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 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 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 prioritise 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 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 you can share the high-performing ads across the web.
High-end fashion retailer Matchesfashion.com's COO and Partner Ulric Jerome, says 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, give figures on the frequency of smartphones used to make purchases, as well as insights into smartphone online activities.