want to avoid. It can also be an effective tool to track marketing and sales trends and predict future trends. Your research efforts can also be used to predict the effectiveness of your marketing, advertising, and other communication programs and strategies in your new market.
Once your high-level research information is compiled, you can dig a bit deeper to get more specific information you can act on, such as:
- What do you think of our proposed product? Pluses and minuses.
- What social media channels do you participate in?
- How many people like the product? Where do they prefer to buy it? How much are they willing to pay?
- Who is the typical customer? Age, sex, location, income, where they shop, what they do for fun, number of children, etc.
- Are there clear customer segments that you can market to? For example, 30-year olds who like fast cars vs. soccer moms on a budget.
- What are their attitudes and preferences about competitor products?
- Why did they come to your website? Did they find what they needed? What can you do better?
Research Optimus can help you with your international market research needs. We offer comprehensive research services designed to provide you with in-depth knowledge needed to make complex decisions for your business.
Talk to our “analyst on hire” today to learn more about how we can help you use international market research to grow your company. We look forward to hearing about how we can help you meet your business goals.
– Research Optimus