Transcript for Episode 16 - Work out customer demand – how much might you sell?

Working out potential demand in foreign markets as well as how much you might sell, is key to export planning. And a great place to start is to understand the people who might use your product or service. So let’s look at how you might research them.

What are your customers like?

Firstly, build a picture of who your current customers are. Consider their age range, gender, income or spending power. Think how they buy your product, perhaps it’s online or in a shop? And finally ask why they purchase it - is it a luxury item or a necessity?

Compare your customers

Then do research to see if there are customer similarities between your existing ones and those in the target market. Use online resources, such as country fact sheets to determine the numbers of potential buyers.

Statistics and consumer opinion

Following this you should investigate import statistics. How do they compare with local suppliers and what is consumer opinion? You can also find information in social media, blogs and forums.

Business analytics

Finally, revisit your own business. Use analytics on your website to see where visitors are from. You may discover that some consumers are from a country that hasn’t been able to provide what they need locally.