Last week at the Global Manufacturing and Growth Summit I shared a brief overview of the specific challenges of international market research.
Looking for reliable, authoritative and timely research is challenging enough in the best of times, and when you add in cultural differences, brand perception attitudes, a different regulatory environment... it becomes even more crucial to understand your research options.
Hopefully, the tips and resources below will save you time and heartache.
When you’re planning to expand across metros and borders, you may be considering exporting or actually physically expanding and adding a new manufacturing location in another country. You may wish to import parts and supplies to allow your firm to achieve higher revenue.
Either way, wouldn’t it be nice if you were able to find information to help with the following?
- How much do my competitors export?
- What is the potential market for our “new medical device”, and what are the challenges to commercialize it in other markets?
- How can I become aware of that “pesky French tech start-up” that is about to introduce a product in our market?
- Are consumers in Japan as likely to purchase our product as our current customers in our own country are?
- How does the supply chain in other countries actually work?
- Can I find someone to help us choose a location in a different country where there is an available and educated workforce?
Plus…often it’s the little things that can cause issues. I suggest you use business tools (see Resource section) rather than just “Googling it!” BUT if you do Google it, be sure to use the country’s own search engine like google.co.uk (United Kingdom) or google.fr (France).
Also, be sure to search on Aluminium if you’re looking for a supplier of Aluminum in Britain. Another pertinent point is to keep in mind the cultural issues surrounding gender or even being observed if you’re planning to hold a focus group. It’s best to use companies who live/work in the area.
In addition to information that can be gleaned from international attorneys, logistics experts and people on the ground in other countries, there are some valuable government and commercial resources to help with market research. A couple are noted in this Resource List.
A Key Global Source
Global Chamber® www.globalchamber.org
Key Government Sources
U.S. Commercial Service www.trade.gov/cs
This trade promotion arm of the U.S. Department of Commerce has experts over 100 cities nationally and in 75 countries and can help you with market research and connect you with their experts in other countries.
Most countries have a parallel organizations... like JETRO (Japan), KOTRA (Korea), MIDA (Malaysian Investment Development Agency) and on and on.
Commercial (Fee-based) Resources
Euromonitor International www.euromonitor.com
A market research provider covering both emerging countries and developed economies and offers consumer data and trends on hundreds of industry topics.
Statistics galore on trending topics with an international flavour. Sign up for free Infographics on pertinent topics.
This ‘sister company’ of Marketresearch.com aggregates syndicated market research reports and lets you dig down to research specific market data across multiple segments, countries as well as to identify competition.
This product distributed by C3 Business Information offers company profiles and credit reports for companies around the globe.
Offers industry reports on a diverse set of industries providing segmentation, key players, trends, industry drivers, industry forecasts and more. Coverage includes U.S., Australia, Global and some U.S. states.
Provides complete and up-to-date trade data at the detailed bill-of-lading level. Includes detailed transactions for 14 international markets and 80 countries.
Jan Knight, Principal, Bancroft Information Services
“Providing insight to entrepreneurs, from start-ups to grown-ups”
Helping to shape business plans, business development, commercialization.