Before entering any new foreign market it is essential to carry out detailed international market research and evaluate the target opportunities. Get your research right and it will help prevent costly mistakes and maximise your profit potential.
It’s highly unlikely that you'll have the luxury to be able to target selling to the world over, so to save time and money it's vitally important to do your homework and identify exactly where in the world is the best place to sell your product or service.
International market research is all about understanding and responding to consumer traits in foreign markets, which may be very different to those of your UK customers. If you don’t research the culture, regulations and payment methods that are typical to the market that you plan selling to, then you'll most likely be setting yourself up to fail.
Business West’s market research department has a strong reputation for depth, quality and effectiveness. With a dedicated team of market researchers, skilled in the use of desk-based research they provide market insights that will enable your business to grow. Research sources include (but are not limited to): trade associations and professional bodies, government sources, trade journals and other print media, published reports, industry networks and subscription databases.
How we can help
The first step is to scope out the project with the client via a face-to-face or virtual meeting. This enables the researcher to get an understanding of the business, their products and services, and the issues to address through the research. The researcher will write a proposal on the basis of this discussion, and send it to the client to be agreed. Once this is agreed and contract signed, the researcher will carry out the research. Upon completion, a full report with sources listed will be sent to the client.
Our desk-based approach will deliver insights into the following:
- market size, growth, and forecasts;
- the structure of the market and how to navigate the best route to your customer;
- identification of potential distributors and customers;
- product modification and certification;
- competitor analysis;
- marketing opportunities to spread the word about your brand.
At some stage, you may also decide that you'd like to do some field research by visiting your target market and meeting with potential business partners or customers. To ensure that it's a successful trip you can utilise our network of commercial officers and consultants, based in British embassies, consulates and chambers of commerce around the world, who can make in-market introductions and gauge the level of demand or your product or service.
International Market Research will cost in the region of £1,800 - £2,500 this is dependent on the exact brief.
SMEs based in England can access new government coronavirus recovery grants to cover the full cost of this specialist advice service. The support will be fully funded by the Government with no obligation for businesses to contribute financially. These new grants have been allocated to Growth Hubs within each LEP area in line with the current ERDF Programme. For further info on how to apply in your area please follow this link: https://www.gov.uk/government/news/20-million-in-new-grants-to-boost-recovery-of-small-businesses
Get started today; submit an enquiry
Submit an International Market Research request today, to get in touch with a member of our team please complete the form below or call 01275 778 133.
Upon enquiry, one of our desk-based international market researchers will be in touch to undertake a telephone briefing session to fully understand your business' research requirements. Our research team is thorough and knowledgable, giving you the best opportunity to find the right overseas markets for your products and services.