International marketing requires a lot of research. This is so that you learn everything you can about the country in which you plan to do business in. However, conducting research is a very daunting task that takes time. It can be tempting to take shortcuts, but it’s not a good idea.
You’ll have better results when you follow a plan with clearly defined steps. Otherwise, it’s too easy to miss something important that could hinder the success of your business. With that in mind, here are the marketing research process steps:
International Market Research
Market research helps you determine which countries to conduct business in. This is based on how consumers respond to your products, current events, the economy and other outside factors that affect sales.
Following the five-step process for international market research below will help you be fully prepared before venturing out into new territory:
Find a Potential Market
What is the first step in the marketing research process? Well, locating the right country to do business with is the first step. Viewing trade statistics will help you find countries that import the products your company produces.
Create a Plan
Your plan should include your goals and a list of potential problems you may encounter. In addition, the methods you intend to use to obtain the research information should be there too.
For example, do you plan to conduct surveys by phone or by mail? If by mail, you’ll need translation services to translate the information.
You’ll need escort interpreting services to help you interact with the locals. That is if you plan to visit the area to meet with potential customers in person.
Remember that this is one of the most crucial steps in conducting research.
Implement Your Plan
Now that you have a plan, the next step is to put it into action. Start sending out the surveys, plan to visit the area and conduct field tests, so that you can begin collecting all the data available.
Be sure to keep excellent records of all the information you collect.
Analyze Your Data
After gathering all the information, it’s time to organize it into groups and begin analyzing the data you’ve collected. The results will tell you if you’ve chosen the right area.
Not only that, it’ll help you determine if you can make enough of a profit to justify the cost of marketing your business in that country.
Put Together a Report
This is the final step in the marketing research process. Once you’ve completed your research, compile all of the results into an easy to understand report.
This report needs to include the objectives, problems, solutions and recommendations. Following these steps will help your company choose the best location for your business.
It will also help you determine how much to price your products based on the economy, consumer habits and other factors.
Present The Information
After completing the five steps, it’s time to set up your presentation and share your information. To make your presentation more interesting, use charts and tables. It will also make it easier for attendees to put the information into perspective.
In addition to charts, include a list of the questions, potential challenges your company could face. You must also add your recommendations based on the data collected. Experts suggest that you only target one country at a time.
Following the 5 steps of marketing research will help you gather the information you need. This information will help you make a good, informed decision about where to market your products.
International marketing research can be intimidating, especially if it’s your first time.
However, keep in mind the 5-step marketing research process and you’ll be conducting research like a pro in no time.
To ensure you succeed in the new market you approach, make sure that the language is not a barrier to your expansion. Lighthouse Translations has over 15 years of experience helping companies with business meeting interpretation, document translation, and website translation. Get in contact here and we can create a plan suited to your needs.