One of the first steps in any international expansion project is undoubtedly your market study.
Achieving a good market study requires that you gather a lot of information. This will help you figure out if your product can find a place in the target market.
You can also decide among a few potential markets. We will analyze them together and see which one is the best for you. A market study will allow you to validate if the targeted market presents real business opportunities.
Then, you can invest time and money in the right place, thus avoiding hours of useless and costly canvassing.
Carrying out a market study will give you important indicators to validate the potential of a market. It will allow you to make informed choices based on qualitative data. The information gathered will also be very useful when the time comes to better understand your target clientele and to develop your marketing strategy. You will know your potential customers better, but your competitors as well! This strategic information will enable you to better manage your export risk. And, don’t forget that by doing business with CQI, you will have access to several professional databases that are only available by subscription.
To have the best chances of success in your international business development, all you must do is follow the market study’s three basic steps, which will ensure a better international development of your company. Let’s see what these steps consist of: making a preliminary selection of potential markets, evaluating their potential and the competition, and drawing conclusions. CQI’s experts can assist you at any time in this important export process, that of market research.
Your international business begins with a feasibility study. CQI will assist you by performing the following tasks:
Doing the feasibility study will make it easier to research potential competitors. If so, you can get information on their offer and how they deploy their marketing strategy, their type of after-sales service, their guarantees and any other advantages they offer. We will also be able to identify distribution networks and gather strategic information to help you adapt to the market.
At this point, it will be very interesting to find out who you will be offering your product to. We will profile your target audience and bring out specific information on demographics to:
Industry trade shows are good tools to introduce you to key partners that will facilitate your entry into the market. CQI can compile a list of industry shows and trade fairs that you can attend to promote yourself and network in your target market. We will also identify industry associations and partners that can help you set up your export expansion project.
In conclusion, remember that your market study will enable you to measure, analyze, target and better understand your target clientele’s and competitors’ behaviors. Isn’t it great to have a tool to better communicate with your target audience? With the data obtained from the market study, you will be well equipped to develop your international marketing strategy and identify the actions required for your expansion project to become a reality.
CQI and its team of experts can also develop your marketing plan and guide you through each step of your export process. This is what we call our Horizon 360TM Export Coaching Program. You should also know that financing is available for carrying out a market study and building an international strategy. CQI is in contact with the various authorities that can help you financially.