Marketing Research International markets present excellent opportunities for growth, but they also present unique challenges. Many Marketing Research companies seeking global growth struggle to understand consumer behavior, market trends, and cultural differences across borders.
That’s where international market research comes in. By thoroughly researching target markets, companies can better tailor their strategies to attract new audiences and maximize growth potential. This guide will define what international research is and explain several research processes that inform strategic decisions for global expansion.
What is international market research?
International market research involves collecting and analyzing data on consumer and competitor behavior in other countries’ markets.
Examples of international market research include online surveys of foreign customers, local competitor analyses, and industry studies and reports. Companies can use this research to create solid international market entry strategies and prepare for the challenges and opportunities of expansion.
Your company can conduct global marketing research to prepare for the following initiatives:
Launching a new product: Explore whether your product serves a niche in a specific market or needs tweaks to differentiate it from competitors.
Increased reach and revenue: As your business grows and cash flow increases, you can use your funds to explore new markets and boost your bottom line.
Finding the right engagement channels: Do some research to see where your new audience is most active and how they move along the path to purchase.
You may already conduct national market research to better understand your local customers and reach target markets close to home. However, international market research differs in a few key ways:
Language and cultural barriers: Language differences are one of the biggest challenges in international marketing research. You can often conduct domestic research in your own language, but global research may require high-quality translation tools or interpreters .
Regulatory restrictions: Your company must comply with regional laws and regulations, such as Europe’s General Data Protection Regulation (GDPR), to collect data from other countries.
Cost: International market research can be more expensive than domestic research, requiring localization tools or assistance from local experts.
Benefits of Global Marketing Research
International market research reveals new sales and engagement opportunities around the world. The research provides the roadmap companies need to skillfully navigate foreign markets and create winning global marketing strategies .
The following key benefits illustrate the importance of international marketing research:
You will identify valuable opportunities
You can research your target market’s pain points and competitors to assess the potential performance of your products. For example, you may discover that your competitors have overlooked a cayman islands whatsapp number data 5 million significant advertising or customer service opportunity. Once you identify gaps in the market, you can use your findings to improve your positioning in the international market and capture the attention of customers.
You can mitigate the risks
Entering new markets can be complex. Careful research informs your compliance, security, and logistics strategies. You’ll avoid common pitfalls and make the most of your expansion.
Your customer communication will improve
The research provides a firm intelligent displays can track customer data and Marketing Research understanding of linguistic differences, cultural nuances, and sensitivities. You’ll learn how to communicate accurately and respectfully, helping you cultivate relationships and make sales. You’ll also discover high-quality business translation tools that let you share your messages with new clients and partners in familiar terms.
How Primary and Secondary Research Drives Global Business
Companies use two general research methods to gather insights: primary and secondary research. While both shops 9177 are vital to understanding international markets, they each have unique challenges, use cases, and data collection processes.
Here is a more detailed analysis of the importance of primary and secondary research for international companies:
What is primary research?
Primary research is collected directly from sources. It includes surveys, interviews, and focus groups conducted by your company. If you are researching an international market, your primary research might involve asking local shipping companies about their processes or surveying potential customers about their experiences with competitors.
Primary research is valuable because it is tailored to your business interests and is not filtered by third parties. However, it can be challenging to gather on a large scale due to cultural and linguistic differences. Fortunately, Smartling’s translation services help companies conduct international market research and access professional and cost-effective translations.
What is secondary research?
Secondary research is collected secondhand from other sources. Examples include academic studies, industry reports, and public records. You might use secondary sources during international market research to monitor industry purchasing trends or track the growth of competitors.
Secondary research is often more Marketing Research scalable and cost-effective than primary research because it doesn’t require you to fund research or communicate directly with sources. However, you will still encounter challenges such as biased reporting and outdated information.
Global Market Research in 5 Steps
International market research can seem overwhelming, with complex planning and varying costs depending on your target markets and goals. However, the right tools and strategies will help you start collecting valuable data and planning your global expansion.
To get started, follow these five steps to conduct international market research:
Determine your target markets and research goals
What foreign markets are you entering and why? What do you hope to learn from your research?
Answering these questions and Marketing Research setting actionable goals ahead of time can help streamline your research process. You may want to assess the size of your new market, get a clear picture of your target audience, or identify potential barriers to entry. If you’re still in the exploratory stage, your research may focus on identifying the best countries for international business expansion .
Once you’ve determined your goals, choose methods and strategies to achieve them. Consider using a combination of primary and secondary research sources to get a comprehensive view of your new market.