International Endeavors: Launching New Product in Foreign Marketplace
When deciding which country to launch a new product, you can consider factors such as:
- Product-market fit
- You want to choose markets where you can achieve product-market fit without making significant adjustments to your product or strategy.
- Culture
- You should learn as much as you can about the culture in a market.
- Market knowledge
- You should consider the degree of knowledge of the market, its similarities and differences in relation to the domestic market, and the company’s experience in exporting.
- Economic factors
- You should consider economic factors such as inflation, unemployment, and interest rates.
- Global Branding
- You can stay consistent by keeping the most important aspects of your brand the same across all regions.
Other factors to consider include:
Business needs, Country viability, Legal footprint, Talent pool, Cultural differences, International expansion compliance requirements, Operational logistics, Supply chain.
Market Research for a New Product Launch in a Foreign Marketplace
Market research is the process of collecting and analyzing data to identify target markets. When performed on an international scale, it becomes especially important due to the increased level of investment required to reach foreign markets.
International market research is a key piece of successful export planning. It involves:
- Assessing demand for your product
- Reviewing factors related to a given export destination
- Researching directly from consumers or potential customers
- Assessing the market size, market trends, and competition
International market research can include Online surveys, Interviews, Focus groups, and Questionnaires.
When conducting market research for a foreign product launch, you should:
- Make sure your instruments are clear, concise, relevant, and unbiased
- Test your instruments before using them to ensure that they are valid, reliable, and easy to use
- Translate and adapt your instruments to suit the local context and culture
Other strategies for conducting market research include:
- Reviewing foundational research and insights that already exist
- Digging into early customer feedback
- Conducting qualitative and quantitative research with prospects/target audience
Launching a new product in a foreign market can be a rewarding but challenging endeavor. You need to understand the needs, preferences, behaviors, and trends of your potential customers, as well as the competitive landscape, legal regulations, and cultural nuances of the target country. To do this, you need to conduct market research that is relevant, reliable, and actionable. Here are some steps you can follow to plan and execute your market research for a successful product launch.
Launching a product in a foreign market can be challenging. Here are some other considerations:
Marketing strategy
A strong marketing strategy is important for launching a new product. An attractive marketing campaign engages potential customers and targets the audience.
Target market
- Launching a product internationally requires studying the target market, including the geographical location, culture, and consumer behavior.
Positioning statement
- A positioning statement explains how the product fills a need in the market. It helps communicate the unique value proposition and key benefits that differentiate the product from others.
Customer personas
- Gathering information about the market segments’ demographics and psychographics is important.
Team Preparation
- Incentivizing the sales team and other key stakeholders can help ensure they push the product.
Payment options
- Offering various payment methods makes it easier for international customers to buy from your store.
When introducing a product to a foreign market, you can consider factors such as:
- Global appeal
- The 5 As include applicability, accessibility, acceptability, affordability, and adaptability.
- Competition
- You should understand your main competitors, their strengths and weaknesses, and how they’re positioned in the market.
- Exchange rates
- You should familiarize yourself with the foreign exchange rates.
- Cultural differences
- You should be aware of climatic and environmental factors, social and cultural factors, local availability of raw materials or product alternatives, lower wage costs, and varying amounts of purchasing power.
Other factors to consider include:
Economic factors, Social factors, Legal factors, Behavioral factors, Geographical factors, Market entry strategy.
When introducing a product to a foreign market, you can consider market entry strategies. These strategies include:
- Exporting – Selling goods and services directly in another country
- LicensingAllowing a foreign company to use your intellectual property in exchange for royalties or fees
- Foreign direct investment – Establishing business operations in a foreign country, including building factories, sales offices, and distribution networks
- Piggybacking – Collaborating with non-competing companies to mutually promote each other’s products or services
Other market entry strategies include:
- Trade barriers
- Government regulations and legal requirements
- Pricing and willingness-to-pay from target markets
- Supply chain and manufacturing
- Handling global and local competition
TRI CK USA Your Guide to Market Entry Strategy
Oct 11, 2022 – Define your objectives
What is the market entry strategy? | Entering a new market |
Before you start collecting and analyzing data, you need to have a clear idea of what you want to achieve with your market research. What are the specific questions you want to answer? What are the assumptions you want to test? What are the gaps in your knowledge that you want to fill? Your objectives should be SMART: specific, measurable, achievable, relevant, and time-bound. They should also align with your overall business goals and strategy.
Choose your methods
When deciding how to gather information about your target market, you can choose from various market research methods. Secondary research involves using existing sources of data, such as reports and databases, to gain insights into the market size, growth, trends, segments, and competitors. It is usually cheaper and faster than primary research, but the data may not be as accurate or current. On the other hand, primary research involves collecting your own data directly from potential customers. This allows for more in-depth and customized feedback, but it can be more expensive and complex to conduct and analyze. Alternatively, you can use mixed methods which combines secondary and primary research to get a more comprehensive view of the market. Mixed methods can help validate your findings, fill in the gaps, and address different aspects of your research questions.
Select your sample
If you are conducting primary research, you need to decide who you want to reach out to and how you will find them. Your sample should be representative of your target market, meaning that it should reflect the characteristics, behaviors, and preferences of your ideal customers. You also need to consider the size, diversity, and accessibility of your sample, as well as the response rate and quality. You can use various sampling techniques, such as random, stratified, quota, or convenience sampling, to select your participants.
Design your instruments
Once you have chosen your methods and sample, you need to design the tools you will use to collect the data. These can include questionnaires, interview guides, focus group scripts, or observation checklists. Your instruments should be clear, concise, relevant, and unbiased. You should also test them before using them to ensure that they are valid, reliable, and easy to use. If you are conducting research in a foreign language, you may need to translate and adapt your instruments to suit the local context and culture.
Conduct your research
Now you are ready to execute your market research plan and collect the data you need. Depending on your methods, this may involve accessing online sources, sending out surveys, conducting interviews or focus groups, or observing customers in their natural settings. You should follow ethical and professional standards when conducting your research, such as obtaining consent, respecting privacy, and avoiding deception or coercion. You should also keep track of your data sources, methods, and results for future reference and analysis.
Analyze your data
The final step is to interpret and present your data in a meaningful and actionable way. You should use appropriate statistical or qualitative techniques to analyze your data, such as descriptive, inferential, or thematic analysis. You should also look for patterns, trends, correlations, or anomalies in your data that can answer your research questions or support or challenge your assumptions. You should also be aware of the limitations, biases, or errors that may affect your data quality or validity. You should then summarize and visualize your findings in a clear and concise report that highlights the key insights, implications, and recommendations for your product launch.
Collaboration with the AI LinkedIn Team – This is not professional financial advice. Consulting a financial advisor about your particular circumstances is best.
TRI CONSULTING KYOTO – TRI CK USA
TRI CK USA is based in Oakland, California with a focus on helping local and international enterprises to develop and increase trade operations between the United States, Morocco, and the Rest of Africa as well as with many other regions.
TRI CK USA offers the following services:
– Direct representation for exporters and importers:
- Provision of logistic support;
- Representation;
- Direct negotiation;
- Finding the appropriate/right product;
- Analyzing the potential demand and the dimension of the market.
– Setting buyer-seller relations, handling of shipping, and related logistics to help our clients in their exports and imports.
