What Research And Evaluation Should Be Done Before Developing The Target Market?

Before developing the target market, an in-depth investigation and evaluation of the target industry market, market import and export volume, and local product sales in recent years is required. Only by collecting enough data can we understand and seize the time to enter the market in time, and have a good measure of difficulty in treating the target market for development. Not only that, after you have enough trade data, you can verify whether the market is suitable for our development on the one hand, and have general ideas on the means and approaches of development on the other hand.

At this time, the purpose and object recognition of our research is particularly important. This is the key to distinguish whether you are doing "useless work" and whether the later marketing decisions can be carried out smoothly.

Survey of trade data

First of all, what is the total global export and import volume of your products? Second, where is the main market for this product? Which region is the best seller? Where is the profitable "cake" we often say? Where is our market! These can be known through trade data. Furthermore, what is the export volume and import volume for a specific trading country or region? Compared with the sales of the previous two years, whether the sales of this product have risen or fallen. Why target a certain country or region? Targeted research allows us to quickly find the main battlefield of our products and know where the first "cake" comes from. This can also be queried and understood through data.

Among them, data can be used to analyze the rate of increase or decrease in product sales, and in which countries, market sales have increased, and in which countries, sales have declined. In other words, the export and import volume in recent years, in fact, you can see the increase or decrease in the data. This is very helpful for you to understand the future development trend of your product or industry.

Development difficulty assessment

After identifying a target market to be developed, we did some corresponding market information surveys. After knowing this information, we need to make an assessment of the development difficulty of this market.

The first thing to say about the assessment is the language barrier. Why do you say that? For example, your business in the traditional European and American markets is already mature, and you have received a lot of high-quality orders. Then you want to expand some small-language markets yourself. At this time, the first thing you need to evaluate is the language barrier. And the obstacle of English and small languages is common. You will find that customers in the United States and some European countries are easier to find, while customers in the Middle East and some small language countries are harder to find. Therefore, before development, we have to make a rough judgment based on our different business developments.

The second is the way to develop customers. At this time, you need to determine which way to develop the customer according to the market situation of your product, such as search engines, exhibitions, B2B platforms, customs data, and so on. One thing that needs special attention is whether the integrated data resources are sufficient? Let's say you decide to develop a small-language market, and then you choose a search engine for development. If you do not do some basic research and then start to develop the market and customers, you may find that there is a little information searched on the Internet and few customers have found. At this time, you will find that the data resources are not enough. It is very harmful to the progress of your development work.

Therefore, we need to do a basic survey and evaluation before determining the market development approach. For example, you use a search engine to find Russian customers, enter some keywords, and find that the customer information you find is only one or two pages. These data resources are completely inadequate. At this time, you need to consider re-examining your keywords or increasing development customers approach, try to be a local B2B platform in the target market and see if these data resources can support your development work.

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