Researching export markets
How to conduct export market research before selling to overseas markets.
It is essential to research overseas markets before you start to market, promote and sell your product or service there. By investigating your potential customers, competitors and the trading environment in each overseas market that you intend to target, you will increase your chance of success.
This guide explains researching customers and markets abroad, researching export markets online, conducting in-market export research and gives some top tips for conducting export market research.
Advantages and disadvantages of researching export markets
The benefits and potential drawbacks of researching export markets before selling to them.
Researching potential export markets before you commit to entering them is a logical step but there are things to consider before you start.
Advantages of export market research
There are a number of benefits to undertaking market research before you enter new overseas markets, these include:
- spotting trends
- minimising risk
- identifying threats and opportunities
Disadvantages of export market research
There can be potential drawbacks to conducting market research, these may include:
- the expense of accessing expert information
- outdated information leading to bad decision-making
- it can be time-consuming
Researching export markets online
Ways of conducting online research on export markets.
Conducting thorough online research can help you pull together valuable information which can be crucial to your export planning. It will help inform your decision making in a timely and cost-effective way.
Researching potential overseas markets online can help you:
- assess market potential
- find customers
- analyse your competition
- assess market barriers and risks
- find the best routes to market
Read more about the things you should consider when trading with the EU and when trading with GB and countries outside the EU.
Business risk reports
Read the for information on political instability, terrorism, crime, corruption, human rights issues and intellectual property risks.
EU Market Access Database
You can check the EU Market Access Database to research a country's .
Check whether apply if you're sending goods within the EU. If technical rules or national rules apply, you can get advice from the for that country.
Invest NI Business Information Centre
The provides free access to market research, company databases, and other business information to help local companies develop their markets, identify export opportunities and find new customers.
The Centre is located at Invest NI's office in Belfast. The wide range of business information includes:
- trade and business journal collection
- details of trade fairs
- worldwide country profiles
- tenders information
- guidance on import/export procedures and business agreements
To access this information, call the Invest NI helpline on Tel 0800 181 4422.
Tenders Alert Service
The Invest NI Tenders Alert Service allows you to identify local, UK and European contract opportunities from a wide range of public sector organisations via a daily email alert service. It also has information about selling to the government - it has compiled a NI Councils Procurement fact sheet giving contacts for buyers and brief data on how they buy goods and services.
Researching customers and markets abroad
Research overseas markets, consumers and countries to make informed decisions about your business.
When researching overseas markets, you will need to identify your potential customers and their needs, by considering the following factors:
- Who will buy from you? Each marketplace is different. For example, you may find that your overseas customers are in the public sector, while those in your home market are small businesses.
- What influences customers' purchasing decisions? This could include culture, age, gender and many other factors.
- Why do customers buy from you? Consider what you need to know about your customers' needs.
- What price can the product profitably sell for? This will influence your pricing and marketing decisions.
Read more about how to create customer personas.
You need to establish:
- Size of your potential market - this could be limited by population, cultural or economic factors.
- Politics and economics - an unstable political climate or unfavourable trading conditions can make exporting risky.
- Culture - this may affect your selling proposition. Investigate any barriers to your product's success. Will your product be valued the same as at home? Will your customers have the same reasons to buy it?
- Language and etiquette - can you market your product effectively in the local language? Will you have access to professional translators and marketing agencies? It is important to communicate effectively and understand cultural differences.
- Safety and security - the risks presented by local terrorist activities as well as the global risk of indiscriminate terrorist attacks. Also, the level of crime in the target market. Read more about .
- You can also .
Support for researching other countries
When researching potential countries to sell to, you can find information from the following:
- Trade visits provide valuable first-hand experience
Invest NI Graduate to Export programme
The Graduate to Export programme from Invest NI aims to help Northern Ireland companies with their growth plans by providing them with 91Ï㽶»ÆÉ«ÊÓƵ to employ a graduate for up to eighteen months to take forward a market research project that targets a specific overseas market. .
Conducting in-market export research
Ways of conducting in-market research on export markets.
Once you have gathered enough information through online research to help you choose appropriate markets for your product or service, you should then conduct some in-market research.
Visiting your target market will allow you to gather specific information on the market for your product or service. You could also visit a trade show or conference, or participate in a trade mission. The data you gather in-market should be accurate and up-to-date.
Overseas Market Introduction Service
The Overseas Market Introduction Services (OMIS) is a chargeable service offered by the Department for International Trade through its network of staff in overseas embassies and consulates. It can be commissioned and managed online. OMIS offers:
- bespoke market research, sector advice and market entry strategies
- 91Ï㽶»ÆÉ«ÊÓƵ during overseas visits
- identification of possible business partners
- help to prepare for exhibitions, events and trade fairs
to find out about OMIS. Your ITA can help with advice on all aspects of exporting.
Trade Advisory Scheme
The Trade Advisory Service provides businesses with tailored export consultancy from Invest Northern Ireland advisors based in overseas markets. For information on the Trade Advisory Scheme call the Invest NI Business Support helpline on Tel 0800 181 4422.
Research product and packaging changes for export
Adjusting your product to comply with law overseas.
You may need to adjust your product or its packaging to comply with local laws and regulations. For example, there may be specific health and safety standards in your target country that differ from those in the UK. It is your responsibility to make sure you comply - and errors can be costly.
You may need to adjust your product or operational set-up to comply with local laws.
You should investigate:
- local export legislation and technical regulations
- certification and testing requirements
- local standards affecting your existing and future products
- product liability
- quantities and units
- patents and trade marks
- staff qualifications
Find out about the .
You may need detailed information on international aspects of standards, accreditation and measurement infrastructure, including more specific facts and figures for a number of countries. You should also be aware that your product may need an export licence, or be subject to import duty and sales tax outside the European Economic Area.
The can help you deal with technical barriers to trade including any regulatory issues you might face.
Read more about how to make your product packaging effective and how to package food for export or import.
Top tips for conducting export market research
Five top tips to help you conduct your export market research.
Researching your potential customers, competitors and the trading environment in your target overseas markets, you will increase your chance of success.
The following tips will help you successfully research your export markets before committing to entering them.
- Use online databases to investigate the demand for your products in new markets as well as if the market share is there - read more about researching export markets online.
- Consider visiting the markets. Visit your target market to gather specific information on the opportunities for your product or service - read more about conducting in-market export research.
- Get help - Before you make your first move into an overseas market, you should seek expert advice and 91Ï㽶»ÆÉ«ÊÓƵ. Find out about the available 91Ï㽶»ÆÉ«ÊÓƵ for exporting.
- Confirm the reliability of your data with multiple sources.
- Research the laws, legislations, taxes and trading standards in the countries you're hoping to trade in - view a range of .
Carrying out and commissioning research on overseas markets
Undertaking market research in overseas export markets.
Market research is available from government agencies and commercial organisations.
Conduct your own market research
You can conduct research using media sources, such as newspapers, trade journals and the internet, and get information by networking with experienced exporters. Your trade associations may be able to help you with contacts. For many small businesses, the best approach is to visit the market and spend some time interviewing a range of people. Read more about how to develop an exporting marketing plan.
GOV.UK produces for many markets.
Commission market research
You can commission a market research agency to investigate your overseas market on your behalf.
Decide whether you want to use a UK-based agency or a local one. A local agency may understand your potential customers better and will be able to access the necessary information more easily. You should select your agency carefully, and check that their proposal shows that they understand your needs.
State what you expect to find out from your research in a clear brief. This should specify your aims in commissioning the research, and the timescales and presentation you want. Describe your business and product, state the information required and the geographical scope.
Access published market reports
You can also .
Researching export markets – Genie Insights
Matt Reeve, Director of Genie Insights, explains how the business researches export markets.
Genie Insights provides complementary products and services to the transport and logistics industry. Their two primary divisions are fleet management software and solar solutions for commercial vehicles.
Matt Reeve, Director of Genie Insights, explains how the business researches export markets.
Export markets
"Until recently, our main customer base was within the island of Ireland, when we were solely supplying our fleet management software and offering other related consultancy services. However, in 2020, we moved into the supply of physical products (solar panels), which have a much broader scope for export."
"Our primary export market for our solar solutions is currently Great Britain, but we have started to move into some of Europe, specifically the Republic of Ireland, the Netherlands, Poland and Scandinavia."
Conducting market research
"When we first added solar panels to our business, we were a small team competing against businesses with larger sales teams. So, we had to devise a different approach that would allow us to punch above our weight. Instead of selling directly to the market, we built strategic distribution partnerships with original equipment manufacturers (OEMs) to supply our product. Although we had less control over the direct-to-market sales, we could leverage the OEM’s larger sales teams to get our product into the market."
"For our software product, we have used industry-specific databases that have given us the ability to prioritise potential customers based initially on fleet size. From there, we can then complete online research to find out more. As well as company websites and social media profiles, we’ve found it useful to search for companies in the news or industry trade journals, as you can often find quotes in articles from the relevant decision-maker."
"For our solar division, most of our relationships have been built via personal connections. As we roll out a new product for a specific application, we have sought to align ourselves with the market leader in the industry sector."
Advice and 91Ï㽶»ÆÉ«ÊÓƵ
"We are very grateful to have received 91Ï㽶»ÆÉ«ÊÓƵ from Invest NI to assist us with some of the costs of the in-market research. This has been via the Growth Accelerator Programme (GAP) and the ‘Going Dutch’ programme."
"The GAP has provided financial assistance to 91Ï㽶»ÆÉ«ÊÓƵ the cost of travel to export markets to meet with potential partners. We launched our solar division during COVID so most of our sales activity was established via remote online meetings. Once travel restrictions were lifted, it was invaluable meeting people face-to-face to better build the relationships."
"The GAP has also 91Ï㽶»ÆÉ«ÊÓƵed attendance at various trade shows – there’s no better way to get face-to-face with potential distributors and customers."
"The Going Dutch programme went even further – Invest NI’s team conducted research and set up appointments for us before our market visit. Following the initial market visit, we now have a sales agent in the Netherlands."
"But perhaps the most significant impact Invest NI has had on our business has been the Key Worker Salary Grant. A contribution towards an employee's salary has helped us to bring on additional much-needed resources."
"Our export growth has been steady over the past few years. Between 2019 and 2023, our sales outside NI grew from 42% to 94%. This activity is still heavily focused on GB as our largest export market, but sales to the EU are increasing year-on-year. By the end of 2024, we anticipate EU sales will exceed 10% and may see sales into further new markets."
Business challenges and successes
"The only way to be effective going into a new market is to understand what you are getting yourself into. Insights from market research can guide product development, assess competitor activity and identify appropriate target customers. This approach helps you go into a market with a clear understanding of how you should be positioning your offering and who you want to sell to."
"Having a more strategic approach to market development has been a lesson for us. In the earlier days, we were guilty of trying to design products to suit all market applications simultaneously, but we quickly realised that we didn’t have the resources to do that. When we re-focused and concentrated on researching and launching one product application to one market segment at a time, everything became more manageable. Because we put most of our time and energy into researching and delivering for one market initially, we could more quickly dominate that market before moving on to the next application and the next to replicate the model.
"Having to ship a physical product abroad is still challenging today, particularly when despatching it to a new market for the first time. We have sought advice from a company specialising in customs arrangements when we’ve needed it."