Almost all foreign experts Start Global Insights podcast interviews say this magical phrase to the exporters: Do your homework and research the market you are going to enter.
So, the next episode will be devoted to the topic of Market research.
The explainer is split into three easy steps that one should follow to complete systematic market research.
Here are some key points from the episode:
- Set clear goals for your market research. What do you want to achieve with your research? Do you want to understand the size of the market, the needs of your target customers, or the competitive landscape? Once you know your goals, you can tailor your research accordingly.
- Use a variety of sources of information. Primary sources, such as surveys and interviews, can provide valuable insights into the local market. Secondary sources, such as industry reports and government data, can help you understand the broader context.
- Analyze and summarize your data carefully. Once you have collected your data, you need to take the time to analyze it carefully. This will help you identify trends and patterns that can inform your decision-making.
Some useful resources mentioned in this episode:
Eurostat https://ec.europa.eu/eurostat
Word bank https://data.worldbank.org/
US International Trade https://www.trade.gov/country-commercial-guides
We hope this episode has given you a better understanding of how to conduct market research for exporters. If you have any questions, please feel free to write to podcasts@start-global.biz or leave a comment on YouTube or Apple Podcast.
Don't miss the next episode, subscribe to the Start Global Insights podcast on all major platforms and YouTube.
Speakers LinkedIn Profiles:
Host, Dmytro Shvets https://www.linkedin.com/in/dshvets/
Create your international expansion strategy with Start Global, your guide to foreign markets. https://www.start-global.biz/
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