As tempting as it is to dive into a potentially exciting new market, it’s important to research its local demographic, language, and culture beforehand. Understanding the habits of your potential new consumers is a great way of gaining consumer trust, and a sure way of keeping ahead of the competition.
With new markets, don’t rely on luck
You have a really good feeling about a new market. That’s great, but don’t rely on this to push your business forward. The market research that you put in before expanding can pay huge dividends. The good news is that it’s never been easier to discover the likes and passions of customers in a potential new market.
Market Finder lets you explore potential markets and highlights what is best for your business based on your priorities. Nothing is left to chance. From sweeping consumer trends, to the percentage of smartphone users in your target market, it can provide you with the market research that your business needs to stay ahead in a new market. It is as inquisitive and probing as your business needs to be. Use it to research the disposable income per capita of a potential new market, its average age and how often that market uses the internet. Market Finder can keep you informed, relevant and ahead of the competition, even before you enter a new market.
If you can’t decide which of two or three similar countries are best for you to launch, the Market Finder tool helps you research and prioritize potential markets. It uses data from worldwide internet searches to show country keyword searches, estimates disposable income per capita and highlights the competition for each keyword by market and language.
Adapt your digital strategy
Google Analytics will put you in the driving seat and allow you to make confident decisions about adapting your site, your marketing or your pricing if need be. Use it to find out which marketing channels brought customers to your site, and see how they acted before making a purchase. If you have a social media platform in your new market, use Google Analytics to measure the success of your social media programme. You can also link your site activity to the performance of your display ads, so that you can share the high-performing ads across the web.
High-end fashion retailer Matchesfashion.com's COO and Partner Ulric Jerome, says that Google Analytics helped with their dramatic global expansion, noting: “Every country has its own digital approach, and the only way you can be successful is by making sure you adapt your digital strategy for the countries you really want to focus on.”
Research consumer trends
If you are entering a new market it always pays to research consumer trends. If you want to research mobile trends relating to your product or service, then Market Finder can give you information about that. It will provide the mobile penetration figures of any given market and give figures on the frequency of smartphones used to make purchases, as well as insights into smartphone online activities.
Bonus tip: How to choose a country to expand business
Use Market Finder, a comprehensive digital tool for international market expansion enabling businesses to find new customers around the world and get ready for international expansion. Simply begin by adding your company website in the tool and it will fetch the relevant categories for your business, followed by suitable export markets for those categories of products or services. The tool ranks the countries based on average Ads recommended bids and significant data from sources like Google, World Bank, Doing Business Report etc.
Learn more: For more free hands-on support from Export Development Canada, check out this list of resources.