Overseas Market Research Methods and Tips

 

How to Approach and Conduct Your First Overseas Market Research

 

Starting to explore new overseas markets, planning a booth for an exhibition, or managing existing markets all relies on good overseas market research. If you're new to this kind of market research or don't know much about it, let's break down some important information to help you with your research.

 

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The Commencement of Research : Planning

 

Every company project begins with planning. While it may sound ambitious, at its core, it means laying the groundwork. A project without a plan risks losing direction and wandering aimlessly. This principle holds true for overseas market research.

Before starting the research, a comprehensive plan must be formulated, covering the research's purpose, the significance of the target market, allocated budget, securing available resources, and setting a timeframe for desired results.

Key decisions during the planning stage include:

1. Selection of Research Target: Identify the specific country or countries for research.
2. Purpose of Research: Define whether the goal is to pioneer new markets, expand existing ones, or analyze competitive markets.
3. Research Period: Determine the duration of this research, considering the quantity and quality of data needed.
4. Budget: Outline the financial support and available human resources in a company.

 

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Methodology: Indirect Research/Direct Research

 

Practically, market research methods are categorized into indirect and direct methods. For smaller companies or less expansive projects, indirect methods are often employed. In such cases, reliance on overseas exhibitions for data is prevalent.

 

Indirect Research: Utilizing Exhibition Data

Visiting overseas exhibition in person is ideal, but obtaining exhibition data remotely is feasible. Common methods include utilizing social media information and corporate promotional channels. However, the real value lies in the list of participating companies and booth layouts. By comparing these details over several years, it's possible to estimate investment scales and identify market trends. This method, however, demands substantial background knowledge and know-how.

 

Direct Investigation: On-site Visits

While budget and time constraints frequently limit direct research opportunities, on-site visits remain crucial in market research. Even during business trips for exhibitions, visiting places where end-users are located is essential to understanding actual customer needs. While exhibitions efficiently connect with many companies, they might not fully depict the reality. Participating companies may struggle to grasp the local situation if market management is delegated to a local agency.

 

 

 

Additional Reference Materials

Supplementing research with various materials is essential. These commonly referenced materials include:

• Government Announcement Data :Provides insights into future market-moving regulations.
  
  
• Article Presentation Data: Acts as a companion to government announcement data, reflecting society's perception of the product and market.
  
  
• Various Statistical Data: A vital reference, but discrepancies between government and private data necessitate identifying the data issuer before use.
  
  
• Conference Data: Though somewhat credible, differences from commercial and other perspectives should be considered.

Concluding your research with meticulous data analysis, interpretation, and the formulation of an actionable plan is crucial for successful market entry and expansion. Continuous monitoring, adaptation, local partnerships, cultural understanding, and legal compliance further contribute to sustained success.

 

Overseas market research should be centered around clear information and its interpretation in insufficient and inaccurate data.