The Two Key Objectives For International Market Research

Your international business development relies on thorough market research. International market research has two key objectives.

You need to address both of these objectives when you develop and implement your market research strategy.

Rationalize Risk

You need to have good knowledge of each specific country you reach. Good international market research will provide you with enough accurate statistics to help you rationalize your business risks.

You will also use this information in your international viability assessment. Before investing time and money into your international business expansion you should have some idea as to the viability of your efforts.

Of course you will not be able to cut out all risk completely. There is always the risk of surprise factors in international business.

Good market research will give you enough information to feel comfortable with the level of risk.

I personally have always aimed for at least being 80% sure of success. The satisfactory level for the level of risk will depend on many different factors. The more experience you have in international business development the easier it is to evaluate and appreciate.

The important point here is you need to give yourself enough information to evaluate your risk.

Get To Know Your Future International Clients

Most people think market research is learning about the market. In international market research you need to become familiar with the people. Not the market.

Why is this critical?

Simply because you will get to know your foreign market much better. Your international marketing is aimed at people. People in different countries are different. There is a good chance they will respond to your product or service in a different way to your regular domestic clients.

How can you expect your international marketing to effectively bring in clients if you are not marketing to them in the right way for them?

The important point here is to always concentrate on understanding the people, the person, your international client.

The Challenge For International Success

When you first start to develop your business in a new country, you can get bogged down in getting used to different procedures. There is a danger of abandoning your international market research.

This is the challenge. Your international market research gets you started. It also keeps your international expansion going.

You need to set up a simple process for your international market research and keep at it, without stopping.

• This is how you will develop your business through the different stages of international business.
• This is also how you will be able to spot new business opportunities, or know when to revise your business strategy.

The International Sales Road Map in the Get International Business Guides is an easy process. It is great for businesses with limited manpower and budgets to spend on their first international business development plan.

The International Sales Road Map incorporates all of the key actions for international business success, including international market research. The important key is to keep in action. International business success depends on small steps taken consistently and repeatedly until you gain the market knowledge and market presence to move onto the next phase.

Cindy King is a Cross-Cultural Marketer and International Sales Specialist, with over 25 years field experience in international business development. Find out about how Cindy can help you get international clients