7 Ways To Find Your International Markets

Cindy King — Wed, 11 Nov 2009 23:00:06 +0000

Most of the business owners I speak with say they want to develop their international business and then end their sentence with a “but”… and something usually related to “risk“. In digging a little further I find that part of the reason behind this “but” is because they do not know where to start.

Although you may have clients from all over the world this does not mean you are in control of an international business. An international business means you know how to adapt what you sell and how you sell it to different cultures. This is how you begin to develop a truly international business. And this always starts by learning how to:

Sell to one country
Start with one product first
Target your marketing and sales practices to sell this one product to people in this one country

But many people get stuck on the very first step above.

Where do you start?
Which country should you target?
Which country would be easiest to sell to?

International market research is easier to carry out now than ever before. Most businesses can do parts of their market research in-house. And they probably should do this in-house simply to come to terms with the “risk” involved.

The problem is that you need a clear plan to help you find where your best international market opportunities lie. Here are 7 things you can do to help you make that first choice: the first country where you want to expand your business.

1 – Research Your Own Client And Prospect Data Base Thoroughly

It is worth the effort to go back as far as you can in your international sales records and try to identify any trends in the sales you made.

Are there any similarities in previous sales?
Did sales come from a specific country or area?
Were sales made following an event or particular circumstance?

If you can identify any trigger events influencing your international sales, you have valuable international market knowledge to use to generate future sales.

This is the most useful resource you have because it is the most relevant one to your own business. If you have any international clients this is always a good place to start to identify the first country to develop. But don’t forget to do the following research.

2 – Identify Where Your Competitors Are Overseas

Have a close look at what your competitors are doing abroad.

Is there a particular country where your competitors seem to be doing well?
Can you identify a country where you competitors want to get into?
What trends do you notice and are there any obvious trigger events?

In addition to identifying your competitor’s international penetration, what can you find out about the answers to the questions above with regards to your competitors? You can pick up a wealth of information just by observing others.

3 – Research Industry Data

Be sure to research the differences in industry standards and regulations on the foreign country.

Are there any reasons why an international business would be difficult to establish in these countries?
What are the hurdles?
What trends do you see in current international business in this industry?

This will help you evaluate how to proceed in developing your international business.

4 – Research The Press

When you research the press, don’t forget to look for what is published both in your own country and in the foreign country as well as in the world region you are looking at. Use the free online instant translation tools to give you an idea of what is in the news.

Can you identify current key players?
Can you identify any current topics of interest to you and your business?
What local topics could impact your business opportunities?

Try to get an up-to-date analysis for your industry in the foreign country you are interested in. Use your knowledge of recent events to connect with people when networking for further research.

5 – Do Some Local SEO Research

Once you have a short list of countries, check out the most popular local search engines and do some keyword research in those countries. Start by using the advanced search options on the free keyword research tools.

Does this information give you ideas on how to position your products in these markets?
Can you see any trends in keyword results?
What differences and similarities do you notice?

This will give you a better idea of who your real competitors are in these countries.

6 – Go Beyond Online Research

Once you have the names of the players and have identified possible trends be sure to move to direct local contact. The best option is to move from online research to the telephone. Although networking for international market research on the phone can yield great results:

Don’t start off with your most valuable contact. You might need to practice your international phone networking skills first.
Be sure to aim to speak to people with real insider knowledge of your industry in your foreign country.
Look for various sources from different angles to get a broad view.

Telephone conversation can provide you with more background information faster than you can get over the internet. And telephone networking has another great advantage; it helps you to adapt your mindset.

7 – Talk To Your International Clients

Do not underestimate the value of speaking to your current international clients.

Ask them why they bought from you to uncover possible trigger events.
Try to uncover the emotional hot buttons that triggered the purchase and try to get beyond your own cross-cultural filters to understand this fully.
Find the reason why they chose your company and your product.

If you are not happy with the amount of information you get from speaking with your international clients, spend some time improving your cross-cultural communication skills. It is well worth the investment as speaking to the international clients you already have provides you with so much valuable feedback for your business.

Allow Time For Market Research

International market research takes time. The best thing to do is to allocate time to do the online research and then allocate a fixed amount of time each to do the networking tasks.

Consistency in doing these networking tasks will bring you the answers you need. So although you can do your online research in large chunks at a time, you will probably get more from an hour or two of international networking each day over a period of several weeks to a few months.

International Networking Is A Fundamental International Skill

Many of the businesses I meet say they want to develop their international markets but they are afraid of the risk. The one main advantage to carrying out this type of market research in-house is that you will have a better understanding of the risk involved.

The other advantage to starting with this type of research is that the skills you acquire in doing this type of international research through networking will help you to choose which product to sell and learn how to adapt it to your new foreign market.
What about you?

How do you carry out your international market research?
What do you like most international business networking technique to improve your market research?
What are you biggest challenges in international market research?

Please leave your comments below.

Cindy King's International Business Blog » local seo