As we discussed in our “evaluating your export potential‘ article and throughout our international marketing section, marketing for exports requires you to conduct thorough research and carefully construct your export marketing plan. There are two types of international marketing research: primary and secondary. Primary research is commonly referred to as in-market research because it requires you to visit the market concerned and talk to potential buyers, agents, and distributors to collect new data that will help you develop your export marketing plan. Secondary research involves collecting and analysing existing data and is consequently cheaper to conduct than primary research. This article highlights four possible secondary research data sources that could be utilised to help develop your export marketing plan.
#1 Trade Statistics
Trade statistics can be sourced from embassies, trade offices in the foreign market and government agencies. Foreign trade statistics measure goods traded between countries.
#2 International Surveys and Reports
Surveys and reports published by international organisations such as the International Monetary Fund, the World Bank and the World Trade Organisation offer perspectives on various countries’ foreign trade activities, economic performance, and growth prospects. The data given by these various reports could add valuable input to your export marketing plan.
#3 Financial Reports
Financial institutions like banks and auditing firms often release financial reports on business practices and the regulatory environment in selected foreign markets. Major financial institutions typically have branches, affiliates, or partners in various markets around the world, making the data presented valuable to your international marketing effort.
#4 Company Websites and Internet Trade Portals
Several governments, companies and international organisations have set up digital-based export assistance portals for aspiring exporters and importers. When devising your export marketing plan and attempting to ensure that you have the data necessary to implement a successful international marketing drive, visiting these various sites could provide you with trade leads, trade data and regulatory information.
Understanding the international marketing environment and how best to approach marketing for exports is vital in ensuring your business’s global success. However, you should consider several crucial factors before attempting to sell your products abroad. Thankfully, Trade Forward Southern Africa, in collaboration with the International Trade Institute of Southern Africa, has created the TFSA School of Export to get you started on your export journey. Join our community, and let’s grow together! Click the links below and sign up for FREE.
To sign up to the School of Export CLICK HERE.
If you already have a profile, CLICK HERE to login to begin the module.