Overseas Market Research: Utilizing and Analyzing Given Data

 

Overseas Market Research: Utilizing and Analyzing Given Data

 

Conducting market research in foreign markets can be a tough task, especially when faced with challenges such as language barriers, limited accessibility to data, and cultural differences. Whether you are a newcomer to research or have conducted similar studies before, compiling and analyzing data from overseas sources can be a complex endeavor. This post aims to break down the process of overcoming data limitations in overseas market research into distinct steps, emphasizing key roles at each stage.

 

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Step 1 - Data Collection Methods and Direction

 

Regarding ways to collect data, please refer to other blog posts.

Overseas Market Research Methods and Tips

The biggest challenge in data collection is dealing with extremely scattered or insufficient data abroad. In conducting overseas market research, the solution lies in collecting any data that has even a slight relevance.

• For example, if you are curious about the preferences of Korean cosmetics among women in their 20s in Country A, it is important to randomly collect all data, even if it's far related to the original data, such as preferences of women in their 20s, awareness of Korean products, key players in the market, etc.

   

The reason for collecting diverse data is that, as a foreigner, it is crucial to view the local market without distortion. By collecting various data related to the overall environment and atmosphere surrounding the market, you can not only deduce the desired information but also enhance your understanding of the market. In the final stage, you can verify the findings of the market research.

While it is preferable to gather information from accredited or government agencies, there is no need to worry too much about private data. Even if you cannot verify the same data, understanding data trends can help fill information gaps.

 

 

Step 2 - Understanding Trends in Data

 

Have you found the desired data? Congratulations. Even if you haven't found it exactly, there's no need to feel discouraged. Information that doesn't apears despite investing sufficient time and effort may likely be data that competitors in the market also find challenging to uncover.

At times, certain market information might not have official documentation or may lack organized data altogether. Therefore, there's no need to become obsessed with finding all the desired information. What's essential is having enough data to understand trends, and for missing data, one can reasonably infer hypotheses and validate them properly later.

Once an ample amount of data has been gathered, the next step is the analysis of these data. Analyzing data involves more than just reading the raw numerical values; it is crucial to uncover the true meanings embedded within the interactions of the data with other related content.

• For instance, let's assume that the number of immigrants from Country B to Country A is increasing. Even without precise statistical data, one can predict that with the rise in the number of immigrants from Country B, there will be an increased demand for Country B's culture within Country A. This, in turn, could lead to the growth of markets for products and services targeting immigrants, fostering new businesses and services in Country A.

Furthermore, this method allows one to make informed predictions and fill in information gaps. However, it is crucial to articulate the inference process and logic accurately and to construct precise and sophisticated reasoning when using this approach.

 

 

Step 3 - Verification of Analyzed Content

 

The final step in data collection is the process of verifying the understood and analyzed content.

Statistical data can easily be distorted depending on the intentions or objectives of the publisher, and similarly, the process of analyzing data can lead to misinterpretations. Especially when conclusions are derived not from precisely given data but from inferred conclusions based on surrounding data, a thorough verification process for these conclusions becomes necessary.

There are two main methods for data verification: direct verification through on-site visits and indirect verification through the use of agencies, among other means. While direct verification through on-site visits is undoubtedly more accurate and effective, it may not be feasible in all situations, making indirect verification a common necessity.

When verifying indirectly, it is advisable to approach it with the concept of creating minimal safeguards using limited methods. Hypotheses are hypotheses, so using methods like online surveys or utilizing government trade offices in the area can be a reliable way to verify them. However, for creating minimal safeguards in a short period, contrasting the case with similar situations in other markets can be an effective approach.

If another market has changed and moved as hypothesized, there is a high likelihood that the hypothesis is correct. Conversely, if different outcomes are observed in other cases, further review is necessary to understand the causes and consequences of those differences.

 

 

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International market research is a crucial task that should precede not only when considering entering a new market but also when managing existing markets or introducing new policies. Therefore, securing sufficient and extensive data is paramount. While obtaining the desired data may be challenging, utilizing the methods mentioned above can help substitute for missing data, enabling a smoother execution of market research.

 

 

Analyzing data from international market research involves interpreting and extracting insights from the collected information.