Import-Export Market Research Factors

 

Whether you're entering the Import/Export game as an export management company , export trading business (ETC), or trade merchant, a market research strategy and execution are vital to your success and sustainability.

 

The following are the five most important market research factors:

 

 Competitors worldwide

 

·         Which other firms (if any) are targeting the same market with a similar product(s)?

·         Are there any advantages? If so, what (political links, market personnel, etc.)?

·         Continue to ask questions...

 

 Competitors in your area

 

·         Existing local businesses in your target market with a similar product(s)? How many, if any?

·         How long have they been in business?

·         Continue to ask questions...

 

Changes In Society

·         What societal developments are taking place in your target market that will impact the success of your product(s)?

·         What changes are trends, and which are new ways of life?

·         Continue to ask questions...

 

Suppliers

·         How many prospective suppliers do you presently have in your database for your product(s)?

·         How robust is your supply chain (financially, historically, logistically, able to satisfy future demand, and so on)?

·         Continue to ask questions...

 

Government Regulations

 

·         Compile a list of freight forwarders with proven track records in your target market.

·         Does your government have any particular trade rules with your target country? If so, what is it?

·         Continue to ask questions...

 

Be tenacious in your search for all information and relevant data to your possible venture. No stone should be left unturned. What appears to be minor can (and generally does) lead to something that forces you to rethink your whole market entrance approach.

 

Getting an Import and export manager helps in making this go smoothly.