Want to extend your business’s reach beyond the confines of the western world and tap into markets you’ve never been into? Maybe you want to adapt your current product or service strategy to best align to a particular nation’s interests or values? You may want to put out feelers and identify the opportunities and risks first, or at least get a feel for what the people on the ground know, think or expect of your product or service. Either way, there’s a knack to using market research to deliver western products to the rest of the world. Here’s where to start:
1. Tap into the regional experts
The best people to ask about how consumers behave, buy or react in a specific region are the experts who live and work there. Countries outside of the traditional western world have varying viewpoints and perspectives when it comes to adopting westernised products, and they can be very sensitive to the way these products are presented to them. This means that it is essential to tap into the local industry’s knowledgebase and perhaps even test run a few messages or product offerings before going all in. That way you get decent feedback that you can action and use to better align your product to the needs of the people.
2. Consider your product’s position in the market gap
You don’t want to try and deliver a product in a market that’s pretty much saturated with similar resources. With solid market research, you’ll be able to identify a gap in the market that your product will suit perfectly. It may not be immediately obvious, but when you ask the right people the right questions, insights about what the country needs and how they need it will soon become apparent. This can even boil down to the way you position this product in the gap—what messages you use to sell it and what the branding should look like and represent.
3. Devise a region-specific strategy
There are many things to consider when you devise a go-to-market strategy for entering your product into a new region. You need to firstly identify how exactly you’re going to reach the consumers in that market and what sort of techniques will appeal to them. Forbes gives us a list of the top five nuances of market research you should pay attention to when going international:
Nail down your sales model: Will you sell directly or indirectly to the market? Will you use a distributor, or will you simply courier your products?
Identify your sales methodology: How exactly will you sell the product? Will you give demos, see it on its features, or go in at a lower price than the competitors?
Consider your product’s branding: Will it be a new product, or will it be a variant of the product you already have? How does it fit into the country?
Create a comprehensive marketing plan: By tapping into the regional experts, you need to ask how you can best market your product to the locals?
Evaluate your pricing: Remember that consumers in poorer nations are way more price sensitive than those in first world countries. How will your product’s pricing appeal to them?
Realising that it’s time to expand the reach of your business and products beyond the comfort of the western world is just step one. Knowing how to do it correctly for the optimum results and impact is the golden thread that will tie the rest of the process together. If you’re struggling to get going and need a hand in reaching the experts that will make your venture successful, let us know and we’ll ensure that you’re on the right track!