The initial market research required for international business expansion can be daunting. Most businesses remain paralyzed longer than necessary. They wonder if their business would have a market in a foreign country or not instead of taking actions to find out for themselves. Or they may think that it would take too much time, or too much money. Some companies may feel so overwhelmed that they outsourcing the international market research is the only option.
International Business Expansion Is An Option For Small Businesses
Business is based on relationships. International business may seem like it is something completely different. But it is still based on relationships that start off between two people. All you really need is to make the effort to open yourself to international relationships. You will need to make an effort to adapt your marketing and sales to communicate with a foreign culture, but if your are open to this possibility you are already on your way. Once you start taking actions to uncover your international business possibilities you business will probably identify opportunities you had not imagined before.
I have worked with North American small businesses who did not realize the great potential for quick and easy international sales their companies had. They were led by their strong desire to expand their business internationally. They were very interested in getting international clients and eager to acquire economic stability foreign business could bring them in times of local recession.
Once these business owners realized it was all about relationships they decided to do the research themselves. They networked internationally themselves, doing their own market research.
After the initial adrenal rush of fear, the first time a company sets out to research a foreign market there is usually an adrenalin rush of excitement.
Beginning Your International Market Research
In the very beginning, a small business that wants to expand internationally without heavy investments, should base market research on both internet research and phone call research. This will help you evaluate the best way to position your products for best international sales results
The internet research should be kept to a minimum. The phone call research, if carried out methodically, an hour or two a week, or 15 minutes a day, will probably get you more results. It will give you more valuable feedback. If you already have a network of active online international group of contacts, you may be able to get most of this part of the research done online.
Market research by phone can often feel like you are standing on the edge of a cliff, with deep water way down below. Calling to a foreign country feels like you are being asked to jump down there. Chances are, in today's world, you will find relevant people to contact by phone who speak English and are located in your target country.
International Networking
Yes, the first 2 or 3 calls may be awkward, and you can fall on people that do not speak English or who are unpleasant. But most phone calls will provide you with great experiences if you stay focused on the reason why you are calling and remain professional. You interest will be heard on the other end of the phone. People will be curious and helpful.
The goal of this part of your international market research is to give you first-hand in-house knowledge. Your company needs to understand what the possibilities are, how you may need to adapt your products, what you are willing to do now and what you do not want to do now. First hand contact with your foreign market will also open up your creativity.
Outsourcing Market Research?
Carrying out your own market research may require a little more work than hiring someone to do the report for you and tell you which country to go into. If you are starting small, and only choose one product or type of services to sell abroad, you can spend as little as a couple of hours a week and have a presence abroad in a few months. You can also outsource the research. But doing this initial research will be much more beneficial to your company in the long run. You will learn to adapt to becoming an international company.
It is a good idea to do this research while you are deciding which country to target. This should also become a habit, something to monitor regularly. If you keep your finger on the pulse, you will be ready to take action when needed.
Results Against All Odds
As a North American living in France, I am thankful for the crazy American companies that were stubborn enough to try to sell peanut butter to the French. It took a long time getting peanut butter widely distributed in France. I'm not sure just how many French people actually buy the peanut butter off the shelves now. I doubt they eat it like Americans. But there are foreigners living here that do like peanut butter sandwiches.
Your choice of product and foreign market will require good marketing and cultural adjustment. Once you have learned how to do it, learned how to make the adjustments and acquired an international mindset, the next foreign market episode will be easier. With good sales and marketing practices international expansion is a lot easier today than before.
You can also read up on how different cultures communicate and use their websites. You will find a list of books in the Resource section of CindyKing.biz.
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