International Market Research
International market research ensures you enter a market with intelligence: You understand better how it works, how to play by its rules, who your competitors are - in sum, what you need to do in order to be successful in the particular export market.
Thorough market research is the foundation of success in your export market. Insights gained during market research allow you to refine your value proposition and USP, so that you can hit the sweet spots of your new target market customers abroad.
Insights and a good understanding of the needs of your target market audience abroad – who they are, what their needs are and what trends are and will be influencing their purchasing decisions – is vital. If your target customers are B2C, this will be driven by the demographic profile of the target market, which often is very different to the original, e.g. Irish, demographic make-up. If you operate B2B, this will be influenced by the company landscape within the target market as well as typically economic, technical, and legal trends.
This important work needs to be done before you localise your website, as it will directly impact, how and to what extent you need to localise your website and what internet marketing strategy and marketing tactics you adopt for the new country. We can support you with both primary and secondary market research.
Expanding your business to new and larger markets, such as UK, Germany, France, the US etc., offers plenty of new business opportunities and the prospect of new clients and sales. However, hand in hand, with the new opportunities typically goes increased competition.
Vital to your success abroad is a solid understanding of who your competitors are in the new markets – offline and online as well as local and international – and how they compete with you, i.e. what their offerings, their USPs, their pricing policies, their marketing approaches are. This will have a direct influence on your approach and on how you localise your website and digital marketing for the new export market.
Our experience is that competitor analysis is critical and of high value: Not only does it help you to develop a focused competitive positioning, but analysing competitors in more competitive markets often also brings additional insights and opportunities for differentiating and innovation that can be applied in your home market, e.g. Ireland.
In recent times and as a result of the impending Brexit, we have also been asked to look at suppliers in specific markets, such as for example in Germany. This is driven by the need and desire of Irish companies to be less dependent on UK suppliers and start building relationships with alternative non-UK suppliers and a service we can provide for Germany.