Because of the expense of primary market research, most firms rely on secondary data sources. The three following recommendations will help you obtain useful secondary information:
Keep abreast of world events that influence the international marketplace, watch for announcements of specific projects, or simply visiting likely markets. For example, a thawing of political hostilities often leads to the opening of economic channels between countries.
Analyze trade and economic statistics. Trade statistics are generally compiled by product category and by country. These statistics provide the U.S. firm with information concerning shipments of products over specified periods of time. Demographic and general economic statistics, such as population size and makeup, per capita income, and production levels by industry can be important indicators of the market potential for a company's products.
Obtain advice from experts. There are several ways of obtaining this advice:
- Contact experts at the U.S. Department of Commerce and other government agencies.
- Attend seminars, workshops, and international trade shows.
- Hire an international trade and marketing consultant.
- Talk with successful exporters of similar products.
- Contact trade and industry association staff.
Back to Developing a Market Plan
More about Exporting:
Introduction
Developing an Export Plan
Developing a Market Plan
Methods of Market Research
A Step-by-Step Approach to Market Research
Sources of Market Research
Export Advice
Methods/Channels
Making Contacts
Technology Licensing /Joint Ventures
Preparing Your Product for Export
Service Exports
International Legal Considerations
Shipping Your Product
Pricing, Quotations, and Terms
Methods of Payment
Financing Export Transactions
Selling Overseas
After-sales Service
