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Internationalization is one of the most difficult challenges that a company may face. It is therefore essential to devise a strategy to help it exit or consolidate abroad. Nothing should be left to chance, as it is synonymous with inefficiency, and little friend of success, both in its early and advanced stages. JD Duarte, an entrepreneur and business expert from Costa Rica, offers insights into how to conduct an analysis of foreign markets when launching a global eCommerce business.
International uncertainty is a constant for companies that embark on international ventures or those in consolidation. No matter how much experience we have, or what common sense tells us, the international world presents many challenges and obstacles that require a strategy to ensure it is implemented in the most effective way. It is clear that the best place to begin is with a thorough planning process. This allows you to establish your strategic foundations based on the results of market studies, which are tailored to your needs.
To do a market study, there are many questions to answer. But, it is more important to answer the questions that are most relevant to you. Duarte asserts, “You’ll need reliable and up-to-date information to make progress in internationalization. It will come from many sources, but it will ultimately be the summation of carefully selected data that contains the key information you sought.”
Two types of information should be included in an international market study. The first type of information is market information. This provides basic information about a country or group of countries. The second includes information about the company and its sector, as well as an analysis of the situation and competition.
Relevant market information includes country GDP, financial support, tax approvals, certifications, and other legal data that can be used to aid in understanding the market. It is important to determine the market share for imports and compare the strengths and weaknesses of competitors to our offer to identify opportunities and set objectives.
It is not enough to ask relevant questions and answer them with reliable data. This will not provide the right guidelines for developing a market study. It is essential to be methodical in order to find the most important information. You must know how to go from the general to the specific.
Continue to search until you have a clear understanding of the market as well as any other relevant information about our product. Duarte adds, “Even thorough market research is not always possible. In business, there are no rules for success. Therefore, it is important to do analysis before you can create a plan to minimize this risk.”
The key to success for an export company is market selection. The analysis can be done in two ways: external and internal. The internal analysis identifies which company components are most competitive and offer an advantage. It also analyzes weaknesses and resources that are less competitive. It is especially important to examine how the company’s objectives, resources, and capabilities are adapted for the market.
External analysis that focuses on finding market opportunities. It also examines trends that could threaten or damage the company’s position within it. Low Spanish birth rates can be a problem if you sell products for children. The same applies if your business teaches children and young people. Market analysis and selection require the examination of many important aspects that impact the potential for export sales. In recent years, customs barriers have fallen in recent years. This has forced us to take a closer look at cultural barriers and differences. A superficial analysis of a country may not reveal cultural differences. These particularities require deep study and a thorough understanding, including language, beliefs and aesthetics.
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