Research your market
Do research first so you have the information you need to make decisions about:
- which markets to enter and when
- the best routes into a market
- how to position your product or service in your chosen markets
Market data should shape your plans. For example, it could show you that a country you were planning to move into has too much competition or falling demand.
Selling to a new market without the right information could cost you time and money. In extreme cases it could put your business at risk.
Decide what you need to know
Plan your research to keep it focused. Start by asking:
- what is the market potential?
- what are the barriers to entry?
- who are my competitors?
- who are my customers?
- what are the best routes to market?
Start with desk research
Desk research is a low cost way to focus your resources on your prioritised countries. There is a lot of general market information available online.
Choose a few countries of interest for comparison. Market size will help define the potential demand for your product. Market attractiveness is a measure of how easy it is to enter a market.