A company profit comes from the increase of its goods consumption or distribution, while service companies need more clients, or clients capable to afford their services. Corporations have no concerns as they have the money to hire a research firm or to do it in house. Some of the small and medium businesses may not have enough free funds to spend on researches, others may find it quite complicated and third will just assume that it is as easy as selling and no need to lose time for it. Never mind your business type, it is of great importance to know the trends of the new market and where your goal and place are. The following points can really determine the probability of your success in that market.
1. The political situation in that country – how the politics and regulations will influence the setting up of a new shop; in case your products are B2C, find out if there are any bans for foreign goods or quota for employing foreign staff.
2. The legal climate of that country – how the laws work in unpredictable circumstances: could you relay on justice in court or might suffer a kangaroo trial, with all possible rights denied.
3. The economic situation in that country – in case you get different results about demands from different people, you should apply a “deep thinking” either on new payment strategy or just a little try in sales to see the demands, instead of risking with investment.
4. The social climate of that country – its culture, region, population, percentage of the young and elderly, percentage of educated people, etc.; these matters work well for B2C sector, but if you should sell solutions to the government or make wholesales to businesses, you have to consider other factors. This will help you to define you target audience and toy set you prices.
5. In case of manufacturing your products in that country – here are many questions: is there machinery equipment available will need to ship it down ; are there skillful people to operate with this machines; can you set up an after sales service shop there; how is the supply chain of raw materials, can you get them by locals or should search from other countries.
6. The climate and the weather conditions – this information will help you to make products suitable for extreme weather conditions or to avoid stupid mistakes like sending winter clothes at warm areas.
7. A research on:
- How currently people solve their problems with regards of your own proposed solution;
- How your competitors price and promote their goods;
- Where people can buy competitive goods and where they can get your own products.
Finally, you could hire an intern from a Dubai or Abu Dhabi-based university or business school to do the market research for you, in case you don’t have huge budget. The intern can be on a paid or unpaid internship, and if you can get a masters degree student to take up this task then you stand more chances of getting the job done well. Later, you can employ the student to work with you or your company.