Global Market Research: Insights for Informed Expansion
Taking a company global is a big step that will present incredible opportunities, but being informed is crucial if you want to reap the most significant benefits and make the most of those opportunities. That’s why you need market research, so you can have the data to understand consumer preferences and patterns. Knowing and analyzing this data will guide your business’s expansion.
Research is essential for any company expansion, but global moves come with so much extra nuance and pressure. If you know those ahead of time, there’s no limit to your global success. Read our guide on informed expansion below to find out more about the importance of global market research companies. You’ll see how beneficial and necessary these experts are for your company’s greatest expansion yet.
How Market Research Creates Global Success
Market research companies have more experience navigating global expansion. With that experience comes as much knowledge as what not to do. Never assume that, for instance, you won’t have to adapt your marketing, messaging, products, services, or business models to succeed in an unfamiliar area.
By avoiding these mistakes, market research helps you develop products and services that global consumers will actually buy. When customers are satisfied, it leads to repeat business and positive word of mouth. Researching what customers want ahead of time will also cut down on development costs.
Begin By Outlining & Defining Global Expansion Objectives & Goals
Exact objectives and goals will change as time goes on and once you’re coming from a more informed standpoint. However, laying out your plans for global expansion is necessary before beginning research. You will need to let your market research company know where you hope to expand. Why do you want to have a business location there? Why do you think it would succeed? How do you think your company could benefit the area and its culture?
Early steps when working with market research companies will also include considering the specifics of the market where your business currently operates. This means getting an idea of the market size, what your competitors look like, consumer habits, history, market growth trends, and so on.
It’s also important to note your objectives so the market research company understands your goals, strengths, and the factors that set you apart. That way, the team will be able to form strategies that are customized to your specific wants and needs, putting your company on the most likely path to success. Global strategies that have worked for existing businesses, even within your specific industry, may not work for you.
How a Market Research Company Gathers Data
Some of the most constructive market research strategies include surveys, focus groups, interviews, and observational research. These are known as primary research or first-party data.
Interviews, surveys, and focus groups can be conducted amongst existing consumers and your current target audience. Surveying your customers gives further insight into important things, such as consumer preferences and the behavior that goes into their purchasing decisions. For instance, are they visiting your site multiple times before finally purchasing? Additional groups the market research team will want feedback from can include your suppliers and partners.
The market research company will also be conducting secondary research. This involves looking carefully through existing resources. This might include research conducted by the government or another organization. To get the best idea of your market, these resources should also contain trade and industry publications. The research will also include quantitative data, meaning facts and figures. That is important, but so is qualitative data, which is made up of customers’ opinions and behavior patterns.
Analyzing Research
An experienced market research company will know exactly what to look for and highlight within the research they’ve gathered. They’ll single out essential things to know for your strategy, including market trends and insights into the target consumer audience. Other findings that will be studied before a strategy is formed include potential risks and how to manage them.
Forming a Strategy
In addition to noting trends and patterns, the market research company will also be deducing actionable insights during the research analyzing stage.
During the research process, a team will gather essential information about the culture of your current establishments, as well as the regions where you plan to expand your business. We must acknowledge how important it is to be mindful of cultural differences and diversity. Navigating those as you form a global strategy ensures it will be set up for success.
Testing & Revising Strategy
The market research team will start by dipping a toe into the water of global expansion plans, testing the strategy through smaller-scale tests before taking it huge and worldwide. This stage will likely continue to include feedback from a target audience.
InnoVision Global Marketing is your best ally for expanding your company globally. The experts on our team will provide the best advice, research, and strategies every single step of the way. We also specialize in customizing business expansion plans. That’s because we understand that no two companies are alike. It’s one of the qualities that has earned us our reputation as an insightful and unbeatable marketing group.
Globalization and market research are a few of the many incredible services we offer that will take your company to the next level and beyond. For the most informed and most successful global expansion of your company, don’t hesitate to get in touch with our InnoVision team. Visit our website for our contact information. Once you’re there, take a look at our portfolio, where you can see our market research team’s past success in assisting global franchising expansions.
