The 3 Steps to Effective International Market Research
This guest blog post is provided by the Canadian Trade Commissioner Service (TCS), which helps companies navigate the complexities of international markets and make better business decisions.
The new Spotlight on Market Research from the TCS is here to help ensure you can identify the right target market for your international expansion. When conducting a market research project there are three relatively straightforward steps to complete in order to ensure you identify the best market(s) for you:
1. Screen potential markets
The first step in the process involves selecting an initial group of potential markets based on foreign market consumption statistics and other related trade information, including imports and exports of your product. Once an initial list has been established, a select few of the most promising options can be chosen for further evaluation and analysis.
2. Assess target markets
The next step revolves around obtaining as much relevant information as possible on the remaining target markets, and using this information to compare and contrast markets relative to one another. Many elements can be considered during this stage, and can be prioritized with respect to the needs of your company. This allows you to customize the framework that makes a market attractive to your business, which means no two market research projects are exactly the same.
3. Draw conclusions and make decisions
In the last step of the market research process, final decisions must be made. During this time you must extract qualitative meaning and evaluate the data you have collected, which should eventually help you decide which market you intend to target.
Download your free copy of the Spotlight on Market Research for a more in-depth look at these steps and a full breakdown of the benefits, challenges and types of market research. This short guide offers proven strategies, applicable examples, actionable solutions and helpful resources.
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