Bloggertone

Great Article Una. I think you touch on it in your post, but the first thing many businesses should do when looking to target International markets is to establish if your product offering is suitable for foreign markets, one should not assume that going International is right for your business. There are positive and negative triggers for a business which is looking to go International, positives may be that you have spotted an opportunity or that going International was embedded as part of the early strategy of the business. While negative triggers maybe excess production capacity or a saturated market at home. Assessment of personal and business readiness is a key foundation on which to base your decision to go International.

Following on from this, Competitor Analysis is a must and a I find a Grid like the example you have given is a very effective starting point. Market research provides critical information to facilitate decision making. When carrying out analysis it is important to ensure that information gathered is both relevent and timely, this is particularly the case when gathering information online. Building up competitive intelligence is essential but not always an easy task, obtaining information from private companies can prove difficult. While you have a comprehensive list of means of obtaining intelligence, if at all possible it is important to try and talk to competitor’s customers and establish what motivated them to buy the product. People are resistant to change and the status quo can often be the toughest competitor of all. It is important to plan your research, remember it is an investment. As Sun-tzu states in his book ‘The Art of War’: “Time spent in reconnaissance is seldom wasted.”

Thanks Michael and Barney for taking time to consider artice and give your own comments. There are 2 more in this series on competitive intelligence gathering.

Una

Without gathering good quaility Competitive intelligence for international markets you are heading for uncharted waters. Going international is tough enough and without knowning what you are getting yourself in to, it becomes almost impossible and very dangerous for your business.

Your blog post has outlined the basic steps required to enable success abroad, giving Irelands current economic state and the fact that we have a relativily small home economy, it is important spread the risk internationally.

Regards,
Mark Cahill MBA BEng