Want to explore new markets in foreign trade? Three tips to play with foreign trade market research!
Previously, Europe and America were the preferred choice for the vast majority of foreign traders to go abroad. However, in the past two years, due to the impact of economic cycles, the overall economy of Europe and America has shown a downward trend, which has led to a significant decline in import volume in the European and American markets. Therefore, many foreign traders are seeking new markets to reduce the negative impact of the decline in imports from Europe and America.
Although exploring new markets can bring higher sales to foreign traders, more possibilities, and reduce the risks associated with a single market. But at the same time, exploring a new market also requires time and effort, and if not successful, it is easy to backfire. Therefore, before foreign traders explore a new market, the first thing they need to do is market research.
Analyze oneself
Before searching for a suitable market, foreign traders need to first have a more accurate understanding of themselves. This cognition needs to be based on past data, not just taken for granted. Based on past product sales, sales in different regions, customer feedback, and other information, foreign traders can have a clearer understanding of their strengths and weaknesses, which is very important in subsequent market matching.
Survey peers
Looking at competitors and peers, exploring new markets, and their development status can help you make more accurate decisions. In addition, future foreign trade professionals can also see if they can win over their customers.
There are many methods to investigate competitors, but the most direct and simple one is to use data tools, such as tracking data, to directly search for the names of competitors. For example, when we search for a US supplier named "ROSE CONTAINERLINE INC", we will find that its customers come from many different countries, including the UK, the Netherlands, Germany, the United Arab Emirates, and Singapore。
(Source: ueedata)
It is obvious that it has expanded into a wide range of markets, and at the same time, it has a relatively stable trade volume in these markets, which means that the demand in this market is relatively stable, and it is also a market that foreign traders can consider.
Market situation investigation
After targeting the target market, you need to conduct a detailed investigation of the market, including understanding the market demand for the product, market feedback, general pricing in the market, national macro environment analysis (relationship with China), industry development status, etc.
If the target market has a high demand for your category and generally has high pricing, and the industry is in a rapid period, maintaining good relations with China and intensive trade exchanges, then this market is very worth considering.
Finally, you need to consider your compatibility with the market. If the competition in the market is very fierce but you do not have a particularly outstanding advantage, then you need to consider it again.
If you want to learn more about market research methods, you can send us a private message~
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