Why is international market research so important?

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Cindy King | 03 Aug, 2010
Market research gives businesses essential information on customers, competitors, and market. Most businesses claim to understand the value of this research because they are using this information to sell their product to their clients.

Market research is just as important for international business. And even more so...

Your success in foreign markets will depend on your international market research. It is especially important during your business planning phase.

Reasons for international business planning
There are two main reasons to be very thorough when researching your international markets. During this planning phase you need to learn:

    * what you can hope to accomplish
    * what to not to do and avoid cross cultural blunders

The difference in international market research
The difference between domestic and international market research is the importance of the smallest details and the differences in the smallest details can influence your success.

Different cultures respond differently to your product, your marketing, your business. This implies more than simple interest in your product. Some markets may actually use your product differently than you expect. You need to know exactly how each of your markets respond to your product, your company, your marketing.

Cross cultural communication differences will influence everything you can think of and more. If you are not intimately familiar with the cultures you are targeting plan for surprises.

Schedule more time for international business planning
This is why it is essential to have a strong international market research strategy. Here is what to do:

    * Schedule more time researching prior to any launch.
    * Continue with your international market research.
    * Diversify your research channels.
    * Use web marketing to stimulate international market feedback.
    * Question everything possible.
    * ... And be methodical.

Market research for online businesses
International web marketing allows you to jump into sales faster than ever before. In fact, if you have an online business you might even get non-domestic sales without doing anything in particular to sell your products abroad. But don't make the mistake of not implementing good international business practices.

You can easily set up a new market research strategy in parallel with your current business.

Once you start getting sales inquiries internationally, start researching those new markets. This will allow you to see your potential international business opportunities.

Remember, you can't rely on analyzing your online international sales alone. Only by researching your market can give you the whole picture.

Continuous market research
It's important to actively carry out your market research continuously throughout all of your online sales and marketing efforts. This is key to developing your business internationally.

Internet can be an easy solution and an essential part of your expansion plan... only if you do sufficient international market research. Don't simply put your order page up and sit back.

    * Create your website to help you in your information.
    * Set up a good tracking tool to measure your results.
    * Direct your international market research based on your measurements.
    * Start an international market research plan.
    * Add a little web marketing to get more market feedback.
    * Continue researching all of your markets.

You will learn how to develop your markets internationally, and what to not do. That is why market research is so important and is one of the foundations for successful international business.

(Source: Articlesbase)

* Cindy King is a freelance writer.
* The views expressed by the author in this feature are entirely his/her own and do not necessarily reflect the views of SME Times.