How to Gain Success in International Market Research
The level of detailed market research you conduct before launching your product could determine whether it succeeds or fails in the market. This is particularly true when you venture into markets on the other side of the world, where various cultures, languages, rules, conventions, and infrastructures add to the existing market uncertainties.
There is a lot at stake, no doubt about it. The world of international market research can be full of dangers and traps for the uninformed. But if you do it well and effectively enter new markets, your product or service may see growth that you and the other stakeholders in the business would hardly have imagined conceivable.
Understand your goods or services
Before you begin market research, it is essential to be familiar with the details of your product from top to bottom, whether it be educational services, medications, or automobiles. It is impossible to gain a comprehensive understanding and insight about a certain commodity, service, or market in a single day or by investing an afternoon visiting a facility and listening to a PowerPoint presentation. Many market research firms focus on a limited number of markets, every one of which is led by a research specialist who is an expert in that market's particular specialization.
Utilize secondary data
It can be enticing to jump right in and begin creating questions, focus group profiles, and others. Yes, that will eventually be required because virtually nothing remains the same, and markets always alter and develop. But there is no use in creating something from scratch.
For instance, there is a variety of material available when researching overseas markets for higher or further education from social studies, research from the key employment sectors, and even IT corporations. Remember, a fundamental component of higher and further education is remote and hybrid education, which has been expanding over the past few years and, naturally, witnessed an enormous rise in the wake of the significant events of 2020.
Secondary data offers background on the particular foreign market, its cultural parallels and differences with your home market, along with its broader business trends, in addition to material directly relevant to your research.
Don't only focus on data that has been collected for profit. Government data can be a valuable resource for understanding the legal and regulatory obstacles you may encounter when introducing your product or service in a new market. It differs from nation to nation, but useful information along this trajectory is frequently publicly accessible on official websites.
Utilizing the significance of secondary data is crucial. We must also be aware of its limitations. Although we previously stated that secondary data offers a useful beginning point, once we have extracted all of its benefits, it is necessary to advance to the next phase. No two companies are alike.
Avoid being misled by a translation
Working in a second language will undoubtedly be the most significant obstacle you encounter as you begin to perform your own research, regardless of whether it be through surveys, in-person (or video) interviews, focus groups, or any other market research technique.
Occasionally you can experience problems moving from one nation to another without changing your language. It has been said that the UK and the USA are two nations divided by a shared language.
Although you are safeguarded from these high-profile mistakes when conducting market research, you must still be wise to consider how a minor mistake in interpretation might have a significant influence on your message. There may not always be a straight translation for a word, which can cause conflicting answers to an identical question.
A sector where you cannot cut expenses is translation, and technological advancements can only take you so far. When looking up instructions to the airport during your vacation, Google Translate or the sophisticated translation tool on your mobile device is acceptable, but don't depend on them with complex market research.
Prior to, during, and after your study, always employ a native speaker and a competent translator or interpreter, and preferably, verify that your translations are accurate by "translating the translations."
Adapt the approach of the culture
You must carefully balance avoiding cultural stereotypes with being mindful of the distinctions that occur across various civilizations and countries when conducting international market research. There are several tools available to market researchers, and each one has a purpose.
For instance, it is generally agreed that face-to-face interviews are the best method for eliciting thoughtful comments and perspectives. But when carrying out research in the Middle East, you may want to utilize this approach with caution because interviews there might sometimes be treated with skepticism. There is also the awkward and added issue of whether there should be male and female interviewers and interviewees.
Remotely conducting research
Of course, there are many instruments at our disposal now that enable us to perform global market research without boarding a plane. This offers advantages but limitations, as with all types of study.
Zoom was unknown to the majority of us before 2020, yet within a few months, even elderly people were comfortable utilizing it. The idea is that you may utilize Zoom for market research for a video conference.
Despite being a very useful tool, it nevertheless has its limitations. A native speaker and qualified interpreters are still required when performing a market research interview remotely. It also doesn't get rid of the cultural issues that come up when men and women engage in some countries.
Overcoming a challenge
In the challenging field of market research, small details can have a big impact on the findings you derive and the results you draw. That matters much more when you use your market research toolkit in a foreign, frequently unusual market.
Consider that secondary data can offer insightful information along with several helpful cautionary tales regarding what not to do. Always put language details in the forefront of your mind.
Author's Detail:
Aparna Dutta /
LinkedIn
Hello, I am a content writer with 3.5 years of experience. I have experience in various fields of content writing. For example, I have worked in a market research organization where I had to write content related to the reports that the company used to generate to improve their Google ranking. Other than that, I have also worked in website content as well as technical content for print and digital media magazines. Apart from this I am very flexible as a person and can adjust easily.