International Market Research Essentials

Cindy King — Mon, 22 Dec 2008 23:00:24 +0000

Yesterday I wrote about Methodology For International Market Research and the question of whether you can use one methodology for your international market research across a variety of different countries.

…One methodology for your international market research?

It depends on:

What you need to get out of your international market research.
What type of market research you are using.

Today let’s look at three different types of market research.

Online Research

These three different types of market research are particularly suitable for international market research.

They are suitable for both online and offline research methods.

There are other types of market research for offline market research. But online research and web marketing are indispensable tools for international business development today.

Let’s have a look…

Exploratory Market Research

This is the type of market research most people think of when contemplating international market research.

General country research from:

Government sources
Market research websites
International news websites
Search engine queries

This type of research can give you a basic idea about different international markets.

I have encountered many business professionals who want to take important international business decisions based only on results from this market research. And this is a mistake.

This is one of the reasons why I encourage phone research. It is natural to continue on to other layers of research when you are talking to people on the phone.

This information is not enough for you to actually do anything with.

But it does give you a base from which to start the more in depth research you need.

Exploratory research is an easy place to start.

Some people seem to want to find all of their answers here.
Others seem to want to find out as much as they can here – out of procrastination before moving on to more in depth research.

Remember, you can always come back here if you need to.

Descriptive Market Research

Before starting this type of research you need to feel comfortable with your understanding of:

Who your target market is
What they want

You can get this information from your Exploratory Research.

During this stage of research you simply need to flesh this knowledge out much more.

Surveys are the best tool to use here.

Surveys help you to pinpoint exactly what your target market wants and who they are.

This is your goal during this type of research.

Casual Research

Causal research is the ongoing research you must do once you start interacting with your international markets.

This is where you build your international market intelligence.

You need to:

Cross-verify your information
Reexamine any assumptions
Question your international markets
Get a closer understanding for your international markets

Casual Research involves an interest in your international market. It is about the relationship you create with your foreign markets.

This is not a difficult process. It is very market specific.

Your International Research Program

These are the three most common types of market research you need to develop an international business.

More on aligning your methodology later this week…

Methodology For International Market Research

Cindy King — Sun, 21 Dec 2008 23:00:02 +0000

International Market Research

A reader recently asked me for my thoughts on international market research. He is an MBA student writing a paper:

To be comparable an international marketing research should be conducted applying the same methodology in all participating countries.

I do not agree with this statement as it is written here.

You can only apply the same methodology across different countries for specific tasks in international market research.

…And these are mainly for preliminary international market research – more on this tomorrow.

What You Want From Your Research

So, where can you use the same methodology across any given choice of countries?

And, when do you need to use different methods?

Well, my first question would be:

What are the goals of your international market research?

And then, the next question is:

Will different cultures interfere with the methods you get from this information?

What You Get From Your Research

When answering these questions, there is one thing that is obvious to me here.

The closer the information you need from your international markets…

…the more problems you will have at getting valuable information using a single methodology.

This is the thing international business blunders are made of.

Now,that does not mean you should not systematize your international market research.

And there definitely is a place for one single methodology across different cultures in international market research.

…Again, more tomorrow.

The Limits Of Methodology In International Market Research

Today I just want to say something important first..

International market research for effective international business development has different layers.

One methodology across the board can work with some of these layers.
One methodology across the board could give you useful information in some instances.
And using one methodology across the board could give the advantage to your competitors in other layers of this international market research.

Yes, some people can come up with sophisticated calculations to make methodologies work well.

And, some people will think there is flare involved in certain international successes.

I think there is a time a place when to follow the results from:

Your international market research
Specific knowledge acquired through international skills

And, the best international teams I have worked with know when to apply both of these.

Cindy King's International Business Blog » methodology