Researching overseas markets
The UK set a new target to raise exports to around 35% of GDP (from 30%)* in 2018. That represents a clear challenge to UK companies to explore overseas markets. With around 5.7m small to medium enterprises in the UK, there could be significant opportunities, regardless of what happens with Brexit.
Some key factors driving this are the rise of the digital economy, which makes borders invisible and also continued growth in the services economy. However, factors which may hinder companies from taking up this challenge, besides of course access to finance and export skills, include expertise and knowledge in how to identify new markets and customers overseas. The latter could be considered the starting point to build momentum in order to seek out the necessary finance and export skills in the first place.
This is where a marketing perspective can be of assistance. Strategic desk research can help to provide direction to narrow down your options and to enable you to make more informed decisions.
So if you would like to explore potential for your products or services in overseas markets, we can help.
Areas to consider include, for example:
o Key influences which might impact upon a market’s viability
- Political/economic/social/technological/legal/environmental etc
- Similarity to/differences with UK market
- Ease of market access
o In-depth market specific information which might favour/hinder the appeal of your specific product/service
- Potential size for that product/service, growth, trends, competition
- Customer types and characteristics
- The opportunity
*HM Government, Export Strategy, supporting and connecting businesses to grow on the world stage, 2018