Step 1: Collecting data
- Collect statistical information of related sector that show export data of your product or service to various countries. You can collect those data from various sources like periodicals, studies, market reports, books, surveys and statistical analyses published by chambers of commerce, economic development organizations, industry and trade associations, Export promotion councils.
- Many country's concern Govt. dept. publishes export-import statistic data on their websites also. For Example, in India, Ministry of Commerce & Industry's website- http://commerce.nic.in/ publishes export-import data categorized by HS code.
- Other online sources like Comtrade also publishes International trade statistic data.
Step 2: Screening
- From those collected data, select 5 to 10 countries where your product or service has maximum volume of export from your country. Check them over the past three or five years to know whether growth been consistent year-to-year? Did import growth occur even during periods of economic recession? If not, did growth resume with economic recovery?
- Also select some smaller emerging countries that may hold ground-floor opportunities for you. If the market is just beginning to open up, you may not have as many competitors as you would in an established market.
- Screen and target three to five of the most promising countries for further analysis.
Step 3: Analysis
- Analyse market trends and situation of those screened countries that could influence demand for your product or service. Calculate the overall consumption of your products or services category and identify the amount imported.
- Study the competition, both domestic and non-domestic. Look at each competitor's market share.
- Identify what affects the marketing and use of the product or service in each market, such as channels of distribution, economic situation, cultural differences and business practices.
- Identify any foreign barriers (tariff or non-tariff) for the product or service being imported into those country affecting exports to the country
- Refer websites of WTO, Euro monitor, Country reports and screened country's specific business portals which will help you more to analyse current market trends and situation. There are many other sources on Internet, publishing useful information on current global market trends and situation.
After completing these three steps successfully, you will be able to identify your target market and restrict your marketing efforts to those countries only. New-to-exporting companies should concentrate on fewer than ten markets. One or two countries are usually enough to start with. You can then begin to develop your export marketing strategies and plan accordingly
International market research activity needs expertise work so recommend you to get expert's advices on performing research activities because if you have identified your target market wrong, all your efforts for export marketing will go waste from the first step itself.
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