RESEARCHING YOUR MARKET

If you’re considering growing your business overseas you need to find where the best opportunities lie.

But with so much sales territory to consider, where do you start? It might not be obvious at first but consider what you already know:

  • Do you have any experience in a foreign market already?
  • Have you had interest previously from an international territory
    Tip: Check web analytics to see who’s looking at your products and where they come from.
  • Who do you know – are they a potential contact?

Think about what defines your existing customers in your current marketplace and apply the same thinking to researching a potential market. Is there a need for your product or service? What type of businesses or customers will you be selling to? Who is your local competition and how and why are they successful?

Then it’s time to consider the stats, including what is the country’s spending power (GDP), growth indicators, sector information and trends, and its legal requirements.

Visiting your target markets

The main objective of a visit will be to assess competition from locally produced products and to identify other exporters already active in the market. Armed with this information, you will be able to make a fully informed decision about whether your product will sell, or whether it needs to be adapted to suit local tastes.

Did you know UK Export Finance (UKEF) even support traders financially to research potential markets or attend trade shows abroad? Find out more

Have you considered the importance of assessing local culture?

  • purchasing behaviour
  • payment norms
  • business etiquette
  • language and translation

Remember the research doesn’t end once you’ve started your journey to export. It can be difficult to keep up with trends abroad so make sure you conduct ongoing research once you start trading.

Tip: If you’re new to exporting, you might want to consider growing your confidence in English speaking countries to avoid tricky language barriers and if you’ve been successful in the UK your product might be well suited to a market with a similar culture.

HELPFUL RESOURCES

INTERNATIONAL COMMERCIAL TERMS

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JARGON BUSTER

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ORGANISATIONS THAT CAN HELP

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