These variants might include language, travel time, suitability of product, the type pf promotion required and variations on products required for the new country.
3. Use a numbering system against each variant with a difficulty level for each country, and at the end of the exercise, simply add up the numbers to get a mark for each country.
Don’t forget to look back at your own skillset and see if they match up well with some of the potential new markets. At the end of this, you will have a number allocated to each country providing an indication of the level of difficulty that might be required for market entry.
Researching export markets
When it comes to more in-depth research, focus on factors such:
- national population
- how these countries operate
- what competitors are there
- whether you can compete effectively.
Also, consider how people market themselves in these countries and whether your marketing strategy will need to be realigned to suit cultural factors.
From there, consider talking to an expert in the market you are seriously considering entering. People who have local market knowledge and experience can assist in establishing cost-effective and export strategy plans and set you up with trusted partners already in those markets.