Good market research is critical to your export success

Author

Olive Hill, Executive Director Strategy
Invest NI
Oct 23, 2015

What do you need to know about your export market?

1. The size of the market

This could be in terms of population, the economy, GDP, or particular sectors or demographics. You need to take account of your competitors in the market, the market share they have and the share you could acquire.

2. Its politics and economics

An unstable political climate or unfavourable trading conditions can make exporting risky. Make sure you are up to date with what is happening currently and what is bubbling underneath.

3. The culture of your export market

This may affect your selling proposition. Investigate any barriers to your products success. Will potential customers in your target market have the same reasons to buy it? Do you need to review.

4. Its language and etiquette

Can you market your product effectively in the local language? It is important to communicate effectively and understand cultural differences.

5. Legislation, technical and quality regulations

Will your product need to be modified to meet regulations in your target market?

Where can you get market information?

1. Desk research - there is a lot of excellent information online that is worth checking out.

  • Get general advice on researching customers and markets abroad on the nibusinessinfo website
  • UK Trade & Investment produces Exporting Country Guide reports for many markets
  • The Marketing Donut provides reliable advice from industry experts specifically for small and medium sized businesses

2. Ask the experts

Our Business Information Centre has extensive market research, company databases, worldwide business directories and legislative information.

3. Sign up for Explore Export

The event on 06 November in Belfast offers companies the chance to get four one-to-one appointments with trade advisors representing 40 countries.

4. Take part in a trade mission

This will give you a chance to speak directly with potential partners, contacts and even scope out your competition.

Register for Explore Export 2015

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