Why Do International Market Research?
Put simply, the purpose of international market research is to maximise your chance of success in capturing a new market. This is your greatest opportunity to explore the numerous cultural, social and economic influences that your product or service will be subjected to. In many ways, it is about going right back to basics and casting aside everything you know (or think you know) about your offering.
One of the biggest advantages of commissioning an international marketing research company is we know knowing where to start. It’s not unusual for us to be approached by companies organisations that who have a solid idea of what they want to find out, but are unsure as to the best possible approaches to take in order to get the vital information they need.
Part of this uncertainty comes from the fact that the very business of market research has broadened significantly diversified. Research is a multi-faceted tool: there is often no one single approach that can covers every element of what you are trying to find outdiscover. The boom in online content, for example, has opened up new opportunities for secondary research (i.e., information that is already available). A quick look online will bring up everything from your competitor locations to the government’s export figures.
Despite the surge in online data, it is important to remember that research quantity does not equate to research quality. Our experience of helping many brands expand successfully into new markets proves that nothing is more effective than fully immersing yourself in the culture and finding and applying that local knowledge. This level of research cannot be found through a quick Google search: it has to be experienced.
Such experience is where real insight and competitive advantage lies and it is the major reason why people clients turn to a professional international marketing consultancy. Yes, it takes time and some money budget but it is much more cost-effective in the long run-term instead of than the risk of being tripped tripping up by on flakey and dangerous assumptions.
Another important advantage of using expert marketing support is that people forget that the research is only the starting linepoint; it’s value lies in how the data is interrogated analysed and applied taken forward through in the right channels, and by the right people. A specialist marketing consultancy can help you determine the sequence of priorities and actions, based on the research. It will give you a solid basis to plan objectively for the future and help reduce the potential risks. For example, it may reveal a new or different communications style would help significantly in appealing to your new audience.
Whatever your research requirements, remember that good research comes from good planning: allow sufficient time to explore all of your research options, including choosing a consultancy if you need one, and be realistic about the time needed to create a solid action plan from the results. More haste, less speed is definitely the mantra.