Research of the chosen target market is valuable step before any sales activities, since goal of research is to get data for decision making, which in turn leads to start sales in international market. Without exact data sales activities will be done like by driving a car with your eyes shut. By doing market research you can
- minimize risks
- foresee possible current and potential challenges in the industry
- identify sales potential in target market
- test customer response for new products and services
- reduce guessing.
There is no any exact guideline and limitations to perform market research. Different companies have different goals which affect on methods, duration of research and results got. By doing market research you may have answers for the following questions:
- Current market situation and future development
- Current industry situation and market specific practices
- Business potential for the customer, risks vs. opportunities
- Local legislations (certificates, permissions etc.)
- Locally and internationally
- Competitors’ price structure, sales arguments and establishing models
- Is the price of the product / service suitable or does pricing need any optimization
- The most potential customer segment for the company
- What kind of products or services customers, distributors or partners prefer?
- Business risks vs. opportunities
- Practical recommendations for the next steps
We bring the relevant and needed information for customer from the practical view to take advantage of. We report and analyze all the gathered information in a way, that customer benefits from the report throughout every heading and question.
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