Planning an export venture into a new country is always an exciting event, but can also be daunting and at times extremely challenging. Having the correct background knowledge for informed decision making is absolutely critical to success, which is why so many companies opt to contract with an external organization to give them the European market analysis they need in order to maximize the chances of their export project going well. If you’re not sure what market analysis includes or how it can help, then take a few moments to have a look at the following brief overview for further helpful information:
What is Market Analysis?
As the name would suggest, market analysis is a comprehensive summary of the key trends and characteristics which shape the market you intend to penetrate. This may include information on the market’s size, areas of expansion, current trends, the opportunities to add value, potential profitability and what factors are likely to be pivotal in determining success. Good European market analysis has the potential to paint a comprehensive portrait of the market you are preparing to enter, enabling you to plan effectively in order to maximize the positive impact you make.
Local Costs, Customs and Constraints
Inevitably when you are preparing to enter a foreign market, there are many new variables which need to be taken into consideration. Issues such as export duty, relevant legislation, licenses, ways in which your product can be transported from its place of production to the end market and customs requirements all need to be considered and factored into the final shape of your export strategy. If you get market analysis done by Export Market Research Ltd., you stand the best chance of obtaining the accurate local knowledge you need to make your exporting operation effective.
Quantitative and Qualitative Data
Success in a market is about far more than facts and figures; it’s also closely connected with aspirational expectations and needs. To obtain European market analysis which incorporates both types of information, a mix of quantitative and qualitative data is absolutely essential. The quantitative (facts and figures) information will give intelligence on past trends and the current situation, while qualitative data (feelings and opinions) will provide vital information on your potential customers. If you want to know what’s important to consumers in a different country, subjective material obtained through interviews, questionnaires and surveys is a great way to get it.
Export Market Research Ltd. leads the way in providing premium European market analysis which is enormously valuable in shaping any export project. From detailed technical information on export restrictions and customs regulations through to extensive customer surveys which can inform your sales strategy and positively influence marketing policy, the market analysis which Export Market Research Ltd. provides is crucial in ensuring the success of your international ventures.
