Before entering a new market, it is vital to DO ADEQUATE RESEARCH, and then continue researching to keep pace with the new market, new competitive products and new opportunities.
As well as looking for a large enough market for your product or service, you should do research to verify several other important factors:
• Is there a market for your products or services in Europe, or will they need to be adapted to meet local local market and regulatory requirements?
• Which is the best European country (or countries) for your products/services?
• What are prices like in the target market? Does the market favour more or less expensive styles of product?
• What are the most popular and available channels in the target markets?
• Do you need to find agents, distributors or a partner company?
• Do you need to find a potential acquisition target?
• Do you need corporate information on your existing or potential European trading partners?
• How strong is the competition, in terms of entrenched positions and do they have products which are better suited to their local market?
• What are the local patterns of distribution and consumption?
• Which is the best location for a distribution or fulfilment centre to reach your chosen market(s)?
• Where would be the best city to locate your European office? Don't forget to allow for ease of travel when visiting, as well as proximity to the local markets.
• What European regulations affect your products and industry?
If you need help to put together your research plan, or to select the best sources of information, just call us for a free telephone consultation. Call 416-500-7287 and ask for Tony Baker.
or
click here to contact us by email.
ONGOING RESEARCH:
Your plan for market entry and ongoing research should include:
- Initial research before entering your new market. Then plan for ongoing research linked with your marketing.
- Structure your research project and plan to adjust the focus as you proceed.
- Continually adjust and re-focus research objectives as you go along. This helps keep the results meaningful and the costs down.
- Remember:
primary research can be expensive and time consuming while secondary research can be inexpensive and produce results more quickly.
For immediate help on these topics, call Tony Baker at 416-500-7287
or
click here to contact us by email.
For an outline of the following topics, please click below:
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