Market research is critical to the decision-making process in a marketing plan. Research reveals the market or markets that offer the best opportunities for investment. It reveals the political, legal and regulatory, financial, cultural, competitive, consumer and marketing challenges that a business may face as it considers exporting to a particular destination.
Without market research, a business is guessing at the best place to take its products or services. Careful analysis of market research leads to useful decisions regarding the nature of a market and potential customers: why would they buy this product or service? How much would they pay for it? What changes, if any, do we need to make in order to appeal to customers? What is the best marketing vehicle to reach buyers? Confident answers to these questions help form the next critical element of an international marketing plan: the market entry strategies. In short, these are the things a business does to get its product or service into the target market.
For example, research has revealed the potential opportunities and threats in the business and political environment. What strategies will maximize these opportunities while reducing or eliminating possible threats?
Research has identified the sales and distribution channels typically used by similar businesses in the target market. How can these channels be accessed and successfully incorporated into the market entry? What types of messages will speak clearly to the target audience? Which marketing techniques work, which ones do not, and why? What type of product positioning or messages about the service will establish the strongest foothold?
The final component of a great international marketing plan is the implementation. The company is ready to export - almost. In order to implement the plan, someone must be responsible for its implementation.
This individual must have decision-making authority, adequate resources to turn the plan into reality and intimate involvement in the international marketing planning process from the beginning. This person is confident that the company is committed to the export effort, that marketing support is available both at home and in the target market, key partners are in place, professionally developed promotional materials specific to the needs of the new market are ready and measures are in place to monitor and analyze the export effort.
Exporting can be a rewarding experience. It can also be risky business unless careful preparations are made. An international marketing plan can help minimize the risk, freeing up time and energy for a company to focus on the rewards. For more information, connect with Team Canada Inc, your source for export services. Click on "Exporting" on BusinessGateway.ca or call the Team Canada Inc toll-free Export Information Service at 1 888 811-1119.
Michelle Cook is a Certified International Trade Professional (CITP) and a Partner in Global Trade Solutions. She writes extensively on international trade and is co-author of the book "Competitive Intelligence".
