What Should You Look for When Gathering Initial Market Intelligence?

You are going to need Market Intelligence if you plan to expand your business in any way, especially if you plan to export. But how should you start? And what should you look for when gathering the Market Intelligence?

Start the process by selecting a few markets you are interested in. The markets can be domestic or international -- wherever you think your company and your products and services can do best. First, think of 8-12 markets that you think would be easy for your company to enter. Look for markets where you or someone from your organization have contacts or know the language, and markets where there is a demand for products like yours, where there are no significant barriers to entry, and where foreign competition is limited. As you gather Market Intelligence you will be able to cut those markets down to a more manageable 5-7 target markets. You can continue to cut the markets until you have the number you think you can enter.

Once you have a list of markets you are considering entering, you can start your research based on some of the below factors:

• Information on customers in the market - Research things like demographics, buying habits, etc.
• Culture - How does the culture vary? Will you have to change your product because of it?
• Market trends - What is the outlook for the markets?
• Market conditions and practices
• Key differences between current markets and new markets
• Competition - Are your competitors in any of the markets?
• Economic Initiatives - Are there any funds that may help you in your efforts?
• Industry associations in the markets - Do you belong to any industry associations that have contacts in the markets you are interested in?
• Trade statistics for a market or product - Search for markets with largest and fastest growing imports of products like your company's. Also, look for the largest and fastest growing export destinations for your product - this means that there is a market for your product.
• Fastest growing markets - Look for markets that are growing the fastest - there may be a demand for your products in them.
• Market barriers - Research tariffs, non-tariff barriers, and import restrictions.

That is a lot of specific information to start out with. But what should you do if you do not have the resources to find that information, or if your company is not ready to start a marketing research campaign?

You can start by paying attention to the news. Watch CNN, read a newspaper, or read RSS feeds. Use whatever method would keep you best informed. Keep an eye on world events that influence your business, your current markets, and any future markets. You may find that a certain market has a problem that your products can fix, or you could learn that a new political agreement opened a new market for your company's products.

You can also consult with experts. The "experts" can be a speaker at a seminar you attend, someone at the U.S. Department of Commerce, someone in an industry association you belong to, an importer in one of your target markets, or someone who has exported a similar product. Ask to have lunch or coffee with any of these people. The worst case scenario is that they will say they are busy. In the best case scenario, they may help you enter a new market.

This blog post contained a lot of information. If you have any questions or comments, or would like to learn more about any particular topic described above, feel free to contact IntellaCore or leave a comment.