When doing business internationally, selecting which market to target next can be a great challenge. Whether you are looking to start your international journey and do not know where to begin, or you are just looking to expand further, it is very important to do your research beforehand to make an informed and strategic decision.
According to the Department for International Trade, of the 2.5 million businesses registered in the UK, an estimated 360,000 who have an exportable product or service mistakenly believe there isn’t a global demand for it. It is important that companies do their research and understand growth, trends, customer habits, culture, regulations and risk before selecting a market.
By making the right decision, you could exceed your company’s expectations. If you don’t conduct market research, you could be exposing your company to significant risk and even financial losses.
Carrying out market research requires resources such as skills and time but also financial. We understand that SMEs may face financial constraints to invest in an in-depth research report and might not have the capacity to focus on this over the core business. This is why we have designed a more cost-effective Market Identification service to provide businesses with a preliminary screening to identify potential top export and import markets.
For more information on our Market Identification Service, please contact us at firstname.lastname@example.org
If you are looking at growing your business overseas, we recommend completing the International Trade Readiness Assessment to understand your business’ potential and capacity to expand internationally.