Transcript for Episode 15 - Information you need to choose a target country

There are a lot of factors involved in choosing a target market, but 2 factors in particular are very important. Firstly, understanding your current export capabilities. And secondly understanding customer demand versus ease of market entry. Let’s explore them both now.

Understand your own business

It’s important to evaluate your potential export strengths and weaknesses to see whether they'll work with a target market. If, for example, your product requires a specialised distribution model, it may limit your possibilities in certain countries.

Questions to ask yourself include what is your sales and marketing strategy? Do you have enough financial backing? Are there particular routes to market you’ll use? And do you need additional skills?

Customer demand versus ease of entry

It’s important to locate a market that has both a strong demand for your product, matched with ease of entry. Demand alone is not enough. So it’s key to do your research with this relationship in mind.

So, how to find your information?

First up, desktop research can give you a broad view of all possible market. Including market size, growth potential, direct and indirect competition, and consumer trends.

You can also research sector specific information by using trade association websites, competitor websites and trade and product forums.

Once you’ve narrowed your list through desktop research, it’s time to build on your network. And this can be done through trade fairs, trade associations, customer groups, channel partners, and distributors.