Exporting: Market Research

Market research involves learning about the export process to determine a strategy for market penetration. Import duties, regulations, distribution channels, market size and growth, competition, demographics and local production are a few topics that you will need to look into when exporting internationally.

In order to understand how a market operates, you must do extensive research, or seek assistance from an export management company. The most important thing to consider is how your product will compete in the marketplace. Sales channels are crucial and you will need to consider how to market the product locally. Will you sell to retail stores? Television Shopping companies? Trading companies? Most buyers have their own effective methods for marketing the product locally, which allows you maximum market penetration (as they have determined the best way to sell in their market).

When in doubt, seek advice on how to best approach a new market. Export management companies tend to have strengths in certain markets. Your first approach may be to start with territories which speak your language, and consult with your export management advisers on a plan of action. A consistent approach proves results.