7 Mistakes Stopping You From Developing Your International Markets
Most businesses would like to develop their markets and embrace the opportunity of developing internationally… but very few actually do anything about going global. Part of the reason behind this lethargy is a lack of knowledge about their international market opportunities. Some in-house international market research can provide you with the knowledge you need to move forward.
Let’s look at 7 mistakes in international market research that are keeping many businesses from developing their international markets to their full potential.
#1: You Don’t Research Your Own Client And Prospect Data Base Thoroughly
If you already have a few international clients spread out over the world you are should take advantage of this. Your own data base on international clients is the most useful resource you have because it is the most relevant one to your own business.
Remember to dig through this thoroughly. Look for any trends or trigger events concerning the sales you have already made that could help you develop effective strategies today.
#2: You Don’t Identify Where Your Competitors Are Overseas
It is a big mistake not to spend some time researching your competitor’s international penetration history and current international targets. This information can give you a wealth of information for your own international markets.
Remember to spend time observing what your competitors are doing abroad.
#3: You Don’t Research Industry Data Well Enough
Many unpleasant international blunders can be avoided with a little in-depth industry research. Although this research is usually easy to find online, your particular industry might need some feedback from the relevant local advisers, the key is to know when to ask for help.
Remember to research the differences in industry standards and regulations on the foreign countries you are looking at and to get the right advice your business need.
#4: You Don’t Listen To What’s In The Press
Staying current on topics related to your international business development can help you avoid errors and it can also help you open doors. You need to stay up-to-date on what’s happening in your industry, the country and the area of the world you are interested in, in order to have the right conversations.
Remember to keep an eye on what is published in your own country and also in both the country and the region of the world you are focusing on.
#5: You Don’t Do Local SEO Research
Localized web research can provide you with some useful insights into local markets. This will give you a better idea of who your real competitors are in these countries.
Remember to check out the most popular local search engines and do keyword research in those countries.
#6: You Don’t Go Beyond Online Research
Online research is great, but it can only take you so far. You need to get information from good local sources too.
Remember to make contacts within your local foreign markets. Instead of spending most of your time with online research, as soon as you have identified the names of the players and possible trends, reverse this trend and spend more time networking with the right players in your local target market.
#7: You Don’t Talk To People In Your International Markets
Business is carried out between people all over the world. If there is one thing you should do, it is to pick up the phone and connect with people. You might need to call and reach out to different people continually for several weeks or a few months. You might need to improve your cross-cultural communication skills to get more out of these calls. But reaching out and connecting with local people will always help you to develop your business internationally.
Remember the value of speaking to the right people in your international markets.
Spend Time On International Market Research
When looking at the 7 mistakes above, it is obvious that the biggest mistake of all is not spending enough time on international market research. This is why it is a good idea to allocate time every day to combine international networking with international market research activities. All you need is to include this into your daily routines. It usually only takes a couple of months before most businesses get a very good idea of what they need to do next and how to go about doing it.
Do you want to get international clients? What are you doing about it?
What other mistakes do you think people make in researching which markets to develop?