As businesses worldwide spread further and further into international markets, accurate and successful business marketing research and technique are required.
Research for international markets has dramatically evolved in the past few decades. Marketing research is a complicated line of work, and it gets even more challenging in a place you are unfamiliar with.
Internation Marketing Research requires a diverse knowledge of the culture and practices of the research environment, modern advances in technology to expedite the research, and ideas to create new ways to approach the specific behaviors of each market.
There is much to know about this area of activity. So here are some affirmations you must know before proceeding.
Significant Factors to Consider For Global Market Research
Approaching the market in the wrong way can do more damage than not marketing at all. A lousy marketing campaign most likely will not draw in people, or even worse, it could give a bad name to your company.
Thus there are some factors you should consider and questions you need to ask yourself before conducting market research internationally.
1. Is it worth the financial effort and risk?
You need to ask yourself if doing business in whichever country you choose is even worth it. You need to determine a market interested in the product or service you wish to provide.
2. Can you handle the target market?
To manage a market, you need to understand what the targeted audience looks for and the best possible way to approach them.
Whether it is TV commercials, billboard ads, or a door-to-door approach, every demographic reacts better to varying techniques.
3. What is your main objective?
Now that you understand the market you want to target and know how to do it; the next step is to identify your specific goals.
That way, the research you commit and the questions you ask can be more focused. Respondents can get annoyed or uninterested when you survey them with too many questions.
4. Do I need assistance to do research?
Gaining expert help from experienced people in the industry will increase the chances of successful market research. If you aren’t careful with it, marketing research can very quickly get expensive, complicated, and time-consuming. If you find that it’s much more than you can afford, then outsourcing is a valid option.
Investigated Statements About International Market Research
The first instances of marketing research came about in the 1920s. Since then, plenty of researchers and analysts have concluded the fundamental points and features surrounding international market research.
Communication Barrier is a Vital Issue
As you might have already guessed, one of the biggest challenges in global marketing research is the language block.
The differences in language can be problematic, especially when marketers need to design campaigns, company slogans, business names, product labels, and such.
One solution to overcome this is hiring professional services like SEO Ibérica that have outreach in various international markets and languages.
Breaking the language barrier gets incredibly complicated when the particular country has more than one official language.
For instance, countless dialects are spoken in large countries with varied religions, practices, and cultures like China or India. According to a survey, India has more than twenty officially acknowledged spoken languages.
Well, clearly, languages can become a very complex problem for international marketers. This is why thorough research is required on which languages are more popularly used or spoken, along with which languages to avoid.
Cultural Factors Carve the International Landscape
It is well-known that culture has a massive impact on how the market works in every region. And all cultures possess their own views on customs and taboos.
Taking into account the importance that these customs and taboos hold can make a crucial difference for marketers. Knowing what is accepted and what isn’t in certain cultures will prevent them from making mistakes and focusing on what they need to do.
Many online agencies like The Gist People provide services and consultation in creating effective online marketing strategies.
Businesses would need to request enlightenment from local experts and natives for market research on what to avoid. For example, in most counties in the Middle East, it is considered disrespectful to display provocative images of women in ads and posters.
It Involves High Risk and High Reward
The international market may be prone to many potential risks and challenges. These challenges can come in various cultural, regional, and political forms. However, it is mainly dependant on the rules and policies set in place by the governments of these countries.
You would need to invest a lot of time and money to be able to do business and marketing research internationally, but the payoff is incredible.
Attempting business in another country and gaining a large audience to do business with can be the big step you need to grow your company. It can have fantastic results for your business if done correctly, and this is why conducting market research is so important.
Local Norms and Standards Can Be Complicated
Local standards and patterns can be pretty confusing and difficult to comprehend for the outside person. Even business norms can vary from each country.
For instance, the handshake, the style of greeting in Western cultures, is not the typical greeting used in most Asian Countries. In countries like Japan, it is expected and considered respectful to bow in most business settings.
Market research on the customary manners in different regions is also critical to make good lasting impressions and present yourself appropriately.
Frequently Asked Questions About Market Research
Can Taking a Survey Really Be Helpful?
Market research surveys can be highly effective and can estimate the awareness and image of your brand amongst the targeted audience.
AI Survey tools play a crucial role in this process, offering precise data collection and in-depth analysis that are tailored to the specific requirements of your market. These tools make the survey process more efficient, enabling a stronger and more effective engagement with your target demographic. You can find the best survey tools in this Survicate’s article.
This also allows you to determine the strengths and vulnerabilities of your competitors in the region. Markets that conduct surveys stay consistent with their brand and their goals.
How Do I Estimate the Size of a Market?
The size of a market should be estimated in the knowledge that it can only be an estimate. It is highly improbable that anyone can calculate the exact number of consumers in a market; that is why it is essential to make an open-ended outcome of the assessment to enable validation.
There are primarily three methods for calculating the market size:
- Top-Down Market Size
- Supply Side Market Size
- Demand Side Market Size
Can I Use English For Every Country If there are Enough English Speakers?
The role of accurate translation in international market research is undeniably powerful. Not taking advantage of the different dialects and languages spoken in these countries means you will miss out on many consumers.